Personal Loan Eligibility Criteria

Personal loan eligibility depends upon various factors which differ from bank to bank. The main factor of course, is your ability to repay the loan. Banks that offer personal loans have stringent eligibility criteria and typically maintain profiles in terms of residence and your workplace. For example banks assess your repayment capacity with the kind of organisation you work in and even rate organisations. Having a healthy CIBIL score also helps in improving your eligibility towards getting a personal loan.

For your benefit, we have put down some important points to help you take care of your eligiblilty for a personal loan. Since a personal loan is given out with out any kind of security, or gaurantor, banks can get quite tough on eligibility. Keep the following points in mind to ensure your application goes through lace wigs uk.

Personal Loan Eligibility Factors

Age

Age plays a role in personal loan eligibility and repayment capacity of an individual. Banks generally give out personal loans to salaried individuals typically between the ages of 21 to 60 years. For self employed individuals this range is from 25 to 65 years.

Stable Employment

A stable employment record goes a long way to improve your eligibility for a personal loan. Salaried individuals with a minimum of 2 years of professional service with 1 year in current profession and a self employed person with a minimum of 5 years of total earning tenure with at least 2 years in current profession are eligible for a personal loan. These factors vary from bank to bank.

Financial Statements

Current and previous financial statements of an individual are important considerations for a bank while evaluating if you are eligible for a personal loan. Banks have different specifications on minimum levels of income for applying for personal loans. The financial statements help in determining the repayment capacity of the individual and hence lenders take maximum cognizance of this aspect while giving an unsecured personal loan. The loan amount that you are eligible for is also decided based on the above criteria.

Credit Ratings

Your credit history is an important aspect that lenders look into while approving your personal loan application. Missed and delayed payments are things that can lower your eligibility for a personal loan. A good credit rating on the other hand enhances the total amount that one is eligible for.

Employer

Personal loans, being unsecured, have different eligibility requirements compared to the other loan types. Your employer will also have ac company rating that the bank keeps record of. Employers are grouped into categories on basis of their own records. Public sector employees and those working with reputed and established private companies are more eligible for availing personal loans as compared to others as there is stability in their income and some security which is taken on by the employer.

Outstanding EMIs

Any pending EMIs at the time of applying for a personal loan are likely to reduce your eligibility in terms of maximum amount or even loan disbursal. Since the amount is calculated on basis the EMI, the applicant can possibly repay the contributions towards other outstanding loans to reduce the total personal loan amount drastically.

Additional Links on Personal Loan

Compare Personal Loans

Balance Transfer Of Your Personal Loan

Banks that provide Personal Loans

Personal Loan Tips

City Wise Personal Loan Availability

Personal Loan in Mumbai

Personal Loan in Delhi/Gurgaon

Personal Loan in NOIDA

Personal Loan in Chennai

Personal Loan in Bangalore

Personal Loan in Pune

Personal Loan in Ahmedabad

Personal Loan in Jaipur

Personal Loan in Nagpur

Personal Loan in Indore

Personal Loan in Nasik

Personal Loan in Hyderabad

Personal Loan in Kolkata

Personal Loan in Jodhpur

Personal Loan in Baroda

Compare Personal Loan Interest Rates

Personal loan offerings differ from different bank providers, however the fundamental principle does not change. Personal loan interest rates vary depending on a number of factors such as:

Employment Type: Personal loan interest rates differ for salaried and non-salaried personnel, considering non salaried personnel can pose risky investment possibilities

Company Type: Companies are organised into Category A, B and C based on parameters like revenue, adherence to standards and so on

Salary: Your salary dictates how much your interest rate could be. Lower salaries usually warrant higher interest rates to mitigate the banks lending risk

A R Wealth Creatorloans.com is the online portal of A R Wealth Creator Sales & Distribution, India’s largest loan distributor, and works with over 35 preferred banks like Axis Bank, Bajaj Finserve, Cholamandalam, Citibank, DCB, Deutsche Bank, DHFL, ECL Finance, EDELWEISS, First Blue, Fullerton, Capital First, HDB Financial Services, HDFC BANK LTD, HDFC LTD, HSBC, ICICI Bank Ltd, IndiaBulls Financial Services Pvt Ltd, Indiainfoline, Indusind Bank, ING Vysa Bank Ltd, Investment financial Services Pvt Ltd, Karvy Financial Services Pvt Ltd, Kotak Mahindra Bank Ltd, Magma Finance, Money line, Punjab and National Bank, Reliance, Religare, Standard Chartered Bank, Shriram City, Tata Capital, Electronica Finance Limited, Money Matters Finance Ltd to name a few.

A R Wealth Creatorloans.com offers the best deals on unsecured loans, home loans, general purpose loans, business loans, working capital loans and much more. A R Wealth Creator Sales and distribution has been providing customers with financial solutions for over 20 years!

Personal Loan – Lowest Interest Rates

Banks/Rates Salaried
Category A Category B Others
ICICI Bank 13.49% – 14% 16% 16%
(Specific Companies Only) (Salary Greater Than 75,000) (Salary Above 75,000)
15.50% 16.50% 16.50%
(Salary Greater Than 75,000) (Salary Between 50,000 -75,000) (Salary 50,000 -75,000)
16% 17% 17%
(Salary Between 50,000 -75,000) (Salary Between 35,000 -50,000) (Salary 35,000 – 50,000)
16.50% 17.50% 17.50%
(Salary between 35,000 -50,000) (Salary Between 20,000 -35,000) (Salary 20,000 -35,000)
17% 17.50% 17.50%
(Salary between 20,000 -35,000) (Salary Less Than 20,000) (Less Than 20,000)
17%
(Salary Less Than 20,000)
HDFC Bank 13.99% – 14.75% 15.75% 20%
(Specific Companies Only) (Salary Greater Than 75,000)
15.75% 16.25%
(Salary Greater Than 75,000) (Salary Between 50,000 -75,000)
16.25% 17%
(Salary Between 50,000 -75,000) (Salary Between 35,000 -50,000)
17% 18.25%
(for 35,000-50,000 salary) (Salary Less Than 35,000)
18.25% 11.99% – 13.75%
(Salary Less Than 35,000) (Special Rate for Loan Between 10lakhs – 20lakhs)
11.99% – 13.75%
(Special Rate for Loan Between 10lakhs – 20lakhs)
Bajaj Finserv 15% – 16% 16% 16.50% – 17%
ING Vysya 13.50% 13.50% 14.99%
Salary Greater Than 1.5 Lakhs Salary Greater Than 1.5 Lakhs (Salary Above 75,000)
13.75% 13.75% 16.75%>
Salary Between 1 Lakh – 1.49 Lakhs Salary Between 1 Lakh – 1.49 Lakhs (Salary 40,000 -75,000)
13.99% 14.25% 18.25%
Salary Between 75000 – 1 Lakh Salary Between 75000 – 1 Lakh (Salary 25,000 – 40,000)
16.25% 16.25%
Salary between 40,001 – 69,999/td> Salary between 40,001 – 69,999 0.5% Waiver for Ing Salary Account Holder)
17.25% 17.25%
Salary between 25000-40000 Salary between 25000-40000
0.5% Waiver for Ing Salary Account Holder) 0.5% Waiver for Ing Salary Account Holder)
Kotak Bank 13.50% 16.50% 17%
(For Special Companies)
15%
State Bank of India/SBI (SBI Saral) 18.50% 18.50% 18.50%
Fullerton India 16% – 32% 16% – 32% 16% – 32%
Standard Chartered Bank 16% – 17% 17% – 18% 19% – 22%
HDB Financial Services 16% 16% 17%
Salary Greater Than 75000 Salary Greater Than 75000 Salary Greater Than 75000
17% 17% 18%
Salary 35,000-75,000 Salary 35,000-75,000 Salary 35,000-75,000
18% 18% 21%
Salay Less Than 35,000 Salay Less Than 35,000 Salay Less Than 35,000
Citibank 16% 17% 17%
Salary Less Than 30,000 Salary Less Than 30,000 Salary Less Than 30,000
15% 16% 16%
Salary Greater Than 35,000 Salary Greater Than 35,000 Salary Greater Than 35,000
IndusInd Bank 14% 14.50> 15%
Salary Greater Than 1 Lakh Salary Greater Than 1 Lakh Salary Greater Than 1 Lakh
14.50% 15% 15.50%
Salary Between 50,000 – 1 Lakh Salary Between 50,000 – 1 Lakh
16% 15.50% 16.50%
Salary Less Than 50,000 Salary Less Than 50,000 Salary Less Than 50,000
Axis Bank 15% 17% 19% – 20%
(For Super CAT A)
16%
(For CAT A)

Personal Loan Partners

HDFC Bank

HDFC Bank Limited is an Indian financial services company based in Mumbai, Maharashtra that was incorporated in August 1994. HDFC Bank is the fifth largest bank in India by assets and the largest bank by market capitalization as of 1 November 2012.

ICICI Bank

ICICI Bank Limited is a multinational financial services company headquartered in Mumbai, India. It is the second largest bank in India by assets and third largest by market capitalisation

AXIS Bank

Axis Bank Limited is an Indian financial services corporation headquartered in Mumbai, Maharashtra. It had begun operations in 1994, after the Government of India allowed new private banks to be established.

IDBI Bank

IDBI Bank Limited is an Indian financial service company headquartered Mumbai, India. RBI categorised IDBI as an “other public sector bank”

Kotak Mahindra Bank

Kotak Mahindra Bank is an Indian financial service firm established in 1985. It was previously known as Kotak Mahindra Finance Limited, a non-banking financial company.

As India’s largest loan distributor (DSA), A R Wealth Creator has a large portfolio of partner banks and financial institutions including:

Bajaj Finserve

Cholamandalam

Citibank

DCB (Development Credit Bank)

Deutsche Bank

DHFL

EDELWEISS

First Blue

Fulletron

HDB Financial Services

HDFC LTD

HSBC

IndiaBulls Financial Services Pvt Ltd

Indusind Bank

ING Vysa Bank Ltd

Karvy Financial Services Pvt Ltd

Kotak Mahindra Bank Ltd

Magma Finance

Punjab and National Bank (PNB)

Reliance Commercial Finance

Religare

Standard Chartered Bank

Shriram City

Tata Capital

State Bank of India

Personal Loan Tips

Getting a personal has never been easier. Whether it’s your childs marriage or that dream vacation you’ve always wanted. Your just a personal loan away from your desires.

In addition to that the loan process has also become so much more easier and customer-friendly. So instead of waiting and saving over years, experience now and pay for it later!

Although personal loan schemes today are great, one needs to choose their loan very carefully, to avoid paying more later on.

Unsecured loans, such as personal loans are also very expensive. While availing a loan has become affordable and simple, it does have its drawback.

Below listed are some tips that you can use to look out for before you decide to sign up for a personal loan

  1. Do a solid research project to understand the various options in the market and compare the interest rates they offer, the pre-payment charges they levy, and the terms and conditions.
  2. Even while your loan amount may be conservative, your interest rates will certainly not. After all this is the direct revenue that banks make when giving you a personal loan. In all your searches, you must try and find the cheapest option. You should be aware that certain terms that banks use can be misleading and terms like flat personal loan interest rates that appear to be cheaper are in fact very expensive. Taking an example of a 7% flat rate, you would really be estimated to pay about 13%. Try to choose a monthly reducing balance option as opposed to a half-yearly reducing option or flat-rate. There is no such thing as an interest-free loan. Even if you find an offer look to back it up with credible information from credible sources.
  3. Processing charges will typically be levied on your personal loan. This is a bargaining point for you. Most banks would waive off your processing fee in the interest of disbursing the loan to you. Don’t forget to factor in these costs into your loan.
  4. One important tip is when selecting your EMI. Do this very carefully. It will be a battle between paying off your loan in a shorter span of time or paying more over a longer period of time. The lower the tenure the lower the total interest you are paying in the long run.
  5. Any deals you get offered should be backed by paper or documentation. Always ask for a letter in the banks letter-head clearly mentioning the exact rate of interests, processing fees, pre-payment charges along with the interest-schedule. Before you sign any documents, make sure you recheck all the terms of the loan deal.

 

  1. Do not present the bank with any false information. You might end up being blacklisted or never being eligible for a loan at the very least. Even if you get away with it, eventually the establishment will come down on you harder and stronger.

 

  1. Signing blank documents is absolutely unadvisable. Even if it takes you a few hours to fill-up the form, please do so and read the fine print carefully. Do not leave anything for the executive to fill-up.


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