What is the Eligibility Criteria for a Personal Loan in Chennai?

Eligibility Criteria for Personal Loan in Chennai

A personal loan can be easily availed in the Chennai city. It is defined as short term, unsecured borrowing to fulfill all financial uses. You do not need to back it up by a collateral asset against the borrowed sum. You can easily use a personal loan to pay for medical treatment, financing your child’s education or merge your debt liabilities.  It does not come as a surprise that personal loans can be reached at all times of need.

Let us take a quick glance at the documents & eligibility requirements for an Instant Loan in Chennai :

  • Location

Your accessible location or place of residence is one of the most important personal loan eligibility factors that your lending company will consider. The area of your residence/ locality plays a vital role in governing your first level approval. If you’ve been staying in a metro city, you possess greater chances of receiving instant loan approval compared to the ones living in suburban or rural parts of Chennai. Home Credit Personal loans would only like to confirm your Indian citizenship. You just have to produce a valid residential address proof.

  • Income

To some lenders, the address proof works as a primary eligibility criterion. Whereas to others, income acts as one of the most important personal loan eligibility criteria before awarding loan approval. Higher the income, the greater are the chances of getting a higher amount. Your income will be representative of your repayment capabilities and categorize you as a low-risk applicant, living in Chennai.

  • Property Ownership

Many times, lenders want to know if the address proof produced matches ownership documents. If you own the possession of the property whose papers have been shared, then your chances for a personal loan is much higher. This is in contrast to living in a rented apartment. This is so because your repayment capacity is assumed to get reduced by the payable rentals and therefore, affecting regular repayments. Here, Home Credit offers the chance to choose a flexible repayment tenure to pay EMIs as per capacity if you’re based in fully settled Chennai.

  • Existing Liabilities

If you have a few existing labilities, then the chances of getting a personal loan have shrunken. This is different from the case where you are a new entrant in the loan market. Before you make up mind for a specific loan, find out thoroughly about the lender & eligibility criteria. This is where Home Credit can ease your journey and only ask for a valid proof of identity i.e. PAN Card. So, whether you’re in Chennai or any other part of the country, the clause remains unchanged.

  • Credit History

Another significant factor that bangs personal loan eligibility is the credit history or credit score. Conventionally, lending institutions arrive at a fixed interest rate, loan amount and tenure based on the credit score of the individual. If your credit score shoots high, then your loan will be instantly improved. So here what’s a good score? 700+ is considered to be a good credit score.

What is the Minimum Salary Limit to Apply for Personal Loan?

Instant personal loans via Home Credit can be granted if you’re earning a minimum of Rs. 10,000 & you have your bank account web-enabled, which means that you must have active net banking.

Although, the minimum salary required for personal loan changes from one lender to another, but most lenders require to co-relate your income levels and the city you live in. To know exactly how much loan you can get, you can use an online personal loan eligibility calculator and find out what you actually need to pay as EMIs.

What Is the Minimum and Maximum Age Limit to Get a Personal Loan?

The minimum and maximum age limit to apply for a personal loan in Chennai starting from 19 years to 68 years.

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