Step by step to check and improve personal loan eligibility

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Step by step to check and improve personal loan eligibility criteria in Noida

Noida is a planned city in Uttar Pradesh and is also classified as a special economic zone. It has the highest per capita income in the whole state. It is also located approximately 25 km away from New Delhi. 

These factors have led to a rapid rise in start-ups and businesses in Noida. According to recent statistics, this district contributed around 10.12% of the state’s total GDP. 

However, these small businesses and start-ups also face the risk of financial loss or cash crunch due to external circumstances. In such cases, owners can consider opting for an instant loan in Noida to meet their financing requirements. 

Nonetheless, they should keep in mind that their loan application may be denied if they do not meet the eligibility parameters. There are several factors that affect your eligibility for a personal loan. These are credit score, age, repayment capacity, monthly obligations. 

Eligibility criteria 

The eligibility parameters for a personal loan in Noida may vary slightly for each lending institution. Given below are some essential eligibility criteria checklists that every borrower should adhere to.

    • Age – Applicants should be within 23 – 55 years of age. 
  • Nationality – They should be a resident of India. 
    • Occupation – Self-employed individuals should have a business running for three years. Salaried applicants should be employed at a multinational, public or private company.
  • Income – Applicants should have a steady source of income.

In some situations, the lending institution may approve your loan application even if you don’t meet all the requirements. However, they will charge you a high interest rate on personal loans, which can be a financial burden for you. Consequently, you need to adopt appropriate measures to improve your loan eligibility.

How to improve your eligibility for a loan?

Go through the steps below to know how to improve personal loan eligibility – 

  • Increase your credit score – While applying for a personal loan, applicants do not require to mortgage any asset. So, lenders refer to your credit score to gain an idea about your creditworthiness. 

Hence, a high credit score will have a favourable impression on your lending institution. If you hold a 750 or above credit score, it will also open up avenues for you to negotiate with lending institutions for a low-interest rate.

A higher credit score makes you eligible for Personal Loans from reputed NBFCs like Baja Finserv.

The company provides pre-approved offers for a quick and hassle-free application procedure. Apart from personal loans, you can also avail pre-approved offers on other financial products such as credit cards and business loans. You can check your pre-approved offers in a few steps by providing a few details like your name and contact information.

  • Pay off all your outstanding debts – Apart from credit score, lending institutions also consider your repayment capacity while approving your loan application. Unpaid debts can affect the same and increase your debt-to-income ratio. Therefore, before you apply for a personal loan, pay off all your existing debts. 

Consequently, you should also know some simple ways to manage your debt. For instance, consider organising all your current debt according to their payment dates.

How to check the amount you can avail?

Apart from checking the eligibility criteria before applying for a personal loan in Noida, you can also use an eligibility calculator to check the amount you qualify for. 

Go through the steps below to know how to use this online tool – 

Step 1: Go to the personal loan section on your lending institution’s official website.

Step 2: Click on the personal loan eligibility calculator.

Step 3: Enter your monthly income, monthly expenses, city of residence, and date of birth.

Step 4: Make sure to enter the correct information in the fields mentioned above.

Step 5: Click on submit after you have entered all the required details to check the personal loan amount you are qualified for.

Thus, you will have an idea of the instant personal loan in Noida that you can avail based on your repayment capacity. Apart from eligibility parameters, you should also know about the documents required while applying for a personal loan. If you don’t provide the proper documents or if there is any discrepancy in the documents, it can also lead to rejection of your loan application.

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