Whenever we face financial challenges or run short of a budget to fulfil our demand we seek debt and if it is a personal loan then it can fend off all our financial problems. A personal loan can be used for multiple works as per our desire.
But availing of a personal loan can be a complex process if you are not acquainted with the personal loan eligibility criteria Required to qualify for a personal loan. Basically, Eligibility criteria are a predetermined set of conditions which a customer needs to fulfil to avail a personal loan. Qualifying the Personal loan eligibility criteria is preferred as it provides an anticipated Credit Status of a customer and by knowing the details mentioned in eligibility criteria a financial institution also calculates its safety while lending money to a borrower.
Unknown about the Personal loan Eligibility criteria will not only delay the processing of a personal loan but it also may result in rejection of a loan application multiple times, without revealing the reason which might seem concealed to a customer. So before applying for a personal loan an applicant should check the eligibility criteria first and then proceed further, if not fulfilled at the same time then a borrower should consult the lender and ask for segments to be improved for being eligible to avail a personal loan.
There are many factors which impact personal loan eligibility criteria such as Salary, the type of organisation, City, Age group and the most important CIBIL Score ( a 3 digit number which reflects the credit history of a customer). A borrower should remember a low CIBIL Score below 750 always hinder the loan process so maintaining a CIBIL score 750 and above is always an apt condition to avail a personal loan.
For checking the personal loan eligibility criteria a customer needs not to visit the branches of financial institutions, they simply need to check it online without consuming time. A customer should keep a few documents like PAN, Salary slip and should also feel the exact CIBIL Score, after feeding the inputs the online mechanism of the financial institution will decide itself whether a customer is eligible to avail the loan or not?
By checking the personal loan eligibility financial institutions will evaluate the risk profile of customers and decide how much amount can be granted as a personal loan to a customer and at what interest rate? Once a customer is eligible for a loan then all the documents are brought to his doorstep and loan is approved instantly.
In this blog, we have tried to help you know the eligibility criteria and features of Kerala Gramin Bank personal loan at a glance. This will certainly help you understand what eligibility criteria looks like.
Age: 21-58
Salary slip: 3 months
CIBIL- Minimum 750 or above
Interest rate: 10.75%
Tenure: 12-60 months
Processing fee: Rs 500
Minimum loan amount: Rs 50,000
Maximum loan amount: Rs 50 lakhs
Monthly salary- Minimum Rs 25000
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