Age: Age impacts borrower eligibility for a personal loan. Young applicants who have started working recently have more chances of getting a personal loan than individuals who are approaching their retirement because young ones have ample time to earn and clear the loan easily. Bank of Baroda offers a personal loan for individuals aged between 21 years and 60 years.
Monthly income: Your monthly income tells the lender about how much monthly instalment you can afford to repay the loan, after clearing all monthly obligations. Generally, income criteria are based on the city you live in and the lenders you are getting a personal loan from. The higher your income, the better for you.
Credit score: Your credit score is a numerical representation of your credit history. It shows your ability to repay debts and how responsible you have been in repaying debts. Since a personal loan is an unsecured loan, your credit score is one of the most important factors considered for assessment for a personal loan. Generally, a credit score of 750 or above is considered perfect a personal loan approval.
Job and work stability: Job stability and the organization you work with helps lenders to determine your eligibility for a personal loan. Lenders look into your employment status before processing a personal loan application. While income criteria may vary from lender to lender, a salaried person should have at least 1 years of work experience and should have worked for at least 1 year in their job for a Personal Loan from Bank of Baroda. A self-employed person needs to have a stable and profitable business running on for the past 1 year.