- June 11, 2020
- Posted by: Ganeshcbani
- Category: Blog
How can I get a lot of personal loan?
When you think of taking a loan, the first question is: how much loan can I receive? Apart from the key question of maximum personal loans, all the required eligibility criteria must also be clarified.
The eligibility requirements vary for both workers and self-employed persons. The eligibility criteria for a personal loan are as follows:
The applicant shall be a private employee or a public company with a fundamental minimum turnover as defined in the company policy.
The applicant must be between 21 and 60 years of age.
The income in Mumbai and Delhi should be at least Rs. 25,000 and in other parts of India at Rs. 20,000.
An individual who is a self-employed person can take advantage of a loan based on industry-based profit after tax and should be in business for at least 5 years.
The applicant should have at least one year’s experience and 6 months’ experience in the present company.
How can I check my personal loan eligibility?
Before applying for a loan, we recommend that you work on factors which may increase the likelihood of your loan being approved. Your eligibility for your loan is determined on the basis of several factors like your salary, age, repayment and other variables. A personal loan eligibility calculator can also be used to calculate the maximum loan amount and various offers for which you are eligible.
Follow a few simple steps to receive an estimate of the loan value, bids available and even the loan approval post uploading the relevant documents with the personal loan eligibility calculator.
Enter your spot.
Enter your age and birth date. You must be between 21 and 60 years old to make use of a loan.
Enter your monthly income if you are an employee. Self-employed professionals will make profit after tax.
Give information on all your current EMIs, including loans , credit card bills, etc.
You will obtain a provisional amount of the loan for which you are eligible. You can adjust the interest rate and tenure according to your requirements.
You can determine the exact loan amount for which you are liable by providing additional details. First, you can use the personal EMI loan calculator
Enter the amount in “Loan”
Set a rate of interest
First, change the loan term in order to check whether the EMI adjusts according to the number of months you pick.
Personal Loan Eligibility Calculation
Method of multiplying
This is a common method for calculating eligibility for personal loans used by banks and financial institutions. The borrower ‘s net salary is generally multiplied by any number between 9 and 30. The multipliers are usually calculated on the basis of the individual’s income and the categorization of firms. The higher the wage and the greater the credibility of the organization, the higher the amount and the higher the likelihood of a loan at a lower rate.
Fixed Obligation Income Ratio
This method is calculated based on the maximum installments that can be paid with net postal revenues, such as rent, EMIs etc. In most cases , banks treat approximately 50-75% of net income as installments. If your expenses exceed that percentage, banks either increase the loan’s tenure or reduce the amount that has been sanctioned.
What do I need to submit documents?
The paperwork needed to apply for a personal loan for workers is typically small and hassle-free. The required documents are as follows:
Payslips for 3 months.
Bank account statements last 6 months
KYC documents including PAN and AADHAR cards, drivers licenses etc. KYC documents.
|Axis Bank||12-24%||50,000-15 lakhs|
|Bajaj||12.99% onwards||Up to 25 lakhs|
|Citi Bank||10.50-18.99%||50,000-30 lakhs|
|Fullerton India||12-36%||Up to 25 lakhs|
|Hdfc Bank||10.75-21.30%||50,000-40 lakhs|
|Icici Bank||11.25% onwards||50,000-20 lakhs|
|Idfc First Bank||11.50% onwards||1 lakh-25 lakhs|
|IndusInd Bank||10.75% onwards||50,000-15 lakhs|
|Standard Chartered Bank||10.99% onwards||1 lakh-30 lakhs|
|Kotak Mahindra Bank||10.99-24%||50,000-15 lakhs|
|Sbi Bank||10.50% onwards||Up to 20 lakhs|
|Tata Capital||10.99% onwards||75,000-25 lakh|
|UCO Bank||10.95% onwards||Up to 10 lakhs|
|Union Bank Of India||10.10% onwards||Up to 10 lakhs|
|Yes Bank||10.99% onwards||1 lakh-40 lakh|
How can I improve my personal loan eligibility?
It is also a good idea to work a couple of months on your eligibility before you apply for a loan. Here are a few steps to improve your eligibility for a loan:
Pay off your existing debts, including loans and credit cards.
Avoid requesting more than one loan at a time.
Work to create a high credit score.
Ensure that you have the documentation you require-such as PAN, Aadhaar, valid address proof, salary slips, bank statement, etc.
It is important to carefully assess your requirements before you apply for a loan that takes your requirements into account. Know the rules and regulations and ensure payments are respected since this goes a long way towards ensuring sound financial health.