according to
Website, personal loan eligibility depends on two main factors, the repayment capacity and CIBIL Score, Let’s take a look at them:
repayment capacity
Your ability to repay the loan in the desired tenure will be assessed by your bank. It will take into account things like your credit rating, unpaid debt, current income, and future prospects for employment in your desired tenure. If you are financially stable and have a good credit score, you will be eligible for a larger loan amount.
CIBIL Score
The CIBIL score measures one’s creditworthiness, or their ability to pay back the loan. A CIBIL credit score of 750 or above is considered good.
Will calculation of interest on daily/monthly reducing balance be beneficial?
according to
Website FAQs on Personal Loan, below are the points why it would be beneficial:
On the annual reducing balance method, you will continue to pay interest on the amount you repay during the coming year because the interest for the year is determined based on the amount outstanding at the beginning of the year.
In case of daily/monthly reducing balance, which is the method we follow, your interest is calculated only on the outstanding loan amount, which is less every time you pay your EMI or make any prepayment She goes. This in essence reduces your effective interest rate significantly.
Personal loan eligibility
in SBI
- Individuals who have salary account in SBI.
- Monthly income of Rs. 15000/- is required.
- EMI/NMI ratio less than 50%.
- co-workers
- central/state/quasi government,
- Central PSU and profit making state PSU,
- educational institutions of national repute,
- Selected Corporate with or without association with the Bank.
in HDFC Bank
The following people are eligible to apply for a personal loan:
- Employees of Private Limited Companies, Employees of Public Sector Undertakings including Central, State and Local Bodies
- Person between 21 to 60 years
- Individuals who have at least 2 years job with current employer with minimum 1 year
- Those earning a minimum net income of Rs 25,000 per month.
In
- Eligibility Criteria for Salaried Persons:
- Age: 23 years to 58 years
- Monthly Income: Rs 30,000 and above (The minimum salary requirement will vary depending on the profile of the customer.)
- Work Experience: 2 Years
- Year in current residence: 1 year.