With the advancement in technology and online apps, it has become extremely easy for borrowers to avail a personal loan during the time of emergency. These instant loans are unsecured loans that do not require any collateral backup in return. You can avail of a personal loan of INR 10,000 to INR 2 lakhs. A personal loan is used for the following purposes:
- Funds for holiday
- House renovation
- Paying fees
- Meeting medical emergencies and expenses.
The small loan is offered based on the borrower’s paying back capacity and even the credit history at times. There are certain things as well that can affect your personal loan eligibility.
What Impacts Personal Loan Eligibility?
To avail a loan amount easily and without any hassle, the borrower needs to meet the following eligibility criteria, which includes:
- The borrower must either be a salaried employee or a self-earner. This shows that you, as a borrower, can pay back the loan without any hassle if you earn.
- The borrower should fall in the bracket of age limit ranging from 21 years to 65 years.
- Your chances of availing an instant personal loan will be high if you work for a well-established and reputed company.
Do you wonder how your company can impact your personal loan eligibility? If yes, then keep reading to know the details.
Some lenders in the market offer loans to the employees of a well-reputed company. They access the loan application based on the applicant’s work profile and organisation. Also, various banks have categorised various companies based on whether they are listed or not and offered the loan accordingly. These companies are further categorised into various groups like Super A, Category A, Category B, Category C, Category D, Silver, Gold, Platinum, Diamond, etc. Furthermore, various deals on loan amounts are offered to government employees and top-rated private and public companies’ employers.
Personal Loan Eligibility Check
Before applying for a personal loan, you need to determine your eligibility criteria. Here is how to apply for a personal loan online. You can check the eligibility criteria listed below:
- On your preferred loan website, open the eligibility check calculator.
- Select your city, date of birth, monthly income, and expenses.
- After filling in the required details, a tool will show the amount that you are eligible for.
- You can apply for the required amount and get your loan request approved within a few minutes.
For a personal loan online, apply through the TrueBalance app that offers an instant personal loan to borrowers at the time of emergency. The entire process of availing a loan from this app is online. You do not have to visit any office or centre to get a loan request approved. All you need to do is check the eligibility criteria, and if it matches, you need to upload the required documents online and wait for the lender to approve your application. Moreover, the personal loan interest rate charged by this app is very low as compared to other lending apps. For more details, visit the TrueBalance website or download their app from the Google Play Store.