When you are in a financial crunch needing funds, you can borrow up to rupees 25 lacs with the loan tenure options going up to 60 months. Instant personal loans are a great way to solve emergencies. There are no reasons asked when obtaining the loan. (check personal loan eligibility)

Here are the top few factors that you need to check to avail of a personal loan.

Your Salary

Salary is the most crucial factor that determines how much instant personal loan you can avail of. The higher your salary is, the higher the chances for approval and getting a higher loan amount. Your salary guarantees your repayment capability.

The minimum salary for availing of personal loans is rupees 20,000 monthly. The criteria changes to rupees 25,000 monthly if the individual is from Mumbai/Delhi.

Your Job Stability

Even if your salary is high enough, it could be hard to get loan approval if there is a lack of permanency in the job. This is because the individual’s repayment capacity gets affected if he/she were to lose the job. For a self-employed person, a year’s worth of after-tax profit will be considered. For salaried individuals, the work experience must be one year or more.

Debt-Income Ratio

Any individual with a high debt to income ratio will have a hard time getting the loan approval since lending money to him/her is risky.

CIBIL Score

The credit scores depict the creditworthiness of an individual. Credit Information Bureau India Limited calculates this score. Higher the CIBIL score, the higher the chance for loan approval. Minimum CIBIL score requirement- 750.

These are the factors that you have to keep in check when evaluating your loan eligibility. You can get a detailed evaluation using Fullerton India’s personal loan EMI calculator.

Must Read: How Does a Personal Loan Help Settle Previous Debt?