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Become Eligible For Personal Loan

By Author: Arwind Sharma
Total Articles: 13

Applying for any kind of loan has its own procedures. The same goes for personal loans. When banks and lenders grant you a particular amount of money for your own use, it becomes mandatory for the bank and other lenders to be have some assurance that you would be able to repay the money on time. And, more so in personal loans. This is because these loan plans do not require the borrower to pledge collateral or security against the loan money.
Personal loan application requires you to fulfill certain terms and conditions. If you do not fit in the eligibility criteria of the bank for personal loan application, your request will be turned down in no time. Here are some questions which the bank will ask you when you would approach it with personal loan request.
What kind of employment do you have?
Banks and financial institutions have different set of loan plans for salaried as well as self employed individuals. Also, the terms and conditions for both kinds of candidates are different. Therefore, you must first do some amount of research on the personal loan programs which exist in the market for salaried or self employed customers, depending upon your own status.
Are you financially sound?
Banks and financial lenders have kept a certain income level for salaried as well as self employed professionals. And if any individual wishes to apply for personal loan, he or she will have to meet the income criteria. If you have a sufficient and strong financial background in the present and the past, your personal loan request will be approved quickly.
Are you in stable employment?
Banks and other lenders check whether you have been in a stable job or not. It is mandatory that you must have completed 2 years with the same employer. Also, you must have spent a considerable amount of time in one particular industry. Personal loan requests from frequent job hopper are immediately declined by the financial lenders.
What is the status of your employer?
Another very important point which increases your chances of being eligible for personal loan is the status of your employer. If you work for a well known, established and profit minting company, it increases your credibility in front of the lenders. Banks also check the record of your employer. So, in case you are working for a company which is well known, but is facing frequent losses since sometime, the bank might become suspicious of your job security.
Is your credit score good?
Last but certainly not the least, all banks and private financial lenders want to lend money to those people who are good in their repayments. If you have been slacking off in repayments and your credit report is weak, your personal loan request will be rejected. So, start working on your credit dues and other debts as early as possible.
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