A Personal Loan can help you accumulate funds for unexpected or wishful expenses. Since Personal Loans are unsecured, lenders do not require collateral from you. The best part about Personal Loans is that you can use them in any way.
You can use the Personal Loan amount for shopping, paying debt, paying utility bills, medication, higher education, or any other purpose. It is entirely up to the borrower to use the Personal Loan amount. The loan amount is returned to the provider through equated monthly installments (EMIs) throughout the repayment tenure.
Lenders do not offer Personal Loans to anyone without any prior analysis or condition. Every lender has personal Loan eligibility criteria. They might reject the Personal Loan application if the eligibility conditions aren’t met. For the same reason, you should ensure you fulfill the eligibility conditions before submitting the Personal Loan application.
Lenders assess the risk associated with every borrower before handing out a Personal Loan. With eligibility conditions, lenders can reduce the risks associated with borrowers. So, you should apply for the Personal Loan only if you meet the eligibility conditions.
What are the General Eligibility Conditions for Personal Loans in India?
Lending institutions are solely responsible for formulating the eligibility conditions for Personal Loans. However, the eligibility criteria for the two lenders might not be the same. Usually, traditional lenders have strict eligibility conditions for Personal Loans. As a result, not many loan applicants meet their eligibility criteria. Thanks to digital lenders like Clix Capital, you can apply for Personal Loans online. Clix Capital has simple eligibility criteria that anyone can meet. Their Personal Loan eligibility criteria are:
- The applicant’s age should be between 21 and 58 years.
- Personal Loans are offered only to those with good repayment capacity. Therefore, the monthly income is analyzed to determine an applicant’s repayment capacity. A minimum monthly salary of INR 20,000 is required to get an instant Personal Loan.
- An applicant’s income and occupational stability are also considered while approving a Personal Loan. For the same reason, lenders have conditions for minimum working experience. For example, the applicant must have worked for at least six months in the current company/organization to secure an instant Personal Loan.
- The overall working experience of the loan applicant should not be less than a year to acquire a Personal Loan.
You can expect lower Personal Loan rates in India when you apply on the Clix Capital website. The personal loan application is approved quickly by meeting all the eligibility conditions.
Summary
For Personal Loans, lenders decide on some eligibility conditions. The loan eligibility criterion can be different for each loan provider. An individual’s application will be rejected for not meeting the eligibility criteria. For smooth approval of the Personal Loan, ensure you meet the eligibility conditions.
