Go with what’s SAHI for you.
It’s important that you determine the maximum personal loan amount you’re eligible for before comparing offers from different banks and financial institutions. Although every bank and NBFC would have its own exact eligibility criteria for personal loans, there are some broad guidelines that all lenders follow with regard to their approvals. Some of the basic parameters that are taken into account during personal loan approval process include age of the individual, his/her income stability, financial situation, credit score and employer type. As personal loans are unsecured in nature, these parameters are the only things that lenders can depend upon to gauge your credit-worthiness.
There are multiple different factors that affect the personal loan amount you’re eligible for
Your monthly income will be factored-in to determine your repayment capacity, and hence the personal loan amount.
Working with a big public sector company or a reputed and well-established private company would improve your eligibility.
Having a longstanding banking relationship with the potential lender can be instrumental in negotiating better loan terms.
A good CIBIL score indicates good financial health, and is critical in determining the personal loan eligibility.
Personal loans are one of the most-frequently bought lending products from the banks and NBFCs in India. They can be used for all purposes ranging from vehicle purchase, wedding expenses, loan repayment, vacations to even medical procedures. However, lenders will need to determine your financial stability and analyze the credit risk before approving and disbursing a personal loan. This is done through the pertinent documents submitted by you. These documents are required to verify details like income, age, employer and address. As personal loans are unsecured in nature, implying that the lender doesn’t take anything as a collateral, the lender needs to be double sure about the facts stated by you. Please note, the documentation requirements for personal loans may vary from lender to lender. However, there are some standard set of documents that are requested by all the lenders. Let’s go through them below:
As personal loans (unlike home loans) are unsecured in nature, their interest rates are comparatively higher. Therefore, it’s very important to compare and evaluate different banks and financial institutions’ personal loan offers before going with any one of them. This comparison must be done on multiple parameters including interest rate, approval time, disbursal time, approval success rate, processing fees and no. of documents asked for. It is only when you carry out such comprehensive comparisons that you can arrive at a personal loan deal that not only meets all your specific requirements but also doesn’t put any extra financial burden on your shoulders. Considering the great number of lenders in the marketplace today, doing these comparisons one by one, visiting each and every lender’s website can be a very tedious task. We’ve simplified this process and allow you to compare the best personal loan offers of top-rated banks and NBFCs, on multiple (above-mentioned) parameters, all on one page.