Age: Lenders use your age, among other factors, to determine your eligibility for a personal loan. Age of the applicant should be between 22 years and 65 years to apply for a Tata Capital personal loan. Since young borrowers have much time to earn money and repay the loan, they can more easily qualify for a personal loan than individuals who are in their 50s or approaching retirement.
Monthly salary: To apply for a personal loan, you must have a stable job and good cash flow. Your net salary should be Rs. 15,000 per month to get a Tata Capital personal loan. Your monthly income enables the lender to evaluate how much personal loan you can get at what interest rate. Income requirements may vary from applicant to applicant based on the city of their residence.
Credit score: Personal loans are an unsecured loan and a credit score helps lenders to assess your payment behaviour. Your credit score shows how responsible you have been in handling your debts. You need to have a good credit score to get a personal loan from Kotak Mahindra Bank. Generally, a credit score of 750 or above is considered perfect for a personal loan.
Job and work stability: Lenders also look into job stability and the company you are employed with before processing a personal loan application. It gives a clear picture of regular cash flow. Salaried individuals should have at least 1 year of work experience and should have worked for at least 6 months in their current job to get a personal loan from Tata Capital. While a self-employed person needs to have a minimum of 2 years of experience in their current business and the business should be profit-making.