Money is one of the most essential things required to shape our lives. Money has the potential to turn our dreams into reality. But the difficulty which we need to face at many occasions is the lack of sufficient money. Blog: https://financebuddha.com/blog/being-personal-loan-eligible-all-the-time

1. BEING PERSONAL LOAN
ELIGIBLE ALL THE
TIME

2. Money is one of the most essential things required to shape
our lives. Money has the potential to turn our dreams into
reality. But the difficulty which we need to face at many
occasions is the lack of sufficient money.

3. Personal loans are the one for which has always been
popular among the borrowers. The unsecured nature
makes the customers relaxed about any equity,
collateral or guarantor against their loan.

4. Benefits of Availing a Personal Loan
Has no Limitations on its Use
 Money borrowed through a personal loan can be used for
any personal use of the borrower.
 It has no limitations like other loans available in market.

5. No Need for Equity Sharing
 Even if you purchase something expensive through it,
there is no need to share the equity.
No need of collateral
 Personal is unsecured in nature and hence there is no need
to give any collateral or guarantor against the loan.

6. Fast Approval
 As a personal loan is unsecured in nature the documents
needed are comparatively less than any other kind of loan,
this makes the documentation process faster.
Availability of Online Personal Loans
 With the advancement in technology personal loans are
now available online. One can avail a personal loan with
just a few clicks.

7. Eligibility to Avail a Personal Loan
Although the eligibility criteria for a personal loan varies from
bank to bank there are some general criteria which include
applicant’s age, occupation, income and the repayment
capacity of the borrower.

8. Income
 To avail a personal loan, one must have a regular income
source.
 The minimum amount of monthly income varies from bank
to bank, the amount of incomes also varies when you are a
salaried individual, self-employed business person or a
professional.

9. Age
 Lenders are always more interest to lend to a younger
person as compared to that of a more aged person.
 This is because the lenders think younger means more
repayment capacity.
 Generally the eligibility in terms of age for a personal loan is
21 years to 60 years of age.

10. Credit Score
 A credit score of 750 and above indicates that the applicant
is highly creditworthy.
 It is difficult to qualify for a personal loan with a low credit
score as lenders find it riskier to make a business with the
applicants with low credit score.

11. It is always good to be a personal loan eligible all the time.
There are certain things which one should always remember
while availing a personal loan which are comparing the
interest rate and processing charge.