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Technology has been growing up into this global education system over the years. Better ways of passing knowledge and knowledge to students are realized due to this. Technological benefits in teaching and assessment have made it possible for learning institutions to become simpler and efficient.

But when technology helps us grow, we also want to grow it and increase our knowledge. With the help of technology, we know better about the institutes outside of our country; today's generation wants to study abroad. But the problem occurs when they need huge money. Parents feel helpless when they have to arrange it; that time, the personal loan comes as a savior.

A personal loan is an unsecured personal loan that you may employ for any purpose like making your own house, educating children, and medical emergency. You are liberal in applying for the personal loan for a child's education as a student loan. Now the question arises why do we use a personal loan. So, let us check out the advantages of the personal loan. Personal loan advantages.

No limitation on end-use :- 

The primary and, therefore, the most vital advantage of the personal loan is that anyone can avail it and used it for any purpose. There are not any limitations on the full use of the personal loan. You have got any urgent funds requirement; a Indian Bank personal loan is often one of the simplest ways to get cash. So, the student can avail it easily. 

Quick disbursal :-

If you meet the eligibility criteria and have a good amount of CIBIL score, you will get a personal loan in 5 minutes' time. In fact, a huge number of the banks provide the Personal Loan Apply Online system, by that approval of personal loans getting easier. The consumer also feels satisfied. 

No mortgage required :-

You don't need to arrange for any mortgage. It's an unsecured loan. Therefore, it's easy to get it. 

Flexibility to adjust on the tenure :-

The tenure of the loan goes up to 7 years; therefore, you've got the availability to settle on a tenure that suits you best. Longer tenure means lower EMI, and if you pay higher EMI, you will submit your loan in a shorter period of time. Therefore, you'll decide tenure after calculating the EMI. Use the personal loan EMI calculator to calculate the exact EMI. 

Fixed-rate of interest :-

Personal loan is usually available at a fixed rate of interest. Therefore, the equated monthly installment will remain fixed for the whole loan tenure. Consequently, you don't need to worry about the rate of interest rate changes. 

Tax benefit :-

If you borrow the personal loan for the child's education, you'll avail of the tax write-off of up to Rs 2 lakh under Section 24B for the interesting part during a fiscal year. But remember that you simply will need to provide enough documents to prove that the cash has been utilized for that purpose only. After knowing the benefits, let us talk about the eligibility criteria. 

Personal Loan Eligibility Criteria :-

Indian Bank Personal Loan gives personal loan to individuals, self-employed professionals, and non-professionals. Different banks have different criteria for giving a personal loan. 

Following is the foremost well-known Indian bank's eligibility criteria for the people are :-

• The borrower's minimum age of 21 years, and the maximum is 60 years.
• Minimum monthly income Rs 15,000 (for only salaried person, for a self-employed person may have a better minimum income requirement at least of 4 lakh per year).
• Total years of employment is a minimum of 2 years.
• Year of current resident should be 1 year.
• A good amount of CIBIL score like 700 or more than that.
• Child's valid documents of education background.
• After knowing the loan Eligibility Criteria, apply for the personal loan at your nearest bank branch and help your child to grow.

Also read this: WHAT THINGS TO CONSIDER BEFORE BECOMING A GUARANTOR IN PERSONAL LOAN 

Personal loan has emerged to be one of the most important loan forms. Most of the people in the times of financial crisis tend to go to banks and non-banking financing companies(NBFCs) to take personal loans. Dena Bank personal loan can be applied through an online website or the nearest bank branch. The minimum age requirement for availing personal loan at dena bank is 24 years. The bank also offers reasonable interest rates and processing fees on personal loans. One can apply conveniently for personal loan at dena bank and avail various schemes and offers. The bank is recommended for taking a personal loan. For more information regarding the personal loan one can visit the online website or apps of the bank and Non-Banking Financing Company(NBFCs). 

Personal loans can be availed from private as well as public banks. One needs to submit proper documentation to avail personal loans. There are many schemes offered by various banks and financing companies on personal loan which one can avail. There are various schemes offered by the central government on personal loan that an applicant can avail.

Various Schemes Offered By Banks And Financing Companies Are Listed Below:-  

• One can get a lot of discounts when one applies for personal loan during festive seasons. There are various schemes offered by the bank and non-banking financing companies(NBFCS) during the festive seasons. The festive season schemes can Benefit the borrower in many ways. The financing companies offer discounted rates during the festive season. One can opt for the schemes while availing personal loans. Also many lenders offer lower interest rates on the loan during the festive season. One can easily avail personal loans at a lower interest rate during the festive season. Some lenders may also waive off the processing fees during festive times. One can avail personal loan and can save a lot of money. The special offerings can be enjoyed by the borrowers during festive times. 

• There are various schemes offered during covid on personal loans. Many people were severely affected due to coronavirus nationwide lockdown. Many people lost their jobs. Even so many companies were shut due to this pandemic. The Repayment tenure on the personal loan has been increased including the moratorium period. Many banks are offering pensioners of the bank personal loan to need their needs during difficult times like the covid-19 pandemic. Many government and public banks and also non-banking financing companies(NBFCS) are offering various schemes like lower interest rate, increased tenure on the personal loan. Both salaried and non- salaried people can avail the personal loan. One can easily go to the bank to avail these offers and enjoy additional schemes during the covid-19 pandemic.

• Various government schemes are provided by the bank which one can avail during the pandemic. Center has come with various schemes on Personal loan which can support small works, businessmen or people who lost their job due to the pandemic. One can easily take help of these schemes in meeting daily requirements during this pandemic. The government schemes were provided for people who were facing difficulties in the time of the pandemic. One can easily avail various discounts on personal loans just by applying at any public bank. 

As we all know that as a country we are going through a pandemic which has affected the livelihoods of so many people around the country. Many banks and non-banking financing companies(NBFCS) have come up with amazing schemes which can be availed during a pandemic. The center has also come up with various schemes for people who lost their jobs, migrant workers and many other people affected due to the pandemic. One can avail the schemes offered to the government from any public banks all over the country. For more information regarding various schemes on personal loans one can refer to this article.

Also read this: Personal Loan Insurance 

Home loans being a long term debt provides loan takers with an option on the type of interest rate that can be charged on the value of the loan. 

The two types of Home Loan Interest Rate are -

• Fixed Interest Rate : 
  A fixed interest rate remains unchanged over the loan term, resulting in a consistent home loan EMI. When the present home loan rate of interest is shallow and an upward trajectory is expected in the future, it is best to apply for a home loan at a fixed rate of interest. However, with the recent trend of lower mortgage rates, banks offer consumers the option of switching to variable/floating home loan interest rates after a certain amount of time has passed.
  
  
• Floating Interest Rate : 
  A floating interest rate, also known as a free rate of interest, is based on actual market lending rates, which fluctuate over the term of the loan. The EMIs on a home loan may rise or fall in response to interest rate changes. With the recent pattern of lower mortgage loan rates, potential home loan applicants will benefit from applying for home loans with a floating rate of interest.

All banks and NBFCs offer home loan deals which might seem more impressive than the last one. It is essential to understand some details about the method of calculation of home loan rate of interest.

• Flat Rate Method : 
  In this method, interest is measured on the principal sum lent by the lender at the outset. This means that even after ten years of debt forgiveness, interest will be calculated on the same principal balance, causing you to pay more interest. This way of calculating interest is often used in microfinance.
  
  
• Reducing Balance Method : 
  When you pay an EMI, you pay a portion of the total as principal and the remainder as interest on your loan. Over time, the remaining principal balance is reduced. Lenders measure interest based on the lowered unpaid balance. You incur less interest in this form when the principal outstanding falls as you pay the loan EMI.

The procedure for reducing the balance can be yearly, weekly, or constant. For mortgage loans, banks use the regular reducing balance formula to quantify interest. Some mortgage financing providers, on the other hand, calculate interest on a home loan using the monthly form. In general, home loans are long-term loans, so it's crucial to find out the total interest obligation upfront. 

Either of the two methods mentioned below can be used to measure the same -

EMI Tracker : 

You should use a home loan EMI calculator to figure out how much interest you'll pay on your loan. 

You'll need to fill in the fields on the calculator with the following information :-

• Loan Repayment Amount of Home Loan 
• Interest Rate 
• Tenure of the loan 

After you've entered your details, press the 'Calculate' button to see a full breakdown of your debt, including the sum owed in interest.

EMI Calculation Formula : 

EMI = [P x r x (1+r)^n]/[(1+r)^n-1]

P is the principal, r is the interest rate, and n is the number of instalments or the loan term in months.financial organisations including banks in India provide residence loans to befitting applicants and earn in the form of interest that accrues on the loan.

One of the leading home loan's providers in the public sector is Syndicate bank. Syndicate bank has a vast and loyal clientele. Some customers have been using the bank's services for more than years. The reason for this customer preference is the excellent customer relations and consumer-friendly deals on debt and other banking services provided to them. Syndicate bank home loan is quite proffered by customers due to the ease of serviceability and no-hassle EMI payment options of the bank.

Also read this: Repayment options in Home Loan 

There are different kinds of loan repayment options available, making it more preferable by the customers as it will help reduce the burden of the daily monthly expenses.

Home purchase loans

The first and the foremost thing which comes is the home purchase loan. People purchase this type of loan because the availability of the loan to value ratio is too good in the market regarding this type of loan. These types of loans are generally avoided for flats in the complex, bungalows and row houses. One of the best things about this type of loan is that the financial institutions provide a loan of about 90% of the total value of the property at the house, and in some cases, it is also a hundred percent with low home loan processing fees.

To avail of this type of loan, there are some eligibility criteria for the people with an average range of age limit of 18 to 65 years, and the credit score should be above 750 or more. If the person is salaried, then the job experience needs to be a minimum of two years. On the other side of the person is self-employed, the minimum experience should be having for an average period of 5 years.

Home construction loans

This type of loan can be availed only by the owner of a plot of land on which a person wishes to build a new house or construct a new home. There is also an option available for taking a loan for or finishing an unfinished house.

According to this type of loan, the eligibility criteria among most financial institutions have been kept quite similar. The credit score requirement has been held at 700 or above, which means that a person having the trade scored more than 700 will have a favorable chance of getting the approval of a home loan.  For example, SBI Home Loans also offer good facilities for the customers as much as possible. As for the salaried people, there must be an experience of a minimum of one year while on the other side there is no such requirement in the case of a self-employed person.

Home improvement loans

This type of loan is generally availed for expansion or beautification or doing any sorts of changes. A considerable lump sum amount is required and can be funded through this type of loan only. There are specific criteria and this type of loan facility. The age criteria should be between an average limit of 18 to 65 years while on the other side it is thoroughly available for both the salaried all the self-employed people.

Some documents need to be submitted either in the attached form with the physical application form or uploaded online in JPG or PDF format. The documents required are the age proof, address proof, income proof, the property deeds, if there is any.

Land purchase loans

This type of loans mainly provides land or a plot to construct a house in that particular land. The eligibility criteria for this type of availing of the loan are very simple as most of the age group comes between the eligibility criteria limit from 18 years to 65 years.

Land purchase loan or NRI house loan

There must be a house construction or any structure for any business for any kind of commercial uses. While on the other side there is always also a requirement of an NRI housing loan, which includes the construction of a house on a particular land located within India and the tenure period for which can be extended to the limit of 30 years. To conclude, we can say that there is an ample number of opportunities and a variety of criteria range where somewhere or somehow one will automatically get fit in any of the requirements and the things have been made.

Also read this: Is it best choose for me when avail Home Loan  

Most people prefer taking personal loans in emergencies as they can be used for various purposes and helpful people in more than one way. There are several schemes offered on personal loan which the people can avail. The private and public banks grant personal loans to their customers. Personal loan calculator is an online tool that can help the borrower in calculating the loan amount. The internet rate on the personal loan depends upon the credit score of the applicant. A credit score of 750 or more and many more documents as required by the lender. One can choose from a wide range of options to get the best possible deal on the personal loan from various financing companies. One can also avail a wide range of schemes offered by the financing companies on the personal loan. 

Below are the important points mentioned to consider while taking a personal loan:- 

• Rates Of Interest:- may vary greatly on the bank and non-banking financing company (NBFCS). One should compare different financing companies online before applying for a personal loan. Make sure to always compare other options and get the lowest possible interest rate deal. 

• Assess All Costs:- One should check the processing fees, prepayment fee and late payment fee. One should make sure to check all the fees involved carefully while applying for a personal loan from the financing companies. This can help you get the best possible option and save a lot of money. It is always recommended to check all the costs involved while taking a personal loan.

• Compare And Choose The Tenure:- one should never forget to select a proper tenure as per convenience. It is recommended to select the loan tenure according to the financial condition. While applying for a personal loan, make sure to compare different options and check with all the financing companies. The lower the interest rate charged, the shorter the tenure.. Moreover, one should select a tenure plan according to financial conditions to avoid future debts. 

• Check For The Foreclosure Charges:- Sometimes, many applicants wish to pay the loan before time. Prepayment of loan can be chargeable. One should always look for the prepayment charges at various financing companies before applying for a personal loan. Checking the prepayment charges can be beneficial to avoid future loss. 

• Check The Agreement Paper:- one should always make sure to read the agreement paper of the loan carefully before signing it. Reading the agreement paper may help you in avoiding any kind of future loss. Reading all the pointers mentioned in the agreement paper is very important, and it may save you from losses. 

• Monitor Your Credit Score:- Monitoring your credit score is very much important. One should keep maintaining a good credit score to get extra benefits such as low-interest rates. Many lenders look at the borrower's profile carefully before lending them the loan. While availing of personal loans, maintaining a good credit score above 750 is necessary. 

Fullerton India personal loan can be applied online as well as offline with the minimal documentation process. The bank also offers a very flexible loan tenure. The applicant can choose the loan tenure as per convenience. A personal loan is ideal for emergencies. It has helped many people in rural as well as urban India. A personal loan has become a boon to people all over the country. One can avail of personal loans in times of emergencies from any financing companies. For avoiding any kind of loss, one should never forget to check and compare different lenders options. In the above article, important points are mentioned about personal loans. One can refer to the above article to know more about a personal loan. 

Also read this: What are personal loan Origination fees 

A personal loan is a type of loan a person applies for a loan from a bank based on the income for the employment he is doing. This type of loan the rate of interest literally while on the other side the personal loan is from that of the complexities of other kinds of loans. The complexity can include different types of paper-related works or other visiting or interview related activities, which are time-consuming and are not too much a part of the personal loan application anymore.

• Credit has a very vital role in availing any loan. A credit score is a three-digit number associated with credit rating agencies. Personal Loan Calculator will give a better estimation. It explains the repayment style and structure of the loan which the customer has availed in the past period. It is most evident that the loan application will be in favour of the customer, and there will be the approval of the loan sanctioned amount applied for the same. On the other side is done a record of the fried food is not good, then it will be advisable that the person should follow some concept of having small types of loans and keeping it on the detailed scheduled as per the bank so that can you rebuilt the score to a good one and then can again apply for the same loan.

• First of all, how the credit score is calculated will help bring out the matters and the facts and influence the personal loan procedure. A credit score is a score that the credit rating agencies generally issue to understand and bring out the information that will reflect the current status of an individual and the credit history of a person regarding the types mentioned above of loans even in the day. A credit score is composed of different kinds of things. It comprises 35% of the payment history of the past loans, 30% of the credit utilization,15% credit history length, 10% of the credit mix and 10% of the new credit.

• A credit score helps us to know the current credit status from where all the things can be judged. The plans can be executed accordingly. Checking the credit history is very important, which reflects the past and the present performance of the credit transactions based on the future transactions of the loan procedures will be provided for the loans will be approved.

• The importance of the page school is so much because loan providers also paper the persons with a good credit score which will allow the loan providers to provide the loan at a very affordable rate of interest as well as will be giving extra benefits when the chances of clearing the eligibility are 100%.

• With the involvement of a good credit score, there is also the availability of chances of getting a good credit card full of rewards and points and extra benefits. There is the possibility of getting the credit card at the very lowest rate of interest with different kinds of cashback, travel points and other services. 

• An excellent credit score will always help increase the credit limit of a credit card. What's the credit card providing company will access the current income and the present current status. PNB Personal Loan also follows this to help the customers. Owing to the increased creditworthiness will be seen by the credit card providers.

Conclusion:

To conclude, we can say that they are few opportunities which if performed in a healthy manner in case of the credit score which is totally in the hand of the applicant then many complexities which usually comes during the procedure of repayment of the loan will be salt before time in writing as well as before the approval of the loan as credit score also allows the customers to have of pre-approval of loans like that of services provided by the top leading banks of India that is ICICI, HDFC and other types of banks.

Also read this: Business Loan Vs Personal Loan 

The choice of applying for a Home Loan can be pretty good for your needs, requirements, and overall financial situations. Real estate prices are always expected to increase as the years pass by. The House that you would own will have an increased value in the future but would be paying the amount which is decided for the House at present. Hence, Your House can be a really good asset that you can for your finances.  

Home Loans in India have a rate of interest starting from 6.65% per annum. The Loan tenure for Home Loans generally ranges anywhere between 1 and 20 years in India. In some cases, you can get the loan for up to 30 years from the date of application. The processing fees chargeable for your application would depend upon the Bank or the Financial institution you apply to for the Home Loans. Contact several Banks and negotiate to get the best deal possible. The application process involved for Home Loans is pretty simple and does not require a lot of effort from the applicant.

Home Loan Eligibility Criteria:

The Home Loan Eligibility criteria that are required to be fulfilled by the applicant for the application process include:

• The minimum age of the applicant should e 18 years and the maximum age can be 75 years.
  
  
• The applicant should be a resident of India, a Non-Resident Indian (NRI), or a person of Indian origin.
  
  
• The applicant should be either employed as a salaried individual or should be self-employed.
  
  
• The applicant should have a net monthly income of at least INR 5-6 Lakhs per annum depending upon the type of employment.
  
  
• The applicant must have A Permanent Residence in India or A rented Residence where he/she resided for at least 1 year before the date of application of the Home Loan.
  
  
• The Credit score of the applicant should be at least 750.

Documents Required for Home Loans Application:

• Proof of Identity of the applicant.
  
  
• Proof of Identity of the applicant.
  
  
• Proof of Employment of the applicant.
  
  
• Filled application form.
  
  
• Few Passport sized photographs of the applicant.
  
  
• Bank account statements of the past 6 months of the applicant.
  
  
• Salary slips of the past 3 months for salaried individuals and income tax return for self-employed applicants.
  
  
• Business details for self-employed applicants.

Some additional documents can be required for the application process as per the policies of the Bank or the Financial institution you apply to.

You can compare the multiple loan schemes that are offered by Banks and Financial institutions in India and then select the one that is suitable for your needs and financial conditions. Analysis of several loan offers can help you in making the right choice for your finance and future. You can use a Home Loan EMI Calculator to determine the monthly EMI amount to be paid to the bank during the tenure of your loan. These calculators require details like the tenure of the loan, the loan amount being offered, the rate of interest applicable, and the processing fees being charged. This can help you in estimating your monthly expenses and budget for the future. 

These loans can be a pretty good choice for people who wish to own a house. Female applicants and the presence of a co-applicant can help you attaining certain benefits that are offered by the lending organizations. You can know about these policies via online mode or by contacting the nearest branch to your current location. Even customer Care executives of Banks can provide you the insights that you require for the application process. 

Mentioned below are some popular Home Loan schemes offered by Banks and Financial institutions in India:

• State Bank of India Home Loan
  
  
• Bank of Baroda Home Loan
  
  
• Canara Bank Home Loan
  
  
• Yes Bank Home Loan
  
  
• Bank of India Home Loan
  
  
• Axis Bank Home Loan

Also read this: Is Home Loan good for us? 

When compared to other types of loans, the amount borrowed for a home loan is typically higher. Even so, many people dream of owning their own home, which is why home loans are so popular in the debt market. There is no shortage of home loan companies today. Here are some methods through which you can pay your debt.

Option for a Step-Up Repayment

As the loan term proceeds, a Step-Up Repayment option implies an eventual increase in the EMI amount. This indicates that you will have to pay a lower EMI in the early years of repaying your house loan, and the amount will climb as the loan term proceeds. Borrowers who have just started their careers should consider the Step-Up Repayment option. This is because they may not have enough money to pay large EMIs at the start of their careers.

Option for a Step-Down Repayment

Step-Down Repayments are the totally opposite of Step-Up Repayments. As the loan term pass, the borrower will see a drop in the EMI amount. This means that you will have to pay a greater EMI during the first few years of your house loan repayment, with the amount gradually decreasing as the loan term progresses. Borrowers nearing retirement might use the Step-Down Loan Repayment option.

Single Installment Repayment

A lump-sum payment When a borrower wants to repay the entire loan amount right away, even before the loan term ended repayment is the best alternative. In the event of a home loan for a project that is still under construction, the complete loan amount is not disbursed all at once, but rather in instalments as the project advances. The borrower is only responsible for the EMIs after the final installment has been paid. If the borrower desires to repay the principal amount immediately, he or she might begin paying the EMIs on the total amount disbursed. Rate Of interest for Home Loans at Oriental Bank of Commerce is as low as 6.80 - 7.85 p.a .

Prepayment

If you have any extra cash, you can use it to pay off your house loan EMI. Prepayment helps you to pay off your debt as soon as possible. Prepaying a portion of the entire outstanding loan debt is possible. Prepaying a loan lowers your EMI on your home loan significantly. Prepayment penalties are imposed by some home loan lenders. When considering prepaying your house loan, make sure to factor in these penalty fees.Before applying for a house loan, you must first choose a loan repayment choice.

Repayment by Balloon

Balloon Payback resembles lump-sum repayment in certain ways. The borrower can pay a considerable sum for the final instalment which is almost one-third of the whole loan amount.Because the ultimate balloon amounts are nearly double the value of the initial instalments, this choice is excellent for shorter terms. A portion of the principal is amortised over time in this case. 

Refinancing

Refinancing is the process of repaying an outstanding home loan debt with a new loan. Lower interest rates and more flexible repayment choices are available through refinancing. This ensures that the borrower's ability to repay the loan is unaffected.

An existing house loan can be refinanced with a new loan with lower EMIs and more competitive interest rates. When refinancing a loan, a borrower can also ask for a shorter repayment period. Transferring a home loan balance to a new credit provider might also aid with credit score improvement.

Also read this: What do we choose a Home Loan or a different loan 

A personal loan is used for personal purposes or to fulfill someone's personal desires. For instance, it can be used if you are planning for a vacation, or if you want to plan a big wedding or even, if you are planning to buy a car. It is only up to you why you are taking that loan. Some of the banks do ask you the purpose of availing a personal loan while others don't.

In the whole process of availing for a personal loan, you need to apply for the same and then, provide all the necessary documents to the bank. After the successful verification of your documents, the loan will be finally transferred to your bank account. After getting the loan, you can use the money for whatever purpose you want, and after that, you have to repay the loan to the bank or to the money lender with an interest rate on it.

The money can be paid back in the form of equated monthly installments (EMIs). Different banks offer different interest rates on different loans. So, if you want to apply for a personal loan or any other loan, you should compare and contrast different offers by different banks, the features of a loan, benefits, interest rates, extra charges and at the end, decide the one which you feel is the most comfortable. The amount of money can be calculated with the help a Personal loan emi calculator. It is easy to apply for a HDFC personal loan as the documentation is minimal.

WHY DO YOU NEED TO FIND A TRUSTWORTHY AND A CREDIBLE MONEY LENDER?

Taking a loan is no doubt, one of the major financial decisions. Your sense of responsibility is tested as if you pay all the debts on time or not. As a borrower has to prove that he is responsible and will repay the loan on time, in the same way, the lender has to prove that he is credible as well and will provide all the money.

Some of the essentials that a money lender should possess: -

1. Experience and Credibility: - 
   
   The first and the foremost trait that a money lender should possess is experience and credibility. If you are planning to apply for a loan, you should try to find as much information about the money lender as possible. You can check the testimonies from the previous customers. You need to go through the positive and the negative reviews. As a borrower, you should have as much information as possible about the money lender.
   
   
2. Transparency: -
   
   There should be transparency. The money lender should be transparent and honest and he should inform you about all the necessary details of the loan. You need to assure all of this before applying for a loan, so that you do not have to face unnecessary charges or any hidden fees and costs.
   
   
3. Response time: -  
   
   A money lender has to be communicative. He must be able to handle all the doubts of the borrower. The lender has to respond to you so that in tough times he will be able to help you. If he will not respond to your messages or calls, then the payment of your loan and all the other things will be delayed. The two most important things in a financial relationship are - support and communication. Not only the money lender but also the borrower, should establish an excellent relationship and communication.
   
   
4. Takeaway: -  
   
   Before you jump into applying for a loan, you need to be sure that you are working with a credible and trustworthy lender.
   
   

CONCLUSION: -

If you want to apply for a personal loan, you just need to check the eligibility criteria and then, apply for the same. After the successful verification, the money is disbursed in your bank account. You can use the money for various purposes like for a wedding or for a vacation, etc. 

Also read this: Personal Loan no-cost EMI option 

What is the eligibility criteria for a personal loan. It is essential to check whether or not you are eligible for a personal loan before moving ahead to the applying stage. Your loan eligibility depends on a lot of factors like age, employment status, monthly/annual income or employer reputation. There are several banks (like Syndicate Bank personal loan or ICICI Bank) that provide a 'personal loan eligibility calculator' on their website. So you can use those tools to check whether or not you're eligible to apply for a personal loan at that bank. This tool makes it easier for you to choose your perfect bank while comparing them online. 

Factors that affect the personal loan eligibility. The eligibility criteria for each bank is different. So the variables that impact the eligibility criteria differ from one bank to another.

It's essential to check all those factors before moving ahead with the applying stage-

Age- Age is a primary factor that determines whether or not you are eligible for a personal loan. Many banks give personal loans to individuals who are 18 above, whereas many banks only provide personal loans to applicants that are 21 above. Hence, the age factor usually differs from one bank to another. It's essential to check the bank's age criteria and then compare it with your age to ensure that your application will be processed.

Income- Banks don't want a risky customer. It's crucial to check your income before applying for a personal loan. Your monthly income determines whether or not you are credible enough to repay the loan amount that you have borrowed from the bank. The minimum income required by a lot of banks is INR 10,000.

Employment status- Banks only accept the loan application for those individuals who are employed. You have to be either a salaried or a self-employed individual to be accepted for a personal loan. Your employment status determines whether or not your application will be approved by the bank. Banks don't approve the personal loan application of those individuals who are unemployed.

Work experience- Having decent work experience is very important to get your loan application approved. Banks usually accept the application of those individuals who have a minimum of 2 years of work experience. So any fresher or any individual won't get their personal loan approved until and unless they have a minimum of two years of work experience at a reputable company.

Credit Score- Credit Score is a three-digit number that varies between 300 to 900. It determines your creditworthiness. So the higher your credit score, the more creditworthy you are. It's crucial to maintain a decent credit score to be eligible for a personal loan. Banks don't ask you to pledge any assets to get funds from a personal loan. Instead, they will ask you to show your credit history and credit score to check whether or not you will repay the loan amount on time.

Personal loan eligibility criteria
To sum up the above points, we've listed some essential eligibility criteria requirements in a simpler way.

These requirements are the general necessity to apply for a personal loan:-

Mode- You can apply for a personal loan using both the apply online personal loan  feature and the offline feature.

Age- You have to be a minimum of 21 years old and a maximum 68-year-old to be eligible for a personal loan. Employment status:- You can either be a salaried or a self-employed individual to apply for a personal loan.

Income- You should have a monthly income of at least INR 10000.

Work experience- A minimum of 1-year work experience in your profession is required to be eligible for a personal loan. Credit Score:- The standard credit score accepted by the banks is 750 or more.

Conclusion
There are a lot of banks and NBFCs that provide personal loan facilities to individuals. So it's better to compare all the options available according to their loan eligibility before deciding the best one for you.

Also read this: Trends in personal loan 

WHAT IS A PERSONAL LOAN?

A personal loan is used for personal purposes or to fulfill someone's personal desires. For instance, it can be used if you are planning for a vacation, or if you want to plan a big wedding or even, if you are planning to buy a car. It is only upto you why you are taking that loan. Some of the banks do ask you the purpose of availing a personal loan while others don't.In the whole process of availing for a personal loan, you need to apply for the same and then, provide all the necessary documents to the bank. After the successful verification of your documents, the loan will be finally transferred to your bank account. After getting the loan, you can use the money for whatever purpose you want, and after that, you have to repay the loan to the bank or to the money lender with an interest rate on it. The money can be paid back in the form of equated monthly installments (EMIs). 

Different banks offer different interest rates on different loans. So, if you want to apply for a personal loan or any other loan, you should compare and contrast different offers by different banks, the features of a loan, benefits, interest rates, extra charges and at the end, decide the one which you feel is the most comfortable. The amount of money can be calculated with the help o a personal loan EMI calculator. You just need to put the values of the amount of loan, rate of interest, tenure of repayment and then, you will be able to get the amount of the EMI that you will need to pay every month. Indiabulls personal loan provides an easy procedure to avail for a personal loan.

THINGS YOU NEED TO DO IF YOU WANT TO AVAIL A PERSONAL LOAN: - 

1. Check Your Credit Score:- The credit score reflects your creditworthiness.  It tells how you have managed your credits in the past. An ideal credit score is around 700, and it makes a candidate good for a personal loan. The higher your credit score is, the better it will be for you. The loan amount, interest rates, repayment terms are all decided based on your credit score.
2. Compare Lenders To Get The Best Offer:- You need to research all the important aspects before applying for a loan, and even a little research goes a long way. You can compare the different personal loans in the market or present them online on the banks’ websites and compare the different interest rates. By this, you can choose the loan which has the best interest rate and features. It may take some time, but you will surely make the right choice of loan. 
3. Check Your Eligibility:- As mentioned earlier, good research will help you in the long run. Once you have chosen the loan, you have to check the eligibility criteria. If you are eligible and are fulfilling the criteria, then you can apply for your loan.
4. Look For Seasonal Offers:- The money lenders and the banks notify their customers about the special offers through emails and SMS. You have to keep a watch for these offers if you plan to take a personal loan, and you can get it more affordable. These offers help you as they allow you to get limited period discounts on the interest rates.
5. Qualify Based On Your Professional Credentials:- If you are a person who works for a reputed public or private sector or draws a high salary, you are a stable candidate in the eyes of the creditor. You can thus use your professional credentials as your advantage to negotiate a lower interest rate. If your company’s reputation is good or the importance of the company in which you are working, it can help you get a loan with a lower interest rate. This is because the lender will be assured that you have the financial means to make the monthly EMIs.

Also read this: What To Choose- Personal Loan Or Loan Against Credit Card 

Personal Loan might be a good alternative if you need cash for a home improvement project or other considerable cost and can afford repayment. Most personal loans are unsecured (lenders do not require collateral) and have attractive interest rates and no hidden fees.

A Credit Score typically ranges from 300 to 850, which is devised on the basis of one’s income, repayment capability, past transactions or debt obligations. The five factors include payment history, the amount owed by an individual, length of credit history, credit mix and information on new credit. 

An individual can opt for two types of credit accounts as Installment credit or revolving credit. Instalment credit is a type where a fixed amount of debt is availed and has to repaid monthly over fixed instalments. Revolving credit is a type of credit where primarily credit cards are involved. One can spend an amount up to the credit limit, and particular repayments have to be done on the expenditure of the credit. Revolving credit keeps fluctuating over the period as they don’t have a fixed term. 

What Does Impact Having Multiple Accounts Have on My Credit Score?

One of the most popular elements used to compute credit scores is credit mix or the diversity of your credit accounts. It is also one of the most commonly neglected by customers. Maintaining many sorts of credit accounts, such as a mortgage, personal loan, and credit card, demonstrate to lenders that you can manage many kinds of debt simultaneously. It also allows them to gain a better picture of your finances and capacity to repay loans.

While having a less broad credit portfolio will not always result in a worse credit score, the more forms of credit you have as long as you make on-time payments the better. Credit mix accounts for 10% of one’s Credit Score and may be a deciding factor in achieving a high score.

What Can Affect Your Credit Score? 

Some features can vastly affect one’s credit score either positively or negatively. The following factors include missed repayments, too much utilization of credit, account defaults, too many credit requests. Missed repayments Payment of history towards repayments has the most impact on the Credit Score. Even 30 days late repayment can have a negative effect. 

Too much utilization of Credit Too much utilization can result in a red flag on your credit report. Having a flag on your credit report is a sign of adversity. The average total amount of revolving credit by total credit limits is calculated as Credit utilization. 30% of the Credit score depends on this. Account defaults. The information about foreclosure, bankruptcy, settled accounts, repossession, or charge offs can negatively impact your credit report. This can have an ever lasting effect on one’s credit report. Too many credit requests When availing of a loan, a credit inquiry, also called a hard enquiry, is made on one’s credit report by the lenders. These inquiries details are reflected on one’s credit score and can stay up to two to five years and can also slightly bring your score down. Lenders always review the number of hard enquiry made on your report, and too many requests at the same time will make a bad impression of your eagerness to obtain a loan. Too many enquiries in a short period of time may indicate that you are in financial distress or that you are being rejected for new credit.

Why are personal loans more beneficial? 

An India Bulls Personal Loan may be appropriate for you if you meet the following parameters :-

1.) You have a good credit score, which will assist you in qualifying for a cheap interest rate.

2.) Your budget allows for a new monthly payment.

3.) If you wish to repay several high-interest loans via debt consolidation.

4.) Your debt-to-income (DTI) ratio is less than 36%.

5.) You will not be eligible for a credit card with a 0% APR.

Thus a Personal loan is a very profitable option to obtain in minimal time with less documentation. 

Also read this: Why eligibility is important in obtaining a Personal Loan?