Personal loans are very convenient to avail and prove useful in a variety of situations like a medical or a personal emergency. As with any other loans, personal loans also come with certain criteria for eligibility.
It becomes very easy for you to get the loan approved if you apply for a loan after learning or checking the eligibility criteria.
Personal eligibility criteria do not remain uniform across the lenders, hence it is very important for you to check the eligibility criteria of the chosen lender and also make sure to meet the criteria before applying.
Money View personal loans come with the easiest and transparent and clear eligibility criteria so that it is easy for anyone to check if they are eligible for the loan.
The detailed eligibility criteria for Money View personal loans is
|Income and Credit Score Eligibility Criteria|
|Minimum In-Hand Income||Area of Residence||CIBIL Credit Score Requirement|
|Salaried Individuals||Rs 20000||Any||1-299 or New to Credit|
|Rs 20000||Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)||CIBIL Score of 650 /Experian Score of 750 and above|
|Rs 15000||Metro City other than Mumbai and NCR||675 or above|
|Rs 13500||Any||CIBIL Score of 650 /Experian Score of 750 and above|
|Self Employed Individuals||Rs 25000||Any||CIBIL Score of 650 /Experian Score of 750 and above|
It is quite easy to check your eligibility for availing of a personal loan on Money View. It takes just 2 mins and it could be done over the Money View Loan App or on its website.
It involves filling in basic details of the applicant which includes Email, Mobile Number, Type of Employment, Salary Credit Mode, Pan number, Date of Birth and PIN Code. After confirming all these details, you would get the minimum and maximum amount of the loan that you are eligible for.
You can then continue to apply for the loan after uploading the required documents.
Eligibility criteria for a personal loan are made up of many factors which could differ between lenders. They are set to ensure prompt repayment of the loan by the applicant. Some of the most common factors that make up the eligibility criteria are
A particular income level is one of the first factors that make up the eligibility criteria. For all personal loans, a particular income limit is set beforehand which makes it easier for prospective applicants to decide if they could apply for the said loan.
For Example: Money View personal loans have minimum income criteria of Rs 13,500 while one of the popular banks, SBI has minimum income criteria set at Rs 15,000 for its personal loans when the applicant has a salary account with SBI.
Your age is another important factor that decides your eligibility for a personal loan. This is to ensure that the applicant is in the earning bracket and can comfortably repay the loan. The normal acceptable age group for personal loans starts from the age of 21 and the maximum acceptable age limit can be anywhere between 55-60 years.
The maximum age limit for pensioners is much higher where personal loans are specifically allowed for them.
Credit Score has taken an important role in the world of personal finance. Approval of any loan requires a good credit score. Hence, a credit score is one of the important factors that forms a part of the eligibility criteria
Lenders like Money View clearly specify the Credit Score levels that they accept for availing their loans, which makes it very easy for applicants to see if they can avail of a loan. However, not all lenders specify their Credit Score requirements upfront.
The area of residence of an applicant is also an important factor that forms a part of the eligibility criteria. Area of residence also plays a role in deciding the amount of loan in conjunction with your income and credit score level. Generally, when the applicant resides in metro cities like Mumbai, Chennai or Delhi, the minimum income requirement is increased.
Your employment type, ie., salaried or self-employed also forms one of the factors that determine the eligibility criteria for a personal loan. Generally, most of the lenders prefer salaried individuals only for lending. However, self-employed individuals are also allowed loans from Money View.
The mode through which your income (business or salary) comes to you also forms a part of the eligibility criteria. Most often, only cases where income is credited into the bank account is accepted as eligibility criteria while availing a personal loan. If your income is received as cash or a cheque, it may result in rejection of the loan application.
Though documentation is not directly a part of the eligibility criteria, submitting appropriate, approved and current proof of documentation is another important part of the overall eligibility to get a loan approved.
Many lenders allow you to check your personal loan eligibility on their websites with the help of their online personal loan eligibility calculators. You generally need to fill in the figures for your monthly income, age and for either your monthly expenses or other loans being repaid, in addition to your nature of income (Self-employed or Salaried) and the city of residence to find out your personal loan eligibility.
After checking the eligibility on the websites, you would need to submit the application, where all the data will be verified with the proof provided and your loan application will be finally approved.
However, the amount that is shown when you check your loan eligibility and the amount finally disbursed may differ depending upon your credit score and other factors.
Along with the personal loan eligibility check, you could also get to know the EMI payable when you go in for the said personal loan amount.