There comes a point in our lives when we need financial help. The market for personal loans is shrouded with strict rules and conditional guidelines. However, companies like Fullerton India aim to help people during times of dire need as they value the dreams and aspirations of their customers. Fullerton India Credit Co. Ltd. offers instant personal online loans, thanks to fast digital processing through its quick loan app.
Factors Affecting The Eligibility
There are three primary factors that affect a borrower’s eligibility for personal loans from loan apps in India.
- Disposable income: A borrower’s eligibility for personal loans depends heavily on his or her disposable income, which should ideally be 30-40% of the net monthly income.
- Credit score: One should have a good credit score. Borrowers can improve and bring their score to the requisite range by controlling their spending habits and paying card bills and dues on time.
- Clearing dues: Borrowers who have cleared their dues can get better loan amounts and rate offers.
Eligibility criteria for personal loans
There are certain eligibility criteria that a borrower must meet to apply for and get personal online loans. Financial institutions and lenders need these to ensure that you can repay the borrowed amount.
- Nationality: The applicant should be a resident of the Indian subcontinent with documents to prove the same.
- Age: The borrower should be at least 21 years old and below 60 years.
- Employment: One must be employed, either self or salaried.
- Work experience: Individuals need to have at least one year of overall work experience and a minimum of 6 months with the current employer before they are eligible to apply for a loan.
- Income: An individual must have a minimum monthly salary ranging between Rs. 20,000 to Rs. 25,000.
- Credit score: Credit or CIBIL scores of potential borrowers should be 750 or above.
- EMI as a percent of income: The maximum EMI percentage of the income of the applicants should be 65.
Thus, you now know why you must opt for a quick loan app today. Moneylenders like Fullerton India make borrowing money an uncomplicated affair.
Benefits of personal online loans
- You can borrow more: Lenders provide personal loans up to 25 Lakhs based on your eligibility criteria. Therefore, you can borrow more cash in a shorter time. You can get better, more flexible, and lower interest rates on personal loans when compared to other types.
- Minimal documentation: Online loan applications for personal loans are paperless and require minimum documents. It saves you the time and effort that you would otherwise need to invest in looking for your papers.
- Speedy disbursal: Loans are processed quickly and efficiently. Once approved, the loan amount is credited to your account in less than an hour. The faster you get your loan, the sooner you solve your troubles!
- Extra benefits for existing customers: With most lenders, like Fullerton India, you get additional benefits for personal loan applications if you are an existing customer. The digital processing will be quicker for you since your KYC documents are already with the institution.