Even though availing the facility of an EMI instant loan on the spot is highly easy nowadays in India, it’s still critical to be eligible for one to get the advantage of the equal. Such loans undoubtedly provide a completely convenient manner to access various functions, from surprising emergencies and debt consolidation to home renovations and dream holidays.

In our country, the monetary landscape is quite competitive as several banks out there, in addition to NBFCs (Non-Banking Financial Companies), offer personal loans. But, earlier than diving deep into the application manner, let’s understand your eligibility.   

What is a personal loan? What is the eligibility criteria to avail it?

A personal loan in EMI is a type of loan that helps one gain financial assistance to fulfil personal objectives and goals. In the current digital age, it is super easy to access, and you can get access to it via your smartphone only by sitting in your comfort zone. 

Long gone are the days when people actually had to visit institutions 

in-person and then spend half of their time. Now, it is all about downloading the correct application on your smartphone. Moreover, such loans are collateral-free, meaning you don’t have to pledge anything to avail them. 

  • Age limit

Potential borrowers must be between the age of 21 and 60 years old. This factor varies from lender to lender. 

  • Employment status

Another important Personal Loan Policy or factor is that salaried individuals employed with good and reputable organizations for a minimum period are generally preferred. However, self-employed individuals may require a longer business history and income-proof stability. 

  • Minimum income

Lenders set a minimum monthly income requirement, which can easily range from Rs 15,000/—to Rs 30,000/—, depending on your location and the lender. 

  • Credit Score

This three digit number is basically a numerical representation of your creditworthiness. A score above 700 is generally considered good, and a higher score increases your chances of Online Loan Cash approval. 

  • Debt-to-Income Ratio (DTI Ratio)

This ratio compares your monthly debt obligations to your gross monthly income. Remember that a lower ratio indicates better affordability and improves your overall eligibility for availing of such loans. 

Which is the best app for such loans?

Stashfin! Without questioning twice, you can easily trust this application. It is available on both Play Store (Android) as well as App Store (iPhone) or you could even explore their website. 

The plus point here is that Stashfin is not charging any interest on the loan. This method means that you have to pay them back the same amount you borrowed from them initially. 

If you are planning to avail such a facility after know that you clear the Personal Loan Eligibility, here is a step-by-step guide on how to avail loan from this app:

  1. Download the application from the Play Store/App Store as per your device
  2. Sign up using your mobile number
  3. Add your personal details to check your credit limit
  4. Complete KYC!

With just four easy steps, you’ll be able to easily avail this facility without any hassle of going anywhere. 

Final thoughts

All in all, keeping in mind that clearing eligibility is quite essential, you can easily approach Personal Loan In Emi. By understanding all the eligibility factors and taking steps to improve your financial health, you can position yourself for loan approval and secure the funds you need to achieve your goals.

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