Loan up to 40 Lakh * | Digital Process | Quick Approval
Simple eligibility requirements and little paperwork are required for Grahaan Capital’s Personal Loan. In a few clicks, you can apply for the loan and get a larger amount at a competitive interest rate. Provide all necessary documentation on time to guarantee a seamless loan application process.
Our Personal Loan has a comparatively simple qualifying process. To be eligible for a loan, you do not need to fulfill an exhaustive list of requirements. This facilitates loan acquisition and minimizes delays that can impact loan amount disbursement.
The following five primary criteria are used to evaluate all applications for eligibility for Personal Loans:
| Factors | Eligibility Requirements |
| Age | Applicants should be at least 22 years old at the time of loan application and a maximum of 57 years old. |
| Citizenship | Applicants must have Indian citizenship. |
| Employment | Applicants must have a full-time job at central/state Government/autonomous bodies/public/joint sector undertakings, public limited companies/MNCs & educational institutions, Private limited Companies, Trust, Limited Liability Partnership. |
| Work Experience | Applicants must have at least 2 years of job experience and at least 6 months of stable employment at the current job. |
| Monthly Income | Monthly net take home salary of at least ₹15,000. |
Furthermore, you need to have a solid credit history and score. You can quickly apply for a personal loan online if you can fulfill these simple prerequisites!
Age: The age of the applicant shows how many working years they have ahead of them and behind them, which reflects their ability to easily handle the debt and repay the loan. If the applicant is younger than the minimum age requirement, they might not have sufficient loan-related expertise or income to cover EMIs. It’s possible that the applicant is nearing retirement and won’t have enough years to work left to pay the EMIs if they are older than the maximum age restriction.
Work Experience: Candidates who have worked for a longer period of time are typically seen as having a more stable financial future than those who have just started.
Monthly Income: Your income is assessed for two significant reasons. First and foremost, determine if you can afford the EMIs for the desired loan amount. Second, take into account all of your other responsibilities when calculating your disposable income. Because they are already heavily in debt service, candidates with a debt-to-income (DTI) ratio of more than 50% have a lower chance of having their loan application accepted.
Credit Score & History: One of the most important things that determines your eligibility for a personal loan is your credit score. Your credit history, including loan repayments and credit card payments, is reflected in your credit score. A high credit score confirms to your timely debt repayment. This indicates that you’ll probably make your loan repayments on schedule. Conversely, a low credit score indicates irregular credit behavior and could lead to loan denial. However, by paying back your debts on schedule, you can raise your credit score.
Your eligibility for a Personal Loan is generally higher if you are a government employee, or if you are employed with a reputed private firm. Similarly, having a high salary and credit score increases your eligibility for personal loans. Furthermore, there are certain actions you can do to guarantee a quicker approval of your loan application.
Maintain a healthy credit score: The greater your credit score, the more qualified you are for a personal loan. Generally speaking, a credit score reported by any credit bureau of 750 or more is regarded as healthy. This suggests that you have a strong willingness to return the loan in addition to having a high ability to do so. Since the bank considers you to be a good customer, it might accept your loan application more quickly and even give you a favorable interest rate.
Avoid applying for multiple loans or credit cards: Being considered someone who is credit-hungry will lower your credit score. Applying for a credit card or loan should therefore only be done if you truly need it. The bank can take longer to complete your application if they consider you as someone who is in need of credit. As a personal loan is an unsecured loan, the due diligence may be more stringent.
Do not default on EMIs or delay your credit card repayment: Make sure the EMIs for any current loans are paid on schedule. In the same way, if you frequently use credit cards, make sure to pay off the balance by the deadline. Prevent missing any of the credit card or loan EMI payments. This affects your credit score as well, which may limit your eligibility for a personal loan.
Keep your EMIs within a limit: The total amount of all your current loan EMIs shouldn’t be more than 40% of your monthly net salary. This shows your ability to repay the debt; if the bank determines that you are unable to do so, it may deny your application for a personal loan. You might arrange for part of the funds from your pocket and lower the amount you are asking for as a loan in order to avoid this. This may increase your eligibility for a personal loan and control your EMI spend.
