Like other types of loans, there are some factors that must meet the requirements in order to get a personal loan. Few of the eligibility criteria for a personal loan are mentioned below:-
Age Boundation: If your age limit is around 21-35 years then your chances of getting a personal loan are more and at a lower rate of interest. Generally, the age limit of any individual for this loan is 21 to 60 years.
Employer’s Profession: If a person is working in a reputed organization either in private sector or public sector then chances of getting a loan are increased. Personal Loan can also be given to self-employed professionals like chartered accountants, doctors, architect.
Work Experience and Income: This is an important factor before sanctioning any loan. Require a minimum of 2 years of work experience in case of a salaried person. But in self-employed professional lenders generally, require 5 years of work experience. Apart from work experience, main income is also considered in eligibility. For salaried person minimum Rs 25k per month is required. For self-employed professional minimum, 5 Lakh annual income is required.
CIBIL Score: CIBIL Score is important in getting a personal loan. If any person has a good credit score then chances of getting a personal loan would increase and in good rate of interest.