Personal Loan: How Much Money You Earn Monthly To Get Personal Loan?

Personal Loan

Nowadays, Many People Want To Take Personal Loan In Need Of Quick Money. But There Are Some Criteria In Getting Personal Loan. Check Out The Details.

Personal Loan
Personal Loan

Personal Loan: Many People Think Of Taking A Loan In Need Of Money For Various Reasons Such As Medical Treatment, Child’s Education, Marriage Or Home Renovation. At Such Times, Borrowers Look For Loans With Easy Repayment Terms. Most Of The Time They Want To Take Personal Loan. Because The Repayment Terms Of This Loan Are Also Easy. Also, No Collateral Is Required For This Loan. But Remember, Eligibility For This Loan Varies From Bank To Bank.

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According to HDFC Bank website, Personal Loan mainly Depends On Two Factors. They Are Ability To Pay And CIBIL score.

Repayment Capacity

is Usually Judged By The Bank Authority As To How Many Days You Have The Ability To Repay The Loan. It Fixes The Bank By Judging Your Credit Rating, Outstanding Debt, Current Income And Your Future Job Prospects For The Desired Tenure. If You Are Financially Stable And Have A Good Credit Score, You Will Be Eligible For A Large Loan.

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This Score Generally Assesses One’s Creditworthiness And Repayment Ability. A CIBIL Score Above 750 Is Considered Good.

Also Read – How To Check Your CIBIL Score?

What Qualifications Does State Bank of India Consider For Getting A Personal Loan?

  • You Must Have A Salary Account in State Bank.
  • Must Earn Minimum 15000 Rupees Per Month.
  • EMI/NMI Ratio Should Be Less Than 50%.Should Be Working In A Central, State Or Government Aided Organization. Employment In A National Level Educational Institution Will Provide Opportunities. Also One Can Get Employment In Corporate Organizations Which Are Affiliated With Banks. However, If You Work In A Corporate Organization That Is Not Connected With A Bank, You Can Get A Loan.

HDFC Bank Personal Loan On What Eligibility ?

  • If You Are An Employee Of A Private Organization, You Will Get A Loan. Also Persons Connected At Central Or State Or Administrative Level Will Get Loan.
  • Borrowers Should Be Between 21 To 60 Years Of Age.
  • Must Be Employed For A Minimum Of Two Years. Also Should Have Monthly Income Of 25000 Rupees.

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