Get Rs. 2 Lakh Personal Loan

A moneyview personal loan is as flexible as your needs. You can use it for a variety of purposes such as paying school or college fees, buying an expensive gadget, or for wedding expenses. You can also use it to pay down-payment for another loan, clear credit card dues, pay for a vacation, meet relocation expenses, or for home renovation expenses.

There are multiple factors that affect your personal loan interest rates. Some of the most important ones include -

• Credit Score

Your credit score is a numerical representation of your creditworthiness. If your credit score is lower than 700, your chances of getting a low interest rate will be less. However, there are a number of steps that can be taken to increase your credit score.

• Repayment History

Having a good repayment history will help you get personal loans at low interest rates as this shows the lender that you are capable of repaying your debts on time and thereby reduces the risk for the lender

• Employment Type

Having a steady secured job will reduce the risk of defaulting on loans as salary is credited regularly and therefore those with secure jobs can generally avail personal loans at lower rates of interest

• Income

Having a good income every month is essential but if you have taken multiple loans that need to be paid from that income, then the risk of defaulting is high, increasing the interest rate imposed

• Monthly in-hand income of Rs.15,000 or more
• Income must be credited directly to the applicant’s bank account
• Minimum CIBIL or Experian score of 650
• Must be between 21 years to 57 years old

Unfortunately, it is not possible to get a 2 Lakh loan without income proof. You have to submit your bank statements or your salary slips as your income proof.