What are the eligibility criteria for a personal loan online?

What are the eligibility criteria for a personal loan online?


Financial and medical emergencies can occur with any person and at any given time. Thus, one must always save funds in order to ensure that he or she is able to resolve that problem easily. However, many-a-time, people are often left without any savings in their kitties. At such times, that person always looks for financial assistance; this financial assistance can be from a traditional financier or a loan shark.
However, the interest rates charged by the traditional financiers are way higher than the ones given out by banks and NBFCs (non-banking financial companies). The new-age financial institutions have even started providing their lending services such as personal loan online; further, a sturdy internet connection and an appropriate electronic device are the only things that you need to apply online.

Personal Loan by Early Salary


The numerous features of opting for personal loan online are here as follows:

  • The personal loans are unsecured in nature; thus, there are no restrictions on the use of the financial amount. The loan amount can be used by you to purchase a new gadget or even to fund that last-minute trip of yours. Further, you don’t even need to provide any sort of collateral to the financial institutions.
  • The repayments of personal loans are done in the form of flexible EMIs (equated monthly installments) over a period of time. Thus, you can easily plan out all your current and future repayments in advance.
  • The financial institutions even provide an EMI calculator on their online websites. These calculators are free-of-cost and have an extremely user-friendly interface. These calculators will help you to calculate the installments on the basis of the principal amount you borrow, interest rates charged by the financial institutions and the repayment tenure opted by you.
  • You even save yourself from all the hassles and the countless hours that would be otherwise spent by making those endless bank visits. The online digitalized process allows you to obtain personal loan instantly; thus, you get early access to the loan amount- that can be used by you to relieve your financial exigencies.


However, you need to make sure that you fulfill the eligibility criteria given out by the financial institutions in order to make use of an instant personal loan. 

The eligibility criteria given out by the banks and NBFCs (non-banking financial companies) are here as follows:

  • Your income source and job stability are one of the most important factors on the basis of which the financial institutions approve your loan. Thus, make sure that you have a stable source of employment.
  • The financial institutions even scrutinize your credit score and history before sanctioning the loan amount. Therefore, ensure that you have repaid all of your previous and current debts in time. After all, a good credit history is the reflection of your financial responsibility.

Further, a good credit score is anything more than 700- the CIBIL score range is from 300 to 900.
Hope this article helps you to understand the importance of personal loans. Good luck and all the best!

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