Pre-Approved Personal Loan

The eligibility criteria for personal loans vary from one lender to another. Qualifying for a personal loan isn’t too difficult, salaried workers can easily obtain a loan from Grahaan Capital for up to Rs 40 lakh, with a minimum interest rate in the market. However, some general rules are usually followed, and they are:

• Age: The applicant should be between 22 and 58 years.
• Nationality: The applicant must be an Indian citizen.
• Salary: At least Rs 15,000 per month. Since you do not need any collateral for a personal loan, banks will take into account your disposable income. They decide on the minimum salary requirement based on factors like the borrower’s credit score, nature of employment, previous relationship with the bank, and so on.
  * In the absence of income proof, women have the facility to assign a guarantor or Form 16 for approval of personal loan.
• Credit Score: Preferably 685 and above. Your credit score is a major factor in determining your eligibility for a loan. But there is no need to lose hope if your credit score is not good enough. The fact that you are a salaried employee with a stable job can also work in your favour in this regard.
• Employment Stability: Minimum 1 year of  work experience.
• Business Stability: Minimum 1 year of  business continuity.
• Employment Type: Salaried employees working with reputed organizations, MNCs, Private and Public Limited Companies, Govt. organizations, PSUs, and large enterprises.