Before thinking to apply for a Personal Loan, it is essential to know if you can get one. This is only possible with the use of a Personal Loan eligibility calculator. You find this indicative tool on the official website of the banks or other financial institutes. Else, you can check them through a third-party financial website. The following steps provide an insight on how to verify your eligibility for the loan:
Steps for checking eligibility online:
- Visit the lender’s website
- Click on the Personal Loan option
- You get redirected to the section where you need to add the resident city details
- Next, select your residence type – whether you live in a flat or an apartment or own home
- Now, enter your age and date of birth
- Then click ‘continue’
- On the next page, enter or select the ‘employment type’
- Then, add the company details for which you are working. If you own a business, click on ‘own a business’ and continue
- On the next page, enter the workplace joining details and your work experience
- Now, enter your monthly salary, post which you need to add the bank details.
- Enter the number of equated monthly instalments you pay currently; if not any, then skip
- Lastly, enter your name, mobile number, and email ID
- On the redirected page, you get Personal Loan eligibility results
Ways to check them offline
Though most people try the online method since it is simple and time-saving, the offline method to check the eligibility for Personal Loan is simple. You can visit the bank, fill the application form, and submit the relevant documents. Generally, it takes up to 30 days to process your loan. Once approved, the bank informs you.
Besides eligibility, Personal Loan documents are also crucial. Here are the lists of essential ones:
- Application form signed by you
- Two passport size photos
- The processing fee cheque
- ID proofs like voter’s ID, passport, Aadhaar, PAN card, driving license
- Address proofs like ration card, passport, Aadhaar, utility bills, insurance papers
- Income proofs such as salary slips of the last three months or passbook with three to six months transactions
- Latest Form 16/ Income Tax Return of previous three years
- KYC documents such as identity, address, and date of birth proofs
Though both online and offline methods for checking the eligibility are possible, determining them is essential. Make sure to apply for a loan by fulfilling the criteria prescribed by the lenders. Every lender has a requirement. Generally, it’s the income, repayment capacity, and employment history that they are concerned about.
