Personal Loan eligibility calculation uses six factors to determine your eligibility, they are:
Geographic location
Monthly Income
Ownership of property.
Existing credit.
Employer.
Credit history.
You can also use Personal Loan eligibility calculators online for the calculation.
To qualify for a Personal Loan at borrowstreet, you must meet these criteria.
You need to be an employee of a private limited company or an employee in a public sector undertakings, including central, state and local bodies.
You need to be between the ages of 21-60 years.
You need to have a job for at least two years, with a minimum of 1 year with your current employer.
You need to have a net income of 25,000 per month.
The minimum salary is 25, 000 per month.
You can use the Borrowstreet Personal Loan eligibility calculator on the Borrowstreet Site to check if you are eligible.
To be eligible for a Personal Loan, you must be between the ages of 21 to 60.
Borrowstreet requires a minimum credit score of 650 to be eligible for Personal Loans. The credit score can vary from bank to bank.
The factors that affect the eligibility of Personal Loans are
CIBIL Score – A CIBIL score above 720 is ideal for Personal Loans.
Income – It plays a vital role in the approval of the loan amount.
Repayment history- If you have a good track record of repayment with previous loans, approval of the loan is faster and easier.
This usually depends on the lender, but the lender can ask for a guarantor if you have a poor credit score.
The best way to improve your Personal Loan eligibility is by maintaining a healthy repayment history.
Yes, self-employed individuals are eligible for Personal Loans.
