Age: Age affects your eligibility for a personal loan. If you are in your early 20s, you have more chances of getting a personal loan than individuals who are in their 50s or approaching their retirement, because young ones have plenty of time to earn and pay off the loan. Fullerton India 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, 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 it is 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 organisation you work with impact your chances of getting approval for a personal loan. Lenders look into your employment status before processing a personal loan application. It gives a clear picture of a regular stream of income. While income criteria may vary from lender to lender, a salaried person should have at least 2 years of work experience and should have worked for at least 1 year in their job. A self-employed person needs to have a stable and profitable business running on for 2 to 5 years.