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How does the applicant’s income affect personal loan eligibility

How does the applicant’s income affect personal loan eligibility

Think from a lender’s perspective, will a company/individual not check your financial status before giving a loan? It is quite evident that a financial firm will verify applicants’ income to know the income criteria mandatory while considering a personal loan eligibility. So, yes, an applicant’s level and stability of income affect a personal loan approval.

Since the time instant loan apps have taken over the traditional methods of a loan application, availing personal loans in 24hours is possible. Most of the financial companies have set their income bar to a minimum of Rs.15,000 as a monthly income to avail personal loans online. Both salaried and self-employed applicants having a minimum income of Rs.15,000 are eligible for an instant personal loan.

Documents required to probe an applicant’s financial stability include – PAN card, salary slips and the last 6months of bank statement. These financial documents give the lenders an insight into the professional stability, previous debt history and ongoing loans, if any. Unable to meet the personal loan eligibility criteria, do not submit a loan application to face delay or rejection of personal loans.

Use the personal loan eligibility calculator, an analytical tool designed to calculate your personal loan eligibility criteria and simultaneously enables you to compare and check the best personal loan available online.

How can applicants be sure of their income for a personal loan?

  A PAN card reflects the financial history of the borrower and gives lenders an idea of their repayment ability. Visit the official CIBIL website to know your credit score. Enter the PAN card number and submit your request for a CIBIL score. 

Try your hand at the Simply Cash instant loan app to avail a quick personal loan from Rs.50,000 to 1,50,000. It is a trustworthy online loan platform launched by a credible financial company in India, HeroFinCorp.

Let’s see the eligibility criteria set to avail a personal loan of Rs.50,000 and above:
 
  • Proof of Indian citizenship
  • Six months bank statement and salary slip as income proofs
  • Age eligibility criteria of an applicant range between 21-58 years
  • You should be either a salaried or self-employed individual with a minimum salary of Rs.15,000 monthly
  • You should be working in/with either private or public sector
  • Your credit history should meet the criteria set by the lender. Credit score may vary as different lenders set different bars as per their standards
The eligibility criteria for an unsecured personal loan vary as per the requirements of the various financial institutions. One should also be aware that such loans, being unsecured in nature, charge interest on the higher side as compared to collateral-based secured loans.

The in-built loan EMI calculator in the Simply Cash app allows borrowers with different salaries to set a suitable EMI that is not a burden to repay every month. Factors like loan amount, interest rate and tenure are the basic factors that can be flexibly moved in the calculator to derive a desirable EMI.
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD AXIS BANK IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK

EQUITAS SMALL FINANCE BANK LTD KOTAK MAHINDRA BANK LTD IDFC FIRST BANK LTD UJJIVAN SMALL FINANCE BANK LTD BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK RBL BANK LTD BANK OF MAHARASHTRA DEUTSCHE BANK AG PAYTM PAYMENTS BANK LTD CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD AU SMALL FINANCE BANK LTD CITI BANK BANDHAN BANK DHANALAXMI BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK JANA SMALL FINANCE BANK LTD UCO BANK

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