BankBazaar | When should one apply for a personal loan?


#1
BankBazaar | When should one apply for a personal loan?

When should one apply for a personal loan?

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#2

This is very useful information.


#3

Hi,

You can apply for a Personal Loan if you have a financial emergency. It is best to choose a Personal Loan only if you have no other means of raising funds. Lenders usually don’t ask you why you need a Personal Loan. So, it can be taken for any purpose. The eligibility criteria for Personal Loans differs from one bank to another. Here are the general rules.

Here’s how you can decide if you are eligible for a Personal Loan or not:
If you are a salaried employee:
 You must be at least 21 years of age
 You must be no more than 58 years on the maturity of the loan
 You must earn at least Rs. 17,500 monthly
 You must have been employed for at least one year with your current organisation
If you are self-employed:
 You must be at least 24 years of age
 You must be no more than 65 years on the maturity of the loan
 You must earn at least Rs. 17,500 monthly
 You must have completed at least three years in the same profession
Another important factor that can affect your eligibility is your Credit Score. Click here to check your Credit Score for free. Before approving your loan request, most banks check your Credit Score first. You must ensure that your Credit Score is greater than 750. The simplest way of ensuring you have a good Credit Score is by using your Credit Card wisely and making timely payment of all your utility bills and other EMIs.

Looking for a Personal Loan? Click here.

Cheers,
BB Expert