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 best interest rates from Cashkumar, an RBI licensed NBFC-P2P in India
A Personal loan from Cashkumar is unsecured in nature with eligibility decided at two levels viz application and approval. At a basic level, eligibility to apply for a loan is dependent on factors like employment status, house type and residing city. Approval eligibility or the final loan amount is dependent on these factors along with the borrower's Fixed Income to Obligation (FoIR) ratio or Debt Burden Ratio (DBR). This is the primary factor in deciding or capping the loan amount approved for an eligible borrower. A short term loan from Cashkumar typically ranges from ₹ 20,000 to ₹ 1,00,000 and are given for a tenure between 3 to 12 months. There are certain maximum caps on eligibility that are in place for company type, salary, housing type and credit score, even if an applicant is eligible for a higher amount.
Cashkumar also offers existing borrowers the ability to take top-up loans on their existing loans if the payment record is good and atleast 50% of the principal has been repaid. Top-ups are processed faster, and applicants can also get eligibility of upto Rs. 1,50,000 if they meet requisite criteria.
Below are the basic personal loan eligibility criteria on Cashkumar:
Though availing a P2P 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 a loan quicker and faster.
Keep documentation ready - It is good to keep copies of all documents ready as it will help in faster processing and approval of a loan. Cashkumar only needs soft copies of documents so the process is easy and hassle-free.
Do not focus only on the interest rate - While the personal loan interest rate is important, please note there are other important factors like the amount, eligibility criteria (banks do not give loans to new to credit, proprietorship/partnership companies) and pre-closure charges (zero after 3 EMIs are paid) which could suit your requirements better.
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 if not sure of paying the 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.