First things first!
Are you going to apply for a personal loan online facility soon? If yes, then have you checked your personal loan eligibility before applying for loan?
Yes, before applying for any loan, you need to check and prove your eligibility to get the loan approval without facing rejections or complexities. It goes true for personal loans as well. Personal loan eligibility is nothing but pre-set conditions related to your personal and professional profile that you need to prove to get the loan approval.
Nowadays, many lenders let you use a personal loan eligibility calculator, an online tool available on their websites free of cost.
What is a Personal Loan Eligibility Calculator?
You can fill in your details such as the city, date of birth, monthly income, and monthly expenses and then click on ‘Apply Now.’ Then, the personal loan eligibility calculator can showcase an exact amount that you will be able to borrow. Hence, you can apply for the same amount and get quick approval from a lender without facing any risks.
The biggest benefit of using an online personal loan eligibility calculator is that you can use it before applying for a personal loan in Pune. Hence, once you have an idea about the total amount that you can acquire, you can apply for the same amount to get the approval.
Another advantage is that the personal loan eligibility calculators are available online and even accessible over the smartphones and other mobile devices.
Thus, whenever you wish to know an amount that you can get as the personal loan, you can use the personal loan eligibility calculator from anywhere.
Personal Loan Eligibility Criteria at a Glance
Anyone who is using a personal loan eligibility calculator means that he/she wants to avail the loan. Hence, it is also vital to know some standard personal loan eligibility criteria to improve your chances of approval. Have a look.
- Your age should be between 23-55 years
- You need to be a resident of India
- You need to be working for an MNC, public or private company
Quick Tips to Increase Your Personal Loan Eligibility
Other than using the personal loan eligibility calculator to know about the amount that you can get, you should also follow some tips if you need a higher loan figure.
Maintain a Robust CIBIL Score
Lenders analyze your CIBIL Score as the first thing when you apply for a personal loan in Pune as it is an unsecured loan facility. They want to ensure that you can repay the desired loan amount without facing the risk of defaults. Credit Scores help them decide as it gives them an idea of how well or bad you have managed your earlier or current debts. If you have a strong credit score reading 750+, then you can get the loan approval for a higher loan amount at lower personal loan interest rates. You can improve your CIBIL Score by paying your credit card outstanding and other debts on time.
Shop Around For the Best Deals
You should also shop around for getting the best personal loan interest rates and an increased loan amount. To do this, you only need to land on a third-party website to compare all personal loan offers as per your needs and repayment capacity. This way, you can increase your eligibility for a higher amount at a better rate of interest.
Ask For a Short Tenor
Asking for a short tenor may increase your loan EMI, but that will give confidence to a lender that you are willing to close the loan account soon. As a result, they may award you the personal loan approval.
Now that you have an idea about the personal loan eligibility and other factors, you can apply for a personal loan online and get started.
Bajaj Finserv offers pre-approved offers on personal loans, business loans, home loans, credit cards, EMI finance and more. Such offers can simplify the overall loan formalities by making it hassle-free and less time-consuming.
You can check out your customized pre-approved loan deals right away after submitting your basic details such as your name and mobile number.