How Important Is The Salary Criteria For Personal Loan? - Loan Trivia


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Thursday 6 September 2018

How Important Is The Salary Criteria For Personal Loan?

A personal loan is a form of easy finance which lets you borrow to fulfill all your personal financial obligations. Lenders do not scrutinize the usage of the loan and therefore it can be used for several reasons such as to manage wedding expenses, fund travel, higher studies, carry out high-end luxury purchases and much more. Individuals who hold a good credit score but own a low salary can easily opt for Low Salary Personal Loan and enjoy its immense benefits.

There are two important eligibility criteria needed to avail the personal loan -

1) That you have a good credit score of 750+ or more. This will be a measure of your creditworthiness and thus lenders insist on it. As they want to make sure the borrower will be able to easily pay off the loan.

2) Secondly, having a stable source of income is important too. This ensures the lender that the borrower can pay off the loan on time and will not default. Stable income also helps the borrower avail maximum loan amount as per their individual profile and the lending criteria.

In case, where you have a bad/ low CIBIL score you can always improve your CIBIL by taking necessary steps. By clearing off past dues and most importantly loan and credit card outstanding to positively impact your credit score in the long run.

Read Also: How can you get a Personal Loan if you earn a Low Salary?

As far as income is concerned, you may opt for a better paying job or add a co-applicant in the loan to improve your chances of availing a preferred loan amount. Besides, the eligibility criteria for the loan is quite easy-to-meet and requires just basic minimum paperwork.

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