Personal loans are considered one of the most sought after loan products in the market among consumers who need cash for their personal use. This loan option is easily available and requires no collateral from the applicant except a regular source of income. However, with so many people applying for this loan product every day and banks readily approving them, it is important to know whether you stand a better chance at being approved or not by your preferred lender. You can apply for personal loan- https://www.fullertonindia.com/personal-loan.aspx
Before we get into the intricacies of this topic, let's understand what personal loans actually are: Personal loans are short-term loans that fall under unsecured lending and therefore do not require collateral to be provided by the borrower to secure repayment.
What are the common eligibility conditions for a personal loan?
1. Age: The age of the borrower should be at least 21 years and not more than 65 years. However, many banks do have a higher upper limit for this parameter based on their assessment/review of the application received.
2. Income source: To secure approval from a bank, you must have an income source that has been active for at least 6 months, shows regular and consistent income flow and it should be enough to pay off the monthly installments due on your loan after accounting for taxes.
3. Credit History: Your credit history should be healthy and your credit score should be above 750.
4. Financial status: You should manage your finances well and have applied for fewer credit cards over the years (your credit profile shouldn't be cluttered).
Additional Read: Achieve your Financial Goals with Fullerton India Personal Loans?
