When the
person applies for any type of loan, whether it is personal, home or mortgage,
one thing that the financial institution looks for is the ability to repay the
amount. To be on the safer side, the applicant can make use of loan eligibility calculator as it works
on mathematical formula to assess the needed loan amount. Moreover, it is the
easiest and fastest way to check your loan eligibility online.
Although, it
takes various factors into consideration such as net monthly salary, loan
tenure, running EMIs, and other monthly income. Below mentioned are the basic
points on which your loan eligibility is determined:
Credit History
Your credit
history helps banks and NBFCs to know about your behavior of payment and the
way in which you settle your loans. In case, the past loan is delayed due to
some reason or not submitted on time, the lower your score is likely to be. A
credit score above 550 and near to 900 is good for any sort of loan
eligibility. A score below any of these is considered bad.
Applicant’s age
The minimum
age for self employed applicant is 25-70 years whereas salaried individuals’ age
must be between 23-62 years to apply for this type of loan.
Work experience
The lender
considers your work or employment history to ensure that you have a steady and
reliable source of income. Also, banks and NBFCs want to know whether the
employer has the capability to pay employees salaries on time or not. If you are
working with good MNC then, the chances of availing loan become higher. Certain
professionals like doctors, lawyers, and engineers are also considered safe for
the same.
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