Personal Loan For Cibil Defaulters In Erode

Personal loan eligibility criteria, are you nearing it?

Personal loan is one the most popular credit product in India. This loan comes with a lot of benefits. It not only helps in meeting the short term needs but helps in utilizing the loan proceeds for any financial requirement. The use of the money finally rests with the borrower. From marriage to medical and from business to vacation, the money can be used as per the will.

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Just like any other loan, the personal loan also goes through an underwriting process and there are various criteria against which the loan application is evaluated before decision. So if one applies for a ICICI personal loan, the loan application will be scrutinized against the following factors to decide the fate of the request. Please check out on these eligibility criteria before applying for a personal loan and see if you are already nearing them.

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Debt to Income

Repayment capacity of the borrower is an important factor that plays a role in positive decision of a loan application. 50% of the income is generally taken towards the living expenses and the balance 50% of income can be taken as the eligibility for EMI. An important thing to note here is that the balance 50% assigned towards repayment of one’s liabilities is including all loans and credit cards that the person will be holding at the time of application and the EMI of the fresh loan application.

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So if your EMIs are closer to the 50% of your monthly net income, you may need to take corrective action by either closing a few accounts or cancelling credit cards.

Credit Bureau Score

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The credit bureau score is today used by all lending institutions in the process of underwriting. The credit score (popularly known as CIBIL score) is basically a prediction on the chances of the borrower defaulting on the loan. Ranging from 300 – 900, a score of 750 is considered to be good. Anything above 750 can be taken as a confirmation to the loan application being reviewed by the underwriter. The borrowers with lower score may not even be reviewed. These applications  may  just get rejected out rightly and one may be required to apply for personal loan for low CIBIL score.

So do check out the credit bureau report and score before applying.

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Age

Most of the banks offer personal loan for people between the age of 21 years to 60 years. So do take that into account. Another important thing to be kept in mid over here is that in case one is nearing the 60 year’s threshold, he will be able to get the loan only for the years left to attain the age of 60.

So for example, the applicant has completed 57 years of age, he would be able to get the loan only for 3 years.

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Employment stability

Stability of employment is another important factor that gets considered while deciding the fate of the personal loan application. Frequent job change is a negative trigger for the underwriting team and the loan just might get rejected for this reason.

The employer one works with is also another important factor that impacts the underwriting decision. The companies mostly get categorized based on various aspects. A person working with an A category company would find access to loan far easier than someone who is working with a small time company.

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Documents

So while you have a good well paying employment and have a good run on the repayments of your existing or past loans, it just does not make you entitle for the loan. Submission of documents is an important part. So make sure that all documents required by the borrower to decide the application are available with you before you actually apply.

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