Easy Way to Check Personal Loan Eligibility

People get excited about the prospect of getting a personal loan and start planning out the ways of using that money. Generally, one thing which is overlooked by most of the personal loan aspirants is the importance of eligibility for availing a personal loan. This becomes the reason for most of the loan application rejection which could adversely affect the credit score.

To help a borrower, there are several banks and NBFCs that provide personal loan eligibility calculator and Axis Bank are amongst them.Axis Bank personal loan eligibility calculator is free of cost. This tool helps a borrower to know whether he/she is eligible for a personal loan or not.

Importance of Axis Bank Personal loan Eligibility calculator

One of the best features of a personal loan is that it’s a secured loan. And this is among the reasons why people now days going more for a personal loan. On the other side, this feature is a high-risk factor for a lender. That why every personal loan lender has a set of eligibility criteria on which a borrower has to stand on to avail a personal loan. Loan Eligibility calculator increases the chances of loan application approval. As the eligibility criteria are among the factors that every lender kept on the top priority before deciding on a personal loan.

Factors Affecting the Personal Loan Application

Apart from the eligibility criteria, there are certainly other factors that affect the loan application mainly the minimum salary expectation and the loan amount eligibility. They are:

• Location: Place a borrower stay play a vital role in the approval of loan application. This has an impact on the minimum required salary to be eligible for a personal loan. Generally, the minimum salary is higher in the cities and more so in the case of metropolitan cities.

• Salary: Usually the high the income the better loan amount offers a borrower can get. The income of a borrower reflects his/her repayment capacity.

House Ownership: If a borrower stays in a self-owned home then it can provide his/her with a benefit while acquiring a personal loan. As compared to the borrower living in a rental house, it reduces the disposable income, which means that the repayable capacity of a borrower is reduced.

Company of employment: Working for a reputed company can act as an added advantage in the loan approval process. This shows to the lender that the borrower has a stable job. Generally, the better the rating of the company the better the personal loan interest rate can be negotiated.

Existing Loan: If a borrower has an already existing credit or loan then he/she may face some difficulty to get the loan approval. This can also have an impact on the offered loan amount and interest rate.

Credit History: Credit Score is based on credit history. It is a primary factor upon which the offered loan amount, rate of interest and repayment tenure depends upon. If there is any discrepancy in credit history, there are chances of the loan application rejection.

Hello Guys, this is sourav kumar, i am blogger and love to share article. i am working with loan dealing company, Who offer the best loan services for you.