What is personal loan eligibility?
Personal loan eligibility denotes a fixed set of criteria that you have to match before you apply for a loan. If you do not happen to meet these criteria, then your loan application will not move forward. Different banks have different personal loan eligibility criteria, so make sure to apply for the one that seems best for you.
How can I check personal loan eligibility?
Checking for your personal loan eligibility is rather simple. You only need to have a look at the various terms and conditions related to your personal loan eligibility, and if you meet those criteria, then that’s it! You can use the Airtel Flexi Credit Eligibility Calculator to check if you meet all the requirements.
How to calculate personal loan eligibility?
There are no calculations involved for checking your personal loan eligibility. You just need to ensure that you are meeting all the criteria as informed by your personal loan lender. Meeting all these criteria will help you to get the loan approved faster.
What documents do I need to apply for a personal loan?
When you are applying for a personal loan, you will need to present the following types of documents: PAN card, your address proof (you can present your Aadhaar card, Indian citizenship passport, voter ID card, driver’s licence, or even utility bills from the last 60 days), and bank statements from the last 3 months (PDF version).
Will I have to pay a fee to check my loan eligibility?
Not really, there are no fees or any forms of hidden charges involved for checking your personal loan eligibility.
Can I get a personal loan without submitting any documents?
Unfortunately, no. You need to submit various relevant documents when you are applying for a personal loan. These documents are needed by banks and financial institutions to determine your identity and your personal records.
What factors qualify for a personal loan?
There are no specific factors that will help you qualify for a personal loan as such. However, having a good credit score is one of the most important things. It helps the bank identify you as someone they can trust. Hence, getting personal loans from banks is much easier when you have a good cibil score.
How much personal loan can I get on my salary?
There is no hard and fast rule which ensures that your personal loan gets determined by your salary. However, if you do have a higher range of salary, then the bank gets assurance that you will be able to pay your loans back. A person who does not have a good salary may not be able to secure a loan or might have to pay a higher rate of interest on the loan.
Can I get a personal loan if I have no credit history?
You can get a personal loan without a credit history. Just ensure that you have a stable income source that will help you back-up your EMI payments.
What is a credit score and how does it help when applying for a loan?
A credit score is simply a number that varies between 300 and 900. It is used to denote your creditworthiness. The higher your credit score, the easier it is for you to get a loan.
What is the minimum salary required for availing of a personal loan?
In most cases, the minimum salary at which you can get a personal loan is fixed at ₹15,000 a month. However, there are a few banks in the private sector that are slightly more flexible and could offer you personal loans even if you earn ₹13,000 a month.
Can a person avail personal loan and a home loan simultaneously?
Yes, of course! You can very much avail of a personal loan and a home loan simultaneously without any issues. If you are looking for the best deal on a personal loan, then apply for Airtel’s personal loan right away and reap the benefits.
Can I get a personal loan if I am not a permanent resident or citizen of the country?
Unfortunately, you cannot apply for a personal loan in India if you are not an Indian citizen. Being a citizen is one of the foremost eligibility criteria that you must meet, to get a personal loan from your bank or lender of choice.
Is there any relationship discount on interest rates?
You can easily get a short term personal loan even with a part-time job. However, it is a better idea to go for a personal loan only when you have a steady income source and gets paid well enough to pay your monthly EMIs without any hassle.
Can I get a personal loan if I have a part-time job?
You can easily get a personal loan even with a part-time job. However, it is a better idea to go for a personal loan only when you have a steady income source and gets paid well enough to pay your monthly EMIs without any hassle.
What is the maximum debt-to-income ratio allowed for personal loan eligibility?
In case, your debt-to-income ratio stands somewhere between 36-42%, then your lenders might be worried about approving your personal loan. However, it is not an impossible scenario, but you may have to show how you will be managing your finances to be able to borrow the loan amount.
What is the minimum age requirement to qualify for a personal loan?
To apply for a personal loan, the minimum age should be 21 years. If you are younger than that, you will not be eligible for a personal loan.
Can I still get a personal loan if I have previously filed for bankruptcy?
If you have filed for a case of bankruptcy, then it will remain on your credit report for up to 7-10 years. However, many personal loan lenders are fine with a 2-year gap between the personal loan declaration and application for the personal loan.
How does my employment history affect my personal loan eligibility?
As a personal loan applicant, you should understand that lenders are more confident with a borrower who has a steady source of income. In addition, it is much easier to apply for a personal loan if you are working as a salaried man, instead of a person who is self-employed.
Can I apply for a personal loan online or do I need to visit a bank branch?
You can apply for a personal loan online, with just a few taps on your smartphone. No need to visit the bank. Just get the Airtel Thanks app on your device, check for your loan eligibility, and apply online!
What is the difference between a promissory note and a loan agreement?
There really isn’t much of a difference between a promissory loan and a loan agreement. A promissory loan denotes a loan that is taken between people who have a personal or maybe a business relationship and the loan amount is also small. On the other hand, loan agreements are created when it comes to larger loans and are more formal as well.
Do I need a guarantor, or should I offer collateral to get a loan?
The biggest benefit of a personal loan is that you will not have to pay any collateral to get the loan. Simply ensure that you have a good credit source, a stable source of income, and meet the rest of the eligibility criteria to get the instant personal loan.
What are Personal Loan Eligibility Criteria for Rs. 1 lakh?
The personal loan eligibility criteria for up to ₹1 lakh is just the same: must be an Indian citizen, the loan applicant must be between 21 to 60 years of age (average age limit), should have a stable source of income, and should be able to repay the loan amount.
What are the Personal Loan Eligibility Criteria for Rs. 3 lakhs?
It is the same as the personal loan eligibility criteria for ₹1 lakh. The Applicant must be: an Indian citizen, between 21 to 60 years of age (average age limit), have a stable source of income, and should be able to repay the loan amount.
What are the Personal Loan Eligibility Criteria for Rs. 5 lakhs?
The personal loan eligibility for a loan up to ₹5 lakhs is here: you need to be an Indian citizen, between 21 to 60 years of age (average age limit), must have a stable source of income, and make sure that you will be able to repay the loan amount.
What are the Personal Loan Eligibility Criteria for Rs. 9 lakhs?
For a personal loan amount of ₹9 lakhs, the basic criteria remain the same – Indian citizen, age between 21 to 60 years (average age limit), stable source of income, and ability to repay the loan. However, the loan of ₹8 lakhs is reserved only for some of the most exclusive customers of Airtel. To know more about it, we suggest that you get in touch with an executive from Airtel.
