Know The Interest Rate And Eligibility Requirements For a Digital Personal Loan

A digital personal loan is one of the best solutions if you have many financial needs to meet. You can get the loan without submitting any collateral as it is collateral-free and unsecured finance.

If you have a strong credit score, then you can also enjoy low interest personal loans and save on repayments.

But before you apply for the digital personal loan, you must know about the applicable rate of interest and lender’s eligibility norms. Why? It can help you be in control of an ensuing loan.

Let’s know the standard interest rate and eligibility requirements for availing low interest personal loans!

The standard interest rate on the digital personal loan

The interest rate charged by a lender on the online personal loan is what they earn by offering you the facility. The rate of interest is measured by factors such as your CIBIL score, repayment history and income stability. Based on these vital parameters, your interest rate could be decided. The interest rate on the online personal loan generally starts at 12.99% onwards. Some lenders’ interest rate could be lower or higher depending on their policies. Some factors that determine the interest rate are credit score, repayment and employment history. If these are in great shape, you can avail low interest personal loans.

Standard eligibility requirements of lenders at a glance

The eligibility condition of a digital loan is easy to meet. But you need to ensure a few aspects and relevant documents such as:

• You should be aged between 23 and 55 years.
• You need to be working with an MNC, Public or a Private Limited Company.
• You ought to be a resident citizen of India.
• KYC Documents.
• Employee ID Card.
• Last 2 months’ Salary Slips.
• Previous 3 months’ Salaried bank account statement.

If you can maintain the discussed factors, determine the interest rate and meet eligibility norms, then you can avail low interest personal loans.

Must Read: Know How To Avail Digital Personal Loan And Its Eligibility Requirements