Among several significant benefits of an online personal loan, is the restriction-free use of the loan amount. Your end-purpose of the loan credit does not decide your eligibility for loan approval.
Eligibility Criteria for Personal Loan
- Credit Score: Applicant needs a CIBIL score of 750+ for an online personal loan.
- Age: The applicant’s age should be above 21 years in the loan application and less than 65 years at the completion date of the loan.
- Income:
- For salaried: The minimum monthly salary should be Rs. 25,000 in Delhi and Mumbai and Rs. 20,000 for other state residents in India.
- For self-employed: Minimum yearly profit after tax depends on profession/industry.
Meeting these easy personal loan eligibility criteria increases your chances of loan approval.
Usual Purposes of Personal Loans
- Medical emergencies
Urgent finance is a great help during medical emergencies that can rack up unexpectedly. Opting for a personal loan is the right choice to provide quality treatment to your loved ones instead of losing your savings.
- Children’s higher education
Here too, if your funds fall short, you can opt for a personal loan. It helps parents to educate their kids in the best institutions.
- Funding major milestones like the wedding
Easy personal loan eligibility can also be helpful for your child’s grand wedding.
- Big-ticket expenses like a world tour
You need not worry about your dream of a world tour. Finance it with a personal loan and repay the loan in easy installments.
Thus, getting a personal loan is a quick and convenient way to get rid of sudden financial trouble in an individual’s life. It can help you in any financial crunch with easy monthly installments.
Must Read: 5 Points to Keep in Mind When Applying for your First Personal Loan
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