Your Eligibility Checklist for Personal Loans
While in any kind of financial trouble or cash shortage, one usually thinks of personal loans as a way of respite. Isn’t it? However, not everyone can get them that easily! There are a few parameters that the lenders check for, strictly, before handing out the loans to the borrowers. What are some of the most important criteria for online loans?
already got worried about whether or not you would qualify for a personal loan,
we are here for you! We have penned down a checklist for you to check whether
you are eligible for availing an instant loan.
Personal Loan: Eligibility Criteria
- AGE: The first thing that lenders would check for when you apply for a personal loan is your age. Generally, these loans are available for the people falling in the age group of 21 years to 58 years. You should consider your chances of approval accordingly. Minors or those who are on the threshold of retirement may not get their loans approved!
- FINANCIAL POSITION: Irrespective of whether the lender is a bank or any other entity, your finances matter to them! They would definitely check for your financial background and stability. It is important to know whether or not you would be capable of repaying the loan back to them. The limit on this usually differs based on whether you are a salaried individual or are into self-employment. Your income is also a significant determinant here.
- CREDIT REPORT: It is imperative to have a good credit score as lower scores could indicate more liabilities and thus, lesser chances of loan repayment, risking your approval.
- DOCUMENTS: A list of documents must be ready and clear. The most common ones include your tax reports, account statements, job appointment letter, identity proof etc.
So, before you get going for your personal loans, we suggest you to carefully go through the checklist and check all your documents to avoid your loan getting rejected. YeLo has some simple steps for applying for instant loans and has lesser chances of loans getting disapproved. Do check out the app now!