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How to Check Eligibility Criteria for Personal Loan?

How to Check Eligibility Criteria for Personal Loan?

With personal loans, you have the option to turn your aspirations into reality. Personal loans online are in trend with more and more individuals opting for them to meet various financial reasons. A personal loan can be availed for just a simple reason like buying a laptop or an iPhone. Personal loans are not always for home renovation, education, or vacations. From buying new furniture to purchase of an electronic gadget, it could be anything that can be availed by applying for a personal loan.
 
But you need to check whether you are eligible for a personal loan or not? To prevent rejection of loan application, you need to check your eligibility criteria that meets the lender’s terms and conditions without any hassles through a personal loan eligibility calculator.
 
Personal loan eligibility criteria are based on the creditworthiness that is reflected in the credit score of a borrower. So, to prevent rejection you need to check your eligibility criteria for a personal loan.
 

Check your eligibility criteria using the personal loan eligibility calculator

 
Salaried and self-employed individuals are eligible for a personal loan with the below-mentioned criteria that you need to verify while applying for a personal loan. If the eligibility criteria meet the lender’s terms and conditions, you will be eligible for applying for personal loans. Things you need to submit while checking your eligibility criteria on the personal loan eligibility calculator are:
 
Age – A salaried and self-employed individual must be in an age limit between 21 to 58 years.
 
Nationality – Borrower must be a resident of India
 
Income – Your minimum Income must be around Rs.15,000 monthly or above.  Personal loan eligibility criteria depend on your disposable income. This should be at least 30% to 40% of your net monthly income.
 
Credit score – The Lender must find the borrower’s credit report satisfactory to approve the loan instantly. You can negotiate the interest rate if your credit score is good. But this vary from lender to lender.
 
Monthly expenses – You also need to indicate monthly expenses or multiple loans, if any.  Your monthly expenses will decide whether you are capable of paying monthly EMIs.
 
Total work experience – For salaried/self-employed individuals, working in a private or public sector company with a minimum work experience of 6 months - 1 year is mandatory & this varies from lender to lender.
 

How to check your eligibility criteria for a Personal Loan with SimplyCash

 
With the launch of complete digitized platforms for a personal loan, checking the eligibility criteria before applying for a personal loan has become a hassle-free process with the help of a personal loan eligibility calculator.
 
SimplyCash, an instant personal loan app powered by HeroFinCorp has developed a user-friendly personal loan eligibility calculator, which will display the loan amount borrowers are eligible for, after checking the monthly income and creditworthiness of salaried and self-employed individuals.


SImplyCash’s in-built loan eligibility calculator created within the instant loan app and official website allows one to check the eligibility criteria in terms of the loan amount, and tenure. SimplyCash personal loan eligibility enables you to clearly define whether you are eligible for a loan application or not.  
 

Factors that are considered appropriate to check personal loan eligibility criteria:

 
The SimplyCash requires basic eligibility criteria like your age, income, loan amount, work experience, and interest rate, to check the eligibility criteria for a personal loan for salaried and self-employed individuals:
 
  1. Age -21 - 58 years
  2. Minimum Income Rs.15,000 monthly
  3. Last six months bank statement mandatory
  4. Minimum work experience 6 months - 1 year
  5. Indian nationality
 
Therefore, with the above eligibility criteria, you can avoid loan rejection and delay approval status when you are clear about the eligibility being negative.
 
Hence, to avail of a loan amount between Rs.50,000 - 1,50,000 via SimplyCash, check your eligibility criteria for a personal loan using the loan eligibility calculator for speedy loan approvals online.
 

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.

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Accepted Banks:

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

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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