Knowledge of your source of income is an important criterion by most lenders. A stable income source gives your lender the confidence that you can easily pay off the loan on time and there won’t be chances of delay. This information is basically important for personal loan and insurance policies such as home insurance, car insurance etc. Therefore, when you calculate your possibility of availing a loan the calculator asks for your income to give you an estimate. Personal Loan Fees and Charges of Banks & NBFCs are different according to their term & conditions.
Job title gives lenders an idea of salary assumed based on which the loan is calculated for salaried individuals. Therefore, most loan application forms will request for job designation or titles.
Income is an important criterion by the lender to help you avail maximum loan amount to meet your financial needs. This is also important to safeguard financial institutions from incidences of fraud, lost assets and NPA attacks. Loans are considered as assets by the lenders. Rising cases of loan repayment failures leads to loan debts counted as a negative asset.
Apart from income the borrower’s credit history is also taken into consideration by most financial institutions and NBFCs. This is an indication of their creditworthiness and it indicates the lender that the borrower can pay off the loan regularly and on time.
You can consider applying for the loan at NBFCs as they offer instant loan approval with minimum documentation. The lender’s representative will collect paperwork from your place of convenience thus helping you avail the loan to meet your needs.
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