Whatever the service you choose between the gold loan and personal the thing matter is your eligibility. If you are not capable enough then approvals may get in questions as well. So the requirements are a must but there can be fewer requirements. So in both the emergency based loan eligibility of the borrower plays an important role.
Eligibility of Personal Loan
1. Credit Score
You are required to have at least a 750 CIBIL score to get eligibility for a personal loan. To get the approval you must get at least a 750 CIBIL score which you can increase through paying your credit bills and other loan payments to the bank. It will also help you in getting a low Axis Bank Personal Loan Interest Rate as well.
2. Income sources
Make sure you have enough income proof to provide to the lender which he will surely take into consideration to avail you the limited amount or your desired amount.
3. Credit history
In this luxury loan, your past records with the bank where you paid your interests on other loans will count in providing the loan to you. If you failed to pay the amount on regular intervals then you may miss the eligibility.
4. Your housing situation
If your house already has debts to pay and you are not regular with those too then your approval will get a hold as well.
5. Job-status
Your job status will count as well. If you are not regular with your current job for the last 6 months to 12 months then eligibility may get in a question.
Eligibility of gold loan
A minimum age requirement in the gold loan is 18 and the maximum age is 65 years. So there is a quite big range also if the parents are saving gold for their children's studies then they can use it like this.
Your employment type will decide your eligibility for a gold loan too. If you are using the gold for agriculture purposes then you may get relaxation on Axis Bank Gold Loan interest rate.
Knowing your gold is the first need with all the quality of the gold document you need to present it to the lender so he will decide for how much amount you are liable for.
As such, there is no credit score requirement but there will be important features you can enjoy through credit i.e. improvement in credit score by paying off the loan on a regular basis.
If your past payment record is good enough to match the criteria of repayments then if you are a government employee or a big income earning person then you may enjoy what a gold loan has to offer.
Since both the loans are important as per place and requirement all you have to do is calculate each and every aspect of both PL and GL.
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