What Is The Eligibility For Getting A Personal Loan?

Personal loan is the most popular among all the options. Yet it doesn't requires any collateral so it is know as unsecured loan.You have to meet the eligibility of the lender to get your instant personal loan approved. The RBI and NHB have laid down the essential personal loan eligibility for availing the loan. If you matches the criteria you get the loan amount easily.

While you need to be a resident of India to be eligible for a loan, there are several other factors that you must keep in mind.

1. Age – Typically, you should be between 21 and 65 years (at the time of loan maturity) to meet the loan eligibility.
   
2. Income – Most lenders require you to earn a minimum salary if you are employed. But, the criteria can change for bigger cities like Delhi and Mumbai. For example, the Fullerton India eligibility, the minimum salary is Rs. 20,000 per month while for Delhi and Mumbai it is Rs. 25,000 per month. 
   
3. CIBIL Score – One of the biggest misconceptions is that you can talk to your lender and get a personal loan approved even with a low credit score. There is a minimum score set by the lender, and your loan application will get rejected if you do not meet that number.
   
4. KYC Documents – You have to provide all the KYC documents as well as the documents required to prove age, income and residence. Check out the lenders' list of documents to know which ones suit you.

Remember, you may meet all the personal loan eligibility, but there is a limit on the amount you can take as a loan. Make sure you meet all the factors above to get the maximum amount approved.

Must Read: Tricks to Avail Personal Loan with Bad Credit History