Personal loan is a financial product available to customers for their varied short term financial requirements such as wedding, vacation funding, child’s education, home renovations, medical emergencies, balance transfer, debt consolidation and so on. You should know how to check personal loan eligibility as this would help you plan your financial stability, help you forecast your loan repayments and as well as get lowest interest rate based on your eligibility.
Get Quick Personal Loans at Interest Rates starting from 11.49% from Banks, NBFCs or Individual Lenders
Since personal loans are unsecured in nature, you need not mortgage nor do you require a guarantor to avail the loan. Interest rate varies between 11.99% during offers to 28.00% based on the personal loan eligibility. Loans are given from 50,000 to 20 lakhs with tenures ranging from 12 – 60 months. Documentation will be simpler as this is an unsecured loan. Loans have to be repaid through EMI option with repayment choices like ECS, AD or PDC.
Some banks will give you the flexibility to pre-close the loan without any additional charges. Most banks have a pre-closure charge in the 4%-5% range.
Below are the basic personal loan eligibility criteria:
Though availing a personal loan is simple, there are a few points that one should keep in mind before proceeding. The more information you have will help you avail the lowest interest rate based on eligibility.
Explore multiple options – Do not go ahead with the first personal loan offer that comes your way. Using our platform you can explore different options based on your eligibility which will help you make an informed decision. How to check personal loan eligibility is a question of the based with a site like ours
Do not focus only on the interest rate – While the personal loan interest rate is important, please do note the processing fee as well as the pre-closure charges that would be applicable by a particular Bank or NBFC. In case you propose to pre-close your loan, choosing a bank which has no pre-closure charges would make more sense, even though the interest rate might be a little higher. Currently Axis Bank and Bajaj Finserv do not have any pre-closure charges, provided the loan has been serviced for certain tenure.
Do not borrow personal loan for investments as this could backfire.
Calculate your repayment potential before taking a loan. Though you might be eligible for a higher loan amount but are not sure if you could pay the existing projected EMIs, please reconsider taking a smaller amount. A default or delayed EMI payment could affect your CIBIL Score, which will hamper the possibility of you getting loans in the future. You can always check on the EMIs that you would have to pay using our EMI calculator. You will also find a lot of information on EMI at emicalculator.io
There are multiple banks which offer a personal loan such as HDFC Bank, ICICI Bank, Kotak Bank, Axis bank and so one. There are also multiple NBFC’s such as Bajaj Finserv , Fullerton, Tata Capital, etc which offer unsecured personal loans, but be sure where you stand having the best eligibility for personal loan.