Benefits of Personal Loan Eligibility
It’s indeed relevant to check the eligibility criteria before applying for a personal or any other loan. It is beneficial for different reasons such as getting the perfect information about the loan and all factors related to the loan like loan amount, processing fees, interest, documents required and types of employment the customers are supposed to be.
Factors Affecting Personal Loan Eligibility
Factors affecting personal loan eligibility are income, credit score, lack of documents, and higher obligation i.e., existing loan. Therefore, these factors factors affecting the personal loan eligibility are:
1. Monthly Income: Personal loan eligibility criteria are decided based on the monthly income of the applicant and the lower income can affect the personal loan eligibility or in that case, the loan amount might be lower.
2. Lower CIBIL Score: If the applicant's CIBIL score is lower, the loan application can be denied.
3. Lack of Documents: The documents for the personal loan must be complete, the lack of documents will affect the loan approval.
4. Higher Obligations: If your existing EMIs are higher, the loan amount can be less or the application for the higher amount can be denied.
