How to eligible for Personal loan in India

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How to get Eligible for Personal loan in India
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When alarming situations hover over a persons
life, most of us find ourselves in a situation
where only money can help us out. if you find
you are in lack of money, the most trusted,
convenient and the fastest way to get a big
amount is availing a Personal Loan.
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The advent of the internet has made it possible
to get personal loan online. But to let this
magic wand work for a person, one must prove
himself eligible for it. Here are the criteria to
check Personal Loan Eligibility.
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Criterion No 1 Age- If the applicant is a
salaried person, he must be in the age group of
21-60 years. In the case of self- employed
persons the age group changes to 25-60 years.
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Criterion No 2 Income- The minimum income of a
salaried person must be ?3,50,000 per annum. Once
again the minimum income of a self-employed
person must be ?4,80,000 per annum.
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Criterion No 3 Co-applicant- Having a
co-applicant is mandatory for the self-employed
applicant but a salaried person can apply for a
personal loan without a co-applicant.
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Criterion No 4 Employment- A salaried person
must be employed by the same employer at least
for last two years. A self-employed person should
prove the existence of his business at least for
last five years.
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Criterion No 5 Credit score- The credit report
and the credit score shows how regular a person
was with his previous credits. A credit score
ranges from 300 to 900. A person with a credit
score more than or equal to 750 is considered as
eligible for a personal loan.
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Criterion No 6 Financial Situation- Having
good financial records is the key, will eradicate
rating issues and will increase the amount which
you can take as a personal loan. If a person was
irregular with the payments of the previous
credit or any of his credits were marked as NPA,
lenders may not consider him/her as creditworthy
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Criterion No 7 Employer- The employer plays a
vital role in determining the eligibility for
personal loans. If the person is employed with a
reputed and high turnover company, lenders
readily approve them personal loans as their
employees growth is promising.
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Criterion No 8 Along with the all given
criteria, the lender also checks the FOIR (Fixed
Obligations to Income Ratio) of a person. The
total obligation of a person must not be more
than 50 of a persons total take home salary. If
the FOIR of the applicant goes more than 50 the
loan application can be denied.
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So, if you fulfill all the above-mentioned
criteria then you can surely go for a personal
loan to satisfy the urgent need of money and
repay the same in small EMIs.