4 Eligibility Criterion to Boost Your Personal Loan Approval Chances

For a monetary requirement that is urgent, a loan is a preferred route to take. Individuals who apply for a personal loan do so for any purpose, from financing a marriage to a vacation. With quick approval and many ways to get one of the best personal loans online, getting a personal loan is convenient. 

Why Opt for a Personal Loan?

You may be wondering about benefits related to loan features, making this a great choice. Here are some main features/benefits:

• Quick and Convenient – You get fast approval and disbursal of funds into your bank account quickly.
• Flexible Repayment – You can avail flexible repayment tenures between 1-5 years.
• Unsecured Loan – Personal loans are unsecured, without you showing collateral.
• Maximum Loan Amounts – You can get a loan of up to Rs. 25 Lakhs.

What Factors Affect Eligibility for a Personal Loan?

If you want to know how to check personal loan eligibility, you can look at Finserv MARKETS and find out. Listed here, are some factors influencing your eligibility for a personal loan:

• Credit Profile – Your credit history and financial health makes up your credit profile. This has bearing on whether you fulfil eligibility criteria for approval of a loan. If your credit profile is robust, you get approval with ease.
• Income – If you have a high income, your chances of getting personal loan approval improve.
• Banking Relationship – Your relationship with your bank reflects your chances of getting approved for a loan. If you hold good investments, or are salaried, your bank will happily grant a loan.
• How You Negotiate – It’s easy to negotiate terms and conditions when you apply for a personal loan if you have fulfilled eligibility criteria well. You are then in a position to request attractive interest rates and a reduction in fees, etc. Moreover, if you have a positive relationship with your loan issuer, you will be offered a good deal.

4 Eligibility Criterion to Enhance Your Chances

Increasing your chances to get approval for a loan should be your goal when you want one. How to check personal loan eligibility should be your priority when you opt for a loan through a particular lender. Here are 4 key criteria of eligibility to give you an edge while getting a loan approval: 

• Credit Score – Your credit score is a reflection of your credit history and an indicator of creditworthiness to lenders. This should always be on the high side when you want approval.
• Income Profile – Lenders tend to prefer to give loans to individuals who are salaried as this shows you have an ongoing source of income.
• Existing Banking Relationship – If you have an existing relationship with a lender, say your bank, it’s easier to get a loan through the same lender.
• Ability to Afford EMIs – Lenders favour loan applicants who can make loan repayments that fall within 50% of their net income.

Concluding Words

Enhancing your chances for a personal loan is always going to get you a good loan product. At Finserv MARKETS you get the best options for loans and if you need one in the future, you can plan by building your eligibility.