Instant Personal Loan: Eligibility Criteria in India

If you are looking to avail of a personal loan, you would have to fulfil some eligibility parameters. The parameters are fixed by the lenders

[{"selector":"#anim-966a3f2e-dcc8-427a-8534-41892624128c","keyframes":[{"offset":0,"transform":"translate3d(0, -180.60546%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -50.786255352%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -17.265881976%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -6.483736014%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -2.8174451759999997%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}]

Age You should be between 18 and 65 years of age to avail of the loan. The minimum age can also be increased to 21, 23 or 25 years in some cases

[{"selector":"#anim-9a11b759-833a-4c79-9dd9-d4ff4ef89920","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-54046892-4983-409e-b05a-41a300267dfe","keyframes":{"transform":["translate3d(-113.00309%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Credit score Your credit score should be at least 650 to apply for the loan. If your score is below 650, the loan application might get rejected

[{"selector":"#anim-f52ae5c0-6096-4e0b-a3d0-6796a7ea1643","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d7a81dcf-cca4-4bf3-921b-48e87aafba4a","keyframes":{"transform":["translate3d(114.55109%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Employment You should either be salaried or self-employed

[{"selector":"#anim-81c72f33-64c6-4c32-87be-80a7f35e9c17","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fcaa3265-c09a-4f87-892c-46d013009a68","keyframes":{"transform":["translate3d(0px, 169.81837%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Income Level There is a minimum income which you should earn every month to qualify for the loan. The level varies across lenders

[{"selector":"#anim-4ce05185-85a8-4af8-ae69-476b05dfc070","keyframes":[{"offset":0,"transform":"translate3d(0, -176.32594%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.29,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.45,"transform":"translate3d(0, -49.582854328%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.61,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.71,"transform":"translate3d(0, -16.856759864%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.8,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.85,"transform":"translate3d(0, -6.330101246%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":0.92,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"},{"offset":0.96,"transform":"translate3d(0, -2.750684664%, 0)","easing":"cubic-bezier(.5, 0, 1, 1)"},{"offset":1,"transform":"translate3d(0, 0%, 0)","easing":"cubic-bezier(0, 0, .5, 1)"}],"delay":0,"duration":1600,"fill":"both"}]

For more info click here

[{"selector":"#anim-0bfd7e2e-3112-47f0-810f-8500e6a47a71","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f30d3fad-1e53-41f5-8a85-7d4331a9de76","keyframes":{"transform":["translate3d(0px, -641.73436%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Learn more