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How does the applicant’s income affect personal loan eligibility

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Think from a lender’s perspective, will a company/individual not check your financial status before giving a loan? It is quite evident that a financial firm will verify applicants’ income to know the income criteria mandatory while considering a personal loan eligibility. So, yes, an applicant’s level and stability of income affect a personal loan approval.

Since the time instant loan apps have taken over the traditional methods of a loan application, availing personal loans in 24hours is possible. Most of the financial companies have set their income bar to a minimum of Rs.15,000 as a monthly income to avail personal loans online. Both salaried and self-employed applicants having a minimum income of Rs.15,000 are eligible for an instant personal loan.

Documents required to probe an applicant’s financial stability include – PAN card, salary slips and the last 6months of bank statement. These financial documents give the lenders an insight into the professional stability, previous debt history and ongoing loans, if any. Unable to meet the personal loan eligibility criteria, do not submit a loan application to face delay or rejection of personal loans.
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Use the personal loan eligibility calculator, an analytical tool designed to calculate your personal loan eligibility criteria and simultaneously enables you to compare and check the best personal loan available online.

How can applicants be sure of their income for a personal loan?

  A PAN card reflects the financial history of the borrower and gives lenders an idea of their repayment ability. Visit the official CIBIL website to know your credit score. Enter the PAN card number and submit your request for a CIBIL score. 

Try your hand at the HeroFinCorp instant loan app to avail a quick personal loan from Rs.50,000 to 1,50,000. It is a trustworthy online loan platform launched by a credible financial company in India, HeroFinCorp.

Let’s see the eligibility criteria set to avail a personal loan of Rs.50,000 and above:
 

  • Proof of Indian citizenship
  • Six months bank statement and salary slip as income proofs
  • Age eligibility criteria of an applicant range between 21-58 years
  • You should be either a salaried or self-employed individual with a minimum salary of Rs.15,000 monthly
  • You should be working in/with either private or public sector
  • Your credit history should meet the criteria set by the lender. Credit score may vary as different lenders set different bars as per their standards

The eligibility criteria for an unsecured personal loan vary as per the requirements of the various financial institutions. One should also be aware that such loans, being unsecured in nature, charge interest on the higher side as compared to collateral-based secured loans.

The in-built loan EMI calculator in the HeroFinCorp app allows borrowers with different salaries to set a suitable EMI that is not a burden to repay every month. Factors like loan amount, interest rate and tenure are the basic factors that can be flexibly moved in the calculator to derive a desirable EMI.
 

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About Hero Fincorp

Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.