Getting a loan is not as difficult as one might imagine. Thousands of people get loans every day, but certain factors could make you ineligible for a loan. This article discusses loan eligibility, factors that could affect loan eligibility, and how to apply for such a loan. Let’s get started with everything related to your application for a personal loan in Thane – Badlapur.
Eligibility Criteria for a Loan
While a personal loan can be given to anyone, you must meet certain eligibility requirements in Thane. They are:
- You must be a permanent resident of India.
- You must have a monthly salary or income of Rs. 20,000.
- If you are applying for the loan for yourself, you must be in the age group of 21-65.
- You must have a stable income source if you are self-employed or salaried.
- You must have a CIBIL score of 750 or above.
- People who receive a cash salary will not be eligible for this loan.
- If you have a job, you must have been with that company for at least one year. If you have a business, it should be at least two years old.
These are some general criteria when it comes to loan eligibility. However, they can differ among firms, and some may also have additional criteria. If you meet all the criteria, you are eligible and can get a personal loan in Thane – Badlapur.
How To Find The Eligibility Criteria of Any Financial Lender
To check the criteria of any financial lender, follow the following steps:
- Visit their website and check for a personal loan.
- Click on personal loan.
- A new page will open where you have to add details such as your work, net salary, address, mobile number, etc.
- Once all the information is entered, you will be able to see if you are eligible for that lender’s personal loan.
Factors that Can Affect the Eligibility of a Personal Loan Application
Even if you have met all the criteria for loan eligibility, the financial lender can still deny you if they find certain factors that make you ineligible for the loan. Here are some criteria that can affect your personal loan eligibility:
- Geographic Location
Where you will live is a factor many financial lenders consider important when determining if you should be granted the loan.
- Residential Situation
Your residential situation is a key figure that will be closely examined before the personal loan in Thane – Badlapur is approved. If you happen to live in a rented house, it is another monthly expense. It could affect the financial lender’s confidence in whether you can efficiently return the money on time with interest. But if you own your own home, your chances of getting a personal loan go up by a lot.
- Existing Credits
If you have previously taken credit and not fully paid it back, that could affect your personal loan status. Even if the personal loan in Thane – Badlapur is indeed approved, the amount of money approved for your new loan could be lower than the existing amount.
- Your Workplace
The company you work for can also significantly affect your loan approval status. If your firm has a good reputation, your personal loan could be instantly approved. However, the same does not apply to all companies.
- Credit History
If you have a history of borrowing money, the financial lender will look into where you applied for the loan. You will easily get your loan approved if you have a spotless credit history.
- Income Amount
Your salary will directly impact the loan amount your financial lender can approve.
Basic Personal Loan Eligibility of Various Financial Lenders in Thane – Badlapur in 2022
|Minimum Work Experience
|Up to 76 years
|Bank of Baroda
|60% of gross monthly income
|United Bank of India
|up to 75 Years
How To Apply For A Personal Loan in Thane – Badlapur?
To apply for a personal loan in Thane – Badlapur, you can either visit the branch of your bank or financial lender or do it online. Follow these steps to apply for a personal loan online.
- Visit the bank’s website.
- Find the option for a personal loan and click on “Apply.”
- Check if you meet all the criteria and enter all the requested details.
- Upload documents to the site for the bank to verify your entered details.
- Click “Submit” and wait for approval on your loan application.
- If you are eligible and everything is correctly entered, you will receive the loan approval message on your phone or via mail in a few days.
You don’t have to have a big business or a corporate job to get a loan. Whether you are a student, professional worker, self-employed, or a homemaker, you can apply for a personal loan in Thane – Badlapur. Piramal Finance is a financial lender that can easily and quickly get your personal loan approved. You will just have to meet all the eligibility criteria and watch out for key factors that could make you ineligible. After that, you are all set and can apply for a personal loan.