Step by Step Guide to Understand Personal Loan EligibilityFinancial institutions and individual lenders agree to offer loan only after verifying the repayment capacity of the borrower. There is a set eligibility criterion that credit firms follow for instant loan approval. Getting a basic knowledge about a personal loan eligibility criterion will speed up the loan approval process.
Nowadays, with instant loan apps and websites, borrowers can use the loan eligibility calculator before submitting the loan application. Loan rejection, delays and cancellation can be avoided if you know first whether you are eligible for a loan or not.
Simply Cash is one of the latest personal loan apps helping with instant loans within 24 hours. Follow a simple eligibility criterion to avail personal loansat Simply Cash:
Applicants between the age group of 21 to 58 years can apply for instant loan. Salaried and self-employed individuals with a minimum monthly income of Rs.15,000 are eligible for personal loan at Simply Cash. Six months bank statement of the bank account with maximum transactions will be considered as an income proof. Even those applying for a first-time loan are eligible.
Here is a stepwise guide to understand eligibility criteria for both salaried and self-employed individuals. Fulfil the below mentioned eligibility criteria to acquire personal loan easily:
- Age criteria: Applicant should be between 21-58 years
- Minimum monthly income for salaried: Applicant should at least earn a minimum amount of Rs.15,000 monthly
- Minimum monthly income for self-employed: Minimum earning should be Rs.15,000 monthly and six months bank statement is compulsory
- Income proof: 6 months bank statement of salaried or personal account
- Aadhar card is the first document when applying for instant personal loan
- In the absence of Aadhar card, you can provide your Smart Card Driving License
- Other important documents include your professional and financial details inclusive of salary slips and income statements
- Your account should be in any of the accepted banks as suggested by the financial institution
If any of the above criteria doesn’t match, wait for the right documents to arrive and then apply for a loan. Loan application with mismatch eligibility criteria will trigger loan rejection, affecting your credit score.Whether the loan is for 50,000 or 1 lakh, borrowers should check the eligibility criteria before applying for short term/ long-term loans.
The EMI calculators online also help in deciding the borrower’s eligibility to manage personal loan EMIs. 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.
Simply Cash’s EMI calculator gives clarity on monthly instalments in minutes, with accurate results. Once a suitable EMI amount is derived, a borrower can decide whether they are financially eligible for the loan or not.
After you are 100% sure of your eligibility criteria towards a particular loan, you may follow the below steps to apply for a quick personal loan via Simply Cash:
- First, get the Simply Cash app in your phone. Download from Google Play Store.
- Register to create your account. Enter email id and mobile number. It is secured and verified using a onetime password
- Next step will take you to the EMI calculator. Here, you can choose a preferred loan amount between INR 50,000 to 1.5 lakh. The calculator lets you choose the principal amount, interest and tenure. Set an appropriate EMI, matching your budget.
- Complete the loan pre-requisites, enter the Aadhar card number, Mobile number linked to your Aadhaar card, PAN card number and Bank Account affiliated to Simply Cash.
- Set up your repayment or e-mandate and create an electronic signature with a single click.
- It may take a while to process the details. Finally, the loan amount will be credited in your bank account.