With personal loans, you have the option to turn your aspirations into reality.
Personal loans online are in trend with more and more individuals opting for them to meet various financial reasons. A personal loan can be availed for just a simple reason like buying a laptop or an iPhone. Personal loans are not always for home renovation, education, or vacations. From buying new furniture to purchase of an electronic gadget, it could be anything that can be availed by applying for a personal loan.
But you need to check whether you are eligible for a personal loan or not? To prevent rejection of loan application, you need to check your eligibility criteria that meets the lender’s terms and conditions without any hassles through a
personal loan eligibility calculator.
Personal loan eligibility criteria are based on the creditworthiness that is reflected in the credit score of a borrower. So, to prevent rejection you need to check your eligibility criteria for a personal loan.
Check your eligibility criteria using the personal loan eligibility calculator
Salaried and self-employed individuals are eligible for a personal loan with the below-mentioned criteria that you need to verify while applying for a personal loan. If the eligibility criteria meet the lender’s terms and conditions, you will be eligible for applying for personal loans. Things you need to submit while checking your eligibility criteria on the personal loan eligibility calculator are:
Age – A salaried and self-employed individual must be in an age limit between 21 to 58 years.
Nationality – Borrower must be a resident of India
Income – Your minimum Income must be around Rs.15,000 monthly or above. Personal loan eligibility criteria depend on your disposable income. This should be at least 30% to 40% of your net monthly income.
Credit score – The Lender must find the borrower’s credit report satisfactory to approve the loan instantly. You can negotiate the interest rate if your credit score is good. But this vary from lender to lender.
Monthly expenses – You also need to indicate monthly expenses or multiple loans, if any. Your monthly expenses will decide whether you are capable of paying monthly EMIs.
Total work experience – For salaried/self-employed individuals, working in a private or public sector company with a minimum work experience of 6 months - 1 year is mandatory & this varies from lender to lender.
How to check your eligibility criteria for a Personal Loan with HeroFinCorp
With the launch of complete digitized platforms for a personal loan, checking the eligibility criteria before applying for a personal loan has become a hassle-free process with the help of a personal loan eligibility calculator.
HeroFinCorp, an instant personal loan app has developed a user-friendly personal loan eligibility calculator, which will display the loan amount borrowers are eligible for, after checking the monthly income and creditworthiness of salaried and self-employed individuals.
HeroFinCorps in-built loan eligibility calculator created within the instant loan app and official website allows one to check the eligibility criteria in terms of the loan amount, and tenure. HeroFinCorp personal loan eligibility enables you to clearly define whether you are eligible for a loan application or not.
Factors that are considered appropriate to check personal loan eligibility criteria
The HeroFinCorp requires basic eligibility criteria like your age, income, loan amount, work experience, and interest rate, to check the eligibility criteria for a personal loan for salaried and self-employed individuals:
- Age -21 - 58 years
- Minimum Income Rs.15,000 monthly
- Last six months bank statement mandatory
- Minimum work experience 6 months - 1 year
- Indian nationality
Therefore, with the above eligibility criteria, you can avoid loan rejection and delay approval status when you are clear about the eligibility being negative.
Hence, to avail of a loan amount between Rs.50,000 - 1,50,000 via HeroFinCorp, check your eligibility criteria for a personal loan using the loan eligibility calculator for speedy loan approvals online.
