Whether you want money during an emergency, for home renovation or even a dream vacation, a personal loan is the answer to all your financial needs. Every lender has different eligibility criteria to offer you credit. This is why you should check the personal loan eligibility before borrowing the money.
Want cash with a simple personal loan criteria? Zype offers personal loans up to ₹5 lakhs to salaried individuals who have a valid PAN and a minimum monthly salary of ₹15000. Complete your application in less than 8 minutes and get approved for a loan within 60 seconds.
Repaying a personal loan on Zype is as convenient as borrowing it. You can take an instant loan now and pay later in 6, 9 or 12 EMIs.
While different lenders have a different eligibility criteria to offer you personal loans, there are some common factors that can affect your personal loan eligibility.
Your age is one of the factors that can affect the eligibility for a loan. Most lenders offer loans to people whose age is between 18 to 65 years. When doing your personal loan eligibility check with a lender, make sure you go through their criteria.
Whether you’re salaried or self-employed, lenders offer loans to those individuals who have a stable source of income.
An important factor that determines your offered loan amount is your monthly income. The higher your monthly income, the higher loan amounts you will be approved for.
Your credit score and repayment history are one of the first things that your lender will check before giving you a loan. A good credit score and clean repayment history indicates you’re a low-risk borrower who can be trusted with credit.
While the eligibility criteria of a personal loan can differ from lender to lender, there are some common requirements most lenders have:
*Note – All the above numbers are for representation only. The final EMI amount may vary depending on the profile assessment.
| Factor | Requirement |
|---|---|
| Age | The individuals who are eligible for a personal loan should be between 18 to 65 years. |
| Documents | While the documents required for the personal loan can differ, most lenders require a valid PAN or Aadhaar card. |
| Employment & monthly income | You should have a stable source of income. But before you apply for a personal loan, you need to check whether the lender offers personal loans to salaried individuals or self-employed. |
| Credit History and score | Your repayment history is the first thing a lender will check before giving you a personal loan. A good credit score and clean repayment history can increase your personal loan eligibility. |
When you improve your personal loan eligibility, you get approved for high loan amounts at lower interest rates. And that’s not all! You also get better loan experience with faster approvals and quicker disbursals.
This is what you can do to improve your eligibility for personal loan:
When you improve your credit score to at least 750, you automatically increase your loan eligibility. A good credit score and history shows good repayment behaviour which can get you high value loans instantly.
When you apply for a personal loan or credit card, a hard inquiry is made to the bureau which is reflected in your credit report. Too many hard inquiries indicate you’re a credit hungry borrower which can reduce your eligibility for a loan.
Your monthly income is an important factor that shows your ability to repay the loan. When you have a high and steady source of income, it makes you a low-risk borrower which improves your personal loan eligibility.
When you choose a personal loan with longer repayment tenure, it reduces the EMI amount you have to pay every month. This way, you can increase your loan eligibility and repay your loan conveniently.
You have to meet a personal loan eligibility to complete your application for a loan. And Zype’s personal loan eligibility is simple! This is all you need to get approved for loans up to ₹5 lakhs:
If you meet Zype’s eligibility criteria, you can apply for a personal loan of up to ₹5 lakhs in less than 8 minutes without any document uploads or paperwork. All you need is your PAN and Aadhaar number to complete the application.
Based on your credit profile, you will be approved for a loan within 60 seconds and receive the money in your account in 24 hours.
You should always check eligibility for loans with the lender before starting your application.
When applying for a personal loan from Zype, meeting specific eligibility criteria is crucial for approval. Generally, Zype consider the following factors for personal loan eligibility:
Age: Zype requires borrowers to be at least above 18 years old.
Income: Zype looks for a minimum monthly income of Rs.15000
Credit Score: A good credit score (typically above 700) increases your chances of loan approval and can help secure a better interest rate.
Employment Status: Being a salaried employee with a consistent income is favourable.
Understanding these criteria can help you prepare and increase your chances of securing a personal loan with Zype.
You can check your personal loan eligibility online by visiting the lender’s website. Zype offers personal loans to salaried individuals who have a valid PAN with a minimum monthly salary of ₹15000.
Your repayment tenure can range between 3 months to 60 months, depending on the lender. On Zype, you can repay your loan in 6, 9 or 12 EMIs.
No, you need a minimum monthly salary of at least ₹15000 to get a personal loan from Zype.
Yes, many lenders have a personal loan eligibility calculator which allows you to compare eligibility across various lenders.
Personal loan lenders like Zype assess your income to ensure you can comfortably repay the loan. Higher income levels generally lead to higher loan amounts and better interest rates, enhancing your chances of approval.
Age affects personal loan eligibility as mostly lenders like Zype typically prefer applicants above 18.
No, you cannot get a personal loan without a salary. You need a minimum monthly salary of at least ₹15000 to get a personal loan from Zype.
You can submit your bank statement or salary slip to complete your application. Want to apply for a loan without submitting any proof of income? With Zype, you only need your PAN & Aadhaar number to complete your application.
Yes, you can reach out to the lender to get an NOC after you have completed the repayment of the loan.
Lenders consider many factors like your credit score, repayment history, monthly income, etc. to evaluate your personal loan eligibility.
To determine your qualification for a personal loan you can use online eligibility calculators or check the eligibility required in the lender’s official website.
Zype assesses your monthly income to determine your repayment capacity. A higher income increases your chances of approval and can lead to larger loan amounts and more favourable terms.
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