Step by Step Guide to Understand Personal Loan Eligibility

Here is a stepwise guide to understand eligibility criteria for both salaried and self-employed individuals. Fulfil the below mentioned eligibility criteria to acquire personal loan easily:

• Age criteria: Applicant should be between 21-58 years
• Minimum monthly income for salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly
• Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory
• Income proof: 6 months bank statement of salaried or personal account

The online hassle-free documentation reduces the stress of physical loan application. Submission of mandatory documents for an instant cash loan requires:

• Aadhar card is the first document when applying for instant personal loan
• In the absence of Aadhar card, you can provide your Smart Card Driving License
• Other important documents include your professional and financial details inclusive of salary slips and income statements
• Your account should be in any of the accepted banks as suggested by the financial institution

If any of the above criteria doesn’t match, wait for the right documents to arrive and then apply for a loan. Loan application with mismatch eligibility criteria will trigger loan rejection, affecting your credit score.Whether the loan is for 50,000 or 1 lakh, borrowers should check the eligibility criteria before applying for short term/ long-term loans.

The EMI calculators online also help in deciding the borrower’s eligibility to manage personal loan EMIs. 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.

Herofincorp EMI calculator gives clarity on monthly instalments in minutes, with accurate results. Once a suitable EMI amount is derived, a borrower can decide whether they are financially eligible for the loan or not.

After you are 100% sure of your eligibility criteria towards a particular loan, you may follow the below steps to apply for a quick personal loan via Herofincorp:

1. First, get the Herofincorp app in your phone. Download from Google Play Store. 

1. Register to create your account. Enter email id and mobile number. It is secured and verified using a onetime password

1. Next step will take you to the EMI calculator. Here, you can choose a preferred loan amount between INR 50,000 to 1.5 lakh. The calculator lets you choose the principal amount, interest and tenure. Set an appropriate EMI, matching your budget.

1. Complete the loan pre-requisites, enter the Aadhar card number, Mobile number linked to your Aadhaar card, PAN card number and Bank Account affiliated to Herofincorp. 

1. Set up your repayment or e-mandate and create an electronic signature with a single click.

1. It may take a while to process the details. Finally, the loan amount will be credited in your bank account.