Most banks and non-banking financial companies provide personal loans to those who need them to fulfill their urgent personal needs. Financial institutions provide a personal loan to help individuals and entities (salaried or non-salaried) financially. A personal loan is an unsecured type of loan. The individual or entity does not require to present security to the bank or non-banking financial company. In this scenario, the lender has some other factors on which they can base their decision on sanction the personal loan amount without hesitation. All of the banks and non-banking financial institutions have some prerequisites. They have set criteria to check the eligibility of an applicant. This makes it simple for both the lender and the applicant to understand if they can get a personal loan without wasting either of the individual’s time or efforts.
The eligibility criteria that can be easily complied with and some points that should be kept in mind are as follows:
• Most of the bank and non-banking financial companies have a minimum age limit for the applicants. For a personal loan, an individual must be a minimum of 21 years of age. The maximum age limit is 60 years. Anyone who is within that range can apply for a personal loan.
• The lender would want the applicant to have a stable source of income and a clean employment history. There is a minimum limit of income per month that a bank or non-banking financial companies demand. HDFC personal loan policy requires the applicants to have a minimum monthly income of Rs. 25,000. This figure can differ for banks and non-banking financial companies. If the income of the applicant is below this bracket then a co-applicant can be involved.
• The credit score requirement is one of the most crucial points. The banks and non-banking financial companies are not very flaccid when it comes to the credit score of an individual. A credit score is a three-digit summarised version of the credit report. It reflects the creditworthiness of an individual. The range of the credit score is from 300-900. A higher credit score will play in the individual’s favor as it implies that the individual has not made any delays or defaults in the past and has always been prompt. An ideal credits score that the banks and non-banking financial companies would prefer is of 750 and above.
HDFC personal loan policy’s eligibility criteria are just like that of any other financial institution and the details of the eligibility criteria are available online. You can easily access the information, apply for the loan at a personal loan interest rate starting from 10.75% per annum, and enjoy the maximum benefits of the HDFC personal loan.
If you are well versed with the criteria beforehand and in case any hindrance occurs, then you will be able to tackle the issue efficiently. By checking the eligibility criteria you will know if you are qualified for a personal loan or not. In case you do not satisfy the criteria then you can communicate with the bank or non-banking financial company to find out a way or you can look for other options available in the credit market.
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