Get quick and easy personal loans at your fingertips. There is no need to wait days to get instant money into your bank account. A personal loan can help you cover all expenses, such as holiday trips, credit bills, medical emergencies, wedding expenses, etc. It allows you to get access to instant cash without collateral.
NBFCs such as LoanTap have launched instant loan apps using cutting edge technology so that loans can be seamlessly disbursed in a few hours. With online loan applications, standing in queues, filling up multiple forms and waiting for a week are passe. Now you can get cash in your bank within 24 hours of application. Borrowers are offered a plethora of options to repay their loans conveniently.
With so many benefits, the demand for personal loans is skyrocketing. It is easy for any salaried and self-employed individual to get an instant loan online. Everything looks hunky dory but does it mean anyone can get a loan? No. You will need to meet minimum eligibility criteria to qualify for a loan.
Lenders have laid out eligibility criteria that borrowers need to meet in order to apply for a personal loan. Since personal loans are not backed by collateral, lenders need to confirm the borrowers’ repayment capacity before approving personal loans.
The application will not be approved if you do not meet all the eligibility criteria. That is why LoanTap has minimized the conditions you need to qualify for personal loans. In this article, we will share a detailed guide on how to get a quick personal loan with low eligibility criteria.
Personal Loan Eligibility Criteria
Personal loans are generally short-term loans that can help you meet several expenses, big or small. Whether it is a wedding loan or a medical loan, a holiday loan or one for home renovation, education or simply buying the latest phone or bike, a personal loan can save the day for you. LoanTap offers personal loans from INR 50,000 to INR 10,00,000 for tenures ranging from 6 months to 5 years at interest rates starting from 18% p.a. To get instant approval and disbursal, follow the eligibility criteria as explained below:
Age
Age matters in deciding whether you can get a loan. Personal loans are designed for working professionals and self-employed individuals over the age of 21 years or above and less than 60 years. If you are not within this age limit, your application may get rejected. So, your age should be a minimum of 21 years to be eligible to apply for the loan.
Employment
Do you have a steady job? It is easy to get instant personal loans online if you have a stable job.Your employment period shows stability and financial capacity to make payments on time. Salaried employees should have a minimum of six months to two years of experience working for an MNC, a private, or a public limited company. The lender may ask for your employment information to ensure your reliability. To qualify for a personal loan, self-employed professionals must have at least three years of experience.
Income
The salary decides whether you can take any loan online. At LoanTap, the aim is to keep the eligibility criteria accessible to the majority of the population. An individual who earns a minimum income of Rs. 30,000 per month is eligible for a personal loan. Business owners and self-employed persons’ income should be at least 30,000/ month to pay their EMIs on time. To confirm your salary, submit income proof and pay slips for the last three months. Self-employed individuals can get the loan by submitting their ITR for the last two years as proof of income.
Credit Score
CIBIL or credit score plays a crucial role in assessing your creditworthiness. It will reflect the history of your repayments or ability to repay a personal loan. Any delay or default in paying your loans can impact your credit score. Further, a poor credit score affects the loan amount, credit tenure, interest rate, and terms. So, try to clear all your debts or dues before applying for a personal loan in India. LoanTap is ready to process personal loans for those with a credit score in the range of 630 or more.
Factors That Affect Personal Loan Eligibility
Low Income
Yes, it is true. Loans are available even with a low income, but your credit score should be at least 630. Your income decides the loan amount and interest rates. Personal loan eligibility highly depends on your income. Higher income also increases your chances of getting a lower-interest personal loan as the lender is confident about your repayment capability.
Credit and Repayment History
Your repayment history changes your credit score. A credit score is the first thing a bank or NBFC considers when they go through the loan application of a borrower. Most lenders will reject loan applications that have a poor credit score. Even if they approve the loan, the interest rates will be higher. Maintaining a credit history is important to increase your chances of loan approval. A credit score of above 630 can help you get a personal loan from LoanTap at reasonable rates.
Banking Relationship
How is your relationship with your bank or lender? Having good banking relations has many benefits.You have a better chance of getting a loan approval if you have a salary account or savings account or have taken a loan in the past with the same lender or bank, you may get a better interest rate.
Negotiation Power
Your strong points should be income, credit history, and banking relationship. These factors may help you negotiate with the lenders. It ensures a higher chance to get personal loans on better terms. In the end, the loan amount will be disbursed at better interest rates and loan tenures if you are able to negotiate well.
How do you qualify for a Personal Loan from LoanTap?
LoanTap is one of India’s most trusted loan app, with over a million downloads. You will experience a smooth and hassle-free digital loan application process. A personal loan’s eligibility criteria are quite simple, and the following criteria help you determine your qualification:
- An Applicant should be a Resident Citizen of India
- Your age should be a minimum of 21 years and a maximum of 60 years.
- You must be an employee of a Private Limited Company, a Public Limited Company, or an MNC or the central or state government.
- You should have a minimum credit score of 630 or above.
The Documents Required for KYC Verification include –
- PAN card /Aadhar Card for identity proof.
- Voter ID/ electricity bill /Driving License as address proof.
- Submit salary slips for the last three months.
- Bank Salary Account Statements for 6 months.
In Conclusion
If you want an instant personal loan but are worried if you fit the eligibility bill, you should check out LoanTap. They have tailored personal loans for various requirements and the eligibility criteria are very reasonable. So, check them out if you are in urgent need of funds. Just download the instant personal loan app and enter all your details to get quick money in your hands. Click here to install the app on your smartphone.
