How to obtain a PL of more than 10 Lakh

Personal loans are the most convenient since the eligibility terms are lenient, the documents required are minimal and there is no restriction to how the funds from a personal loan must be used. Now a days you can apply for instant personal loans online. However, when you are looking for a loan amount of more than 10 lakhs, some credit lending agencies would also require you to have a guarantor who could guarantee the repayment in case you default.

Below are the steps that are the first, to-be-followed step when you are planning to get a personal loan.

1. Assess your requirement :- Think thoroughly for what purpose you need a personal loan and what must be the average money required for that purpose.
   
   

2. Check loan eligibility :- Once the estimation of the required amount is done, the next step is to check whether you clear the eligibility criteria of top credit lending agencies. You can visit the Eligibility Calculator of different credit lending agencies online, to find out according to your details, how much you can borrow as Personal Loan.
   
   

3.  Calculate monthly instalments :- Use an online EMI calculator tool to calculate how much fixed monthly instalment you would be repaying after availing loan. You can change the interest rate and period according to your income.
   
   

4.  Approach the Credit-lending agency online or offline :-You can apply for personal loans for a lot of credit lending agencies online. For SBI personal loan apply online. Similarly, there are a lot of other lenders that help you apply online and ease the procedure.
   
   

5. Submit documents :- Next, look for the documents required and upload the theme on the portal if you have applied online. In case you have applied offline, you'd be told to bring them in the next visit. Usually, you will be asked to present income proof, address proof and Identity proof.
   
   

6. Guarantor requirement :- If according to your income you won't be eligible for a loan of more than Rs. 10,00,000, then having a guarantor to sign for you can make the bank give you loan approval.
   
   

 Your funds would be remitted to you within a few hours or 2 - 3 days in rare cases.

 Personal loan eligibility

These steps broadly cover the different criteria of different agencies. Personal Loan Eligibility Criteria:

• Age of the candidate must be between 21 years to 65 years
  
  
• Can be a salaried professional
  
  
• Can be a self-employed individual
  
  
• Can be a private limited company's employee
  
  
• Can be a public limited company's employee
  
  
• Can be a member of any central government council
  
  
• Can be a member of the state government council
  
  
• Can be a member of a local government body
  
  
• Minimum monthly income of the candidate must be Rs. 15,000 (at least).

Note: these criteria just broadly covers the eligibility criteria that most credit lending agencies have. The actual points can differ and it is advised that you go to the specific company website to know their eligibility criteria.

There are a few things that you should keep in mind if you are applying for a huge loan amount.

• Perfect Credit Report :- Make sure your credit score is healthy and you don't have any nonpayment of  EMIs or  bad credit behaviour reflecting on your credit report.
  
  
•  Huge debt-to-income ratio :- It refers to the amount that you earn every month as salary and the amount that you spend towards your monthly liabilities. Lenders use this to evaluate whether you would have the repaying capacity in future for the additional loan you are going to take.
  
  
•  Employment status :- If in the recent past, you have been changing jobs every now and then, it might appear as a risk for the lending agency as from their perception if you default, it would be difficult for them to catch hold of you to extract their money.
  
  
•  Bad credit score of Co-borrower :- If you have joint account and your partner is the co-borrower , their reduced credit score can affect your ability to get a loan. Therefore, don't get a loan in an account which is joint and your partner is having a bad credit history.
  
  

Getting a loan amount as high as 10,00,000 or even more is not difficult provided you follow the above mentioned steps and have been a good borrower in the past.

Also Read:- HERE'S AN 8 POINT GUIDE TO REDUCE YOUR DEBT BURDEN