Personal Loan Eligibility

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Personal Loan Eligibility depends on:

  • Age: 21 to 60 years
  • Profession: Salaried / Self- Employed
  • Income: Minimum Rs. 15,000 per month

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :21/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :21/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 21/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :21/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 21/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :21/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :21/01/2020

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हिंदी में पढ़े
Updated: 05-12-2019 11:46:14 AM

Personal loan is an unsecured loan that does not require any kind of collateral or security while applying for it. There is a lot of risk involved from the lenders side as their money is at stake. Hence, they take many factors into consideration to decide if an individual is creditworthy/eligible or not. 

Table of Contents

Personal Loan Eligibility Criteria

The following factors are taken into consideration by lenders before offering a personal loan to an individual. These factors may vary from bank to bank but remains the same more or less.

  • Credit score: A credit score is a 3 digit number that acts as a validation of how you have handled the repayments of your credit cards and personal loans in the past. This score is maintained by the credit bureaus and ranges from 300 to 900. A credit score of 750 or above is preferred by the banks when it comes to offering a personal loan. If your credit score is less than 750, there might be chances that your personal loan application gets rejected, which will ultimately reduce your score by another few points. It is advisable to improve your credit score before applying.
  • Employment: Banks offer a personal loan to both salaried professionals working in private, government or multinational companies, self-employed individuals and professionals like businessmen, CA, CS, doctors, architects, etc. Salaried professionals working in renowned organisations or government employees are preferred by lenders for a personal loan because of their job stability.
  • Age: Most banks offer a personal loan to an individual in the age group of 18 years to 60 years. 
  • Minimum income: The minimum monthly income criteria set by most of the banks for salaried professionals is Rs. 15,000. Although, individuals with minimum monthly income of Rs. 25,000 are preferred more by the banks. And for self- employed individuals, a gross annual income of minimum Rs. 5 lakh is needed.
  • Total experience: A salaried professional with a minimum work experience of 2 years with minimum 6 months in the current organisation is preferred by the lenders and a self- employed individual with minimum 2 years in current business is preferred.

 Personal Loan Eligibility by Top Banks and NBFCs

BanksLoan AmountTenureAge Limit
Aditya Birla Finance LimitedRs. 25,000 to Rs.50 LakhUpto 60 Months23 to 55 Years
Axis BankRs. 50,000 to Rs. 15 Lakh12-60 Months21 to 60 Years
Bajaj FinservUp to Rs. 25 Lakh12-60 Months23 to 55 Years
Bank of MaharashtraRs. 1.50 LakhsUp to 36 Months21 to 60 Years
CASHeRs. 10,000 to Rs. 2 Lakh15-180 DaysAbove 18 Years
Canara BankUp to Rs. 3 Lakh12-60 MonthsAbove 18 Years
Citi BankUp to Rs.30 Lakh12-60 MonthsAbove 18 Years
Corporation BankUp to Rs.3.50 LakhUp to 60 MonthsAbove 18 Years
FaircentRs. 10,000 to Rs. 10 Lakh6 – 36 MonthsAbove 18 Years
Fullerton IndiaUp to Rs. 40 LakhUp to 48 Months21 – 60 Years
HDB Financial ServicesUp to Rs. 20 Lakh12-60 Months21 to 65 Years
HDFC BankUp to Rs. 40 Lakh12-60 Months21 to 60 Years
ICICI BankUp to Rs. 20 Lakhs12-60 Months23 to 58 Years
IDFC First BankRs 1 Lakh to Rs 25 Lakh12-60 Months23 to 58 Years
IDBI BankRs. 50,000 to Rs. 10 Lakh12-60 Months21 to 60 Years
IIFLUp to Rs. 25 Lakh12-60 Months25 to 60 Years
InCred FinanceRs. 75,000 to Rs. 15 Lakh12-60 MonthsAbove 18 Years
IndiabullsRs. 1,000 to Rs. 15 Lakh3 – 24 MonthsAbove 18 Years
Indian Overseas BankUp toRs. 5 LakhUp to 60 MonthsUp to 60 Years
IndusInd BankRs. 50,000 to Rs. 15 Lakh12-60 Months21 to 60 Years
Kotak Mahindra BankRs. 50,000 to Rs. 15 Lakh12-60 Months21 to 58 Years
Karur Vysya BankUp to Rs. 10 Lakh12-60 MonthsAbove 18 Years
Money ViewRs. 10,000 to Rs. 5 Lakh3 – 36 MonthsAbove 18 Years
Oye LoansRs. 10,000 to Rs. 1 Lakh12 MonthsAbove 18 Years
PaySenseRs. 5,000 to Rs. 2 Lakh3 – 24 Months21 to 60 Years
Punjab National BankRs. 50,000 to Rs. 10 LakhUp to 60 MonthsAbove 18 Years
RBL BankRs.1 Lakh to Rs.20 Lakh12-60 Months25 to 60 Years
Standard Chartered BankRs.1 Lakh to Rs.30 Lakh12-60 MonthsAbove 18 Years
SBFCUp to Rs 10 LakhUp to 60 MonthsAbove 18 Years
State Bank of IndiaRs. 25,000 to Rs.15 Lakh12-60 MonthsAbove 18 Years
Tata CapitalRs. 75,000 to Rs. 25 Lakh12 – 72 Months22 to 58 Years
Union Bank of IndiaUp to 10 Lakh12-60 MonthsAbove 18 Years
Vijaya BankUp to Rs. 10 LakhUp to 60 Months21 to 58 Years
YES BankRs 1 Lakh to Rs 40 Lakh12-60 Months22 to 58 Years

Note: The figures given in the table are indicative and are subject to change at the banks’ or NBFCs’ discretion without prior information.

Why to Use Paisabazaar Personal Loan Eligibility Calculator?

Following are some of the key benefits of using personal loan eligibility calculator provided by Paisabazaar:

  • Feasible Loan Amount Identification: With Paisabazaar’s calculator for loan eligibility, applicants can easily calculate the exact amount they are eligible to get as a personal loan from numerous banks. The eligibility to get the loan is based on various factors, including your employment status, net salary, loan tenure, and many more.
  • Quick and Easy: Within a couple of minutes you can get your loan eligibility status. To get the results, you just need to furnish details regarding net monthly income, existing EMIs, rate of interest, and loan tenure.
  • Reliable Results: The loan eligibility calculator is specially designed by the experts in order to calculate eligibility for a personal loan and it provides accurate information that helps an individual to opt a loan that is appropriate in terms of loan amount, tenure and interest rate.
  • Easy Comparison: If you are perplexed between the loan offerings of two different lenders, you can easily compare between the two on the basis of key criteria, such as maximum loan amount, applicable interest rate, tenure, as well as processing fees and additional benefits, if any.
  • Time Saving: With speedy results and the easy procedure of determining eligibility, Paisabazaar’s eligibility calculator simply eliminates the time taking process of contacting a particular bank in order to check loan eligibility.

Therefore, before applying for personal loan from any lender, it is always recommended to check related details from Paisabazaar’s personal loan eligibility calculator. This way, you will gain a good insight and have better understanding of your loan requirements and will be able to choose the appropriate one after making a comparison. 

How to Use Paisabazaar Personal Loan Eligibility Calculator?

Paisabazaar’s personal loan eligibility calculator is easy to use and helps you avail the right personal loan for you without any hassle. Here is how you can use the Paisabazaar personal loan eligibility calculator:

  • Go to personal loan eligibility form on top of the page
  • Fill in your basic details like occupation, monthly income, loan amount, mobile number and current city
  • Click on proceed and you will be redirected to another form
  • Fill in the form that asks for information like your company name, salary received, gender, full name, total EMI you pay currently and click on view best offers
  • You will be redirected to a page showing best offers on personal loan according to the details that you have entered.

What Are the Documents Required to Be Eligible for a Personal Loan?

The documents required to avail a personal loan are different for a salaried professional and a self- employed individual. Here is the list of documents required:

For salaried professionals:

  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one)
  • Proof of Identity: Passport / Driving License / Voters ID / PAN Card (any one)
  • Latest 3 months Bank Statement 
  • Salary slips for last 3 months
  • 2 passport size photographs

For self- employed individual:

  • KYC Documents: Proof of Identity; Address proof; DOB proof
  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport (any one).
  • Income proof (audited financials for the last two years)
  • Latest 6 months Bank statement
  • Office address proof
  • Proof of residence or office ownership
  • Proof of continuity of business

How to Boost Your Personal Loan Eligibility?

  • You can follow the below steps to improve your chances of personal loan approval: Pay your existing loans: When you wish to avail a personal loan, make sure that you pay your existing loans or at least decrease the number so that your debt to income ratio remains below 50%. If your debt to income ratio is above 50%, the lenders might doubt your repayment ability and might not consider you eligible for another loan.
  • Maintain your credit score: As mentioned above, an individual with a credit score of 750 or above is preferred by the lenders. If you maintain your credit score, you would be considered creditworthy by the lenders.
  • Variable pay: Ensure to keep a record of perks you earn at work or variable pay that you get. This record might be considered by the lenders while calculating your eligibility.
  • Go for longer tenure: When you choose a longer tenure to repay the personal loan, it increases your eligibility as implicates that you have the ability to repay the loan for a longer period of time in the future. You can calculate your monthly EMI using Paisabazaar’s personal loan EMI calculator.
  • Pay the credit card bills timely: If you pay your credit card bills timely, it reflects that you are disciplined with your payments hence it boosts your eligibility.
  • Rental income: If you own a commercial or a residential income that you have given for rent then that rental income can be an add-on and can enhance your loan value.

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