What Is The Eligibility Criteria For Personal Loans?

Personal loans, offered in an unsecured form, are actually advantageous for those who cannot obtain a large amount of gold or property as collateral. On the other hand, these loans have higher interest rates than secured loans. These loans are available to employees and the self-employed, and each loan application is slightly different. Personal loans for the self-employed are generally more valuable than loans for salaried worker. 

You can acquire a personal loan by qualifying with preset eligibility criteria, which are minimal. The basic personal loans eligibility criteria are as follows.

Basic Eligibility Criteria for availing Personal Loans:

Age - Your age becomes an important criterion as a measure of your ability to repay a Personal Loan. As a rule, you will not be denied a loan if you are a salaried person aged between 21 to 58 years.

On the other hand, if you are a self-employed professional, your age must be between 25 to 65 years.

Employment - Your term or period of employment becomes a measure of your reliability to repay a loan in time. Personal loans for salaried employees’ criterion dictates that you must be working for an MNC or a Private or Public Limited Company with a minimum work experience of 2 to 3 years. 
 Likewise, self-employed professionals must have a minimum of 3 years of experience for personal loans eligibility.

Income - The minimum salary required for a personal loan as an income criterion for eligibility differs from lender to lender.
 Your personal loan minimum salary starts from Rs. 20,000 per month.

Credit Score - Lenders assess your creditworthiness or ability to repay a personal loan by accessing your credit score, which derives from your credit history in your credit report.
Your credit score affects the loan amount, period of credit, interest rate, and terms that you are offered.

Features & Benefits of Personal Loans in Surat - Ruloans

Being the world’s largest diamond manufacturing hub, Surat is often referred to as the “Diamond City of India”. Over the years, the city has swiftly progressed into being a fast-paced metropolis and boasts of a large number of financial institutions and nationalised commercial banks. If you are looking for simple and quick financing options in Surat, a Personal Loan could be the ideal choice for you. Whatever your financial requirements may be, a Personal Loan can help fulfil your needs conveniently.

Banks and NBFCs are capitalizing on the rapid financial growth of Surat and expanding their businesses by giving out personal loans. What’s more, Personal Loans do not require any security or collateral, hence the approval process involves minimal documentation and the processing time is also less. Therefore, if you are in urgent need of funds, you can always apply for a personal loan at Ruloans. With Ruloans personal loan in Surat, you don’t have to break the bank every time an unforeseen financial emergency arises. Get one step closer to your dreams each day by applying for a personal loan in Surat at affordable interest rates.

Below Are Some Features & Benefits of Personal Loans in Surat:

There are numerous benefits of availing a personal loan to finance your lifestyle needs or when you are in urgent need of funds in case of an emergency. Given below are some of the features and benefits of availing a personal loan in Surat:

• Minimal Documentation - These days, many banks and NBFCs are willing to grant personal loans with minimal documentation if you have a healthy credit profile and already have a good relationship with them.
• Quick Disbursement - On successful approval of your loan application, most lenders would disburse the loan amount to your bank account within 24 hours.
• Flexible Tenure - Most lenders allow you to repay your personal loan comfortably over a tenure of 12 to 60 months.
• No Hidden Charges - There are no hidden charges involved if you apply for a personal loan at Bajaj MARKETS.
• Swift Approval - All you need to do is fill in an online application form and upload the relevant documents. Your personal loan application will be approved instantly and the amount shall be disbursed within 24 hours of approval.
• Easy Application Process - You can apply for instant personal loan in Surat online, made even easier by our simple eligibility criteria, minimal documentation and fast approval process.

Home Loan Documents Required for Salaried in Raipur - Ruloans

Raipur is the capital city of the Indian state of Chhattisgarh. Raipur is the administrative headquarters of Raipur district and Raipur division, and also the largest city of the state. It’s exponential industrial growth and has become a significant business hub in central India. It is ranked 7th in the simple Living Index 2019 by the Union Ministry of Housing and Urban Affairs (MoHUA). Raipur is a food-processing (rice, wheat, cotton, and oilseeds) and sawmilling center connected by rail with Vizianagaram and Vishakhapatnam port in Andhra Pradesh state. Raipur has become the educational hub of Chhattisgarh due to presence of many institutes of National importance in Engineering, Management, Medical and Law. It is the only city in India which is home to IIM, NIT, AIIMS, Hidayatullah National Law University, and IIIT. If you planning to settle in Raipur, Chhattisgarh. Ruloans help you buy your dream home. We provide home loan in Raipur to both salaried and self-employed at reduced rate of interest. 

If you are looking for the best housing finance company in Raipur, Chhattisgarh that provides you with best-in-class services and easy home loan process, look no further. Ruloans has emerged as a preferred choice for many in its segment which helps you to meet your all housing finance needs.

Home Loan Documents Required for Salaried in Raipur:

1. A home loan application form that has been completed and signed.

2. Identification Documentation: (Any one of the below)

• PAN Card,
• Passport,
• Aadhaar Card,
• Voter ID Card
• Driver’s License

3. Age Verification: (Any one of the below)

• Aadhaar Card,
• PAN Card,
• Passport,
• Birth Certificate,
• 10th Class Marksheet,
• Bank Passbook,
• Driving Licenses are all required documents.

4. Documentation of residency: (Any one of the below)

• Bank Passbook
• Voter’s ID
• Ration Card
• Passport
• Utility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)
• LIC Policy Receipt
• Letter from a reputable government agency confirming the customer’s address

5. Income Documentation

• Form 16 (Salaried)
• Payslips from the last two months,
• Increment letter
• IT returns for the last three years (increment or promotion letter)

Aside from proof of income, the salaried individual would be required to provide any investment proofs (such as fixed deposits, shares, etc.) as well as passport-size photographs.

What is the Features of Personal loan for salaried Employees?

Are your finances planned around the salary credited into your bank account at the end of every month? Then you know how dreadful any unplanned expense, emergency or sudden cash crunch, which causes you to consider dipping into your savings, can be.

But there is another way to deal with such situations and financial needs. With Ruloans Personal Loans for salaried employees, you can easily meet the cost of any medical emergency, vacation or education plans, a wedding, or even home renovation. These loans help make sure salaried employees are poised to tackle any extra expenses that may crop up.

The bank requires you to have a certain minimum monthly income depending on your location and employment status. 

Here are Some Features of Personal loan for salaried:

Stress-free source of funds - You n longer have to worry about money before making every plan or purchase in life. This instant loan for salaried is an easy, attractive source of fund that helps you finance your dreams without any added stress.

No need to dip into savings - In the event that you need money for a new or sudden expense, a loan for salaried is a good option that helps you avoid having to dip into your savings pool.

Quick and easy loan disbursal - It only takes less than 4 hours to get your Personal Loan for salaried approved by Ruloans, and the process is almost instant if you happen to be a pre-approved Ruloans customer.

Competitive interest rates, flexible tenure - For Ruloans competitive interest rates may be available on the Personal Loan for salaries, provided they have a good credit history and CIBIL score. These loans come with tenures of 12–60 months, making EMI repayment easy on salaried employees.

Minimal documentation involved - Most of the process can actually be completed online, hence eliminating the need for extensive paperwork. The documents required by the bank involve basic identity, income and home address proofs, and even these may not be sought if you are a pre-approved Ruloans customer.

Flexibility of purpose - You can use a Personal Loan for salaried for multiple purposes. Be it a family wedding, home renovation, paying off a previous debt, funding children’s education, to buy a mobile phone or other gadgets, to go on a holiday or in the event of a medical emergency, this loan for salaried is a great option.

Documents to Apply for a Personal Loan - Ruloans

 Personal loan is an unsecured loan that you can use to meet personal financial needs, such as medical expenses, vacation, higher education, wedding, home renovation, debt consolidation, etc. We, at Ruloans, are committed to making your borrowing journey as smooth as possible. Our personal loan requirements are minimal and concise. To apply for a personal loan, all you need are a few documents. There’s no heavy paperwork involved. Please note that the personal loan documents list for salaried and self-employed individuals differ from each other. We will take you through both these requirements. Basically, the documents required for personal loan include KYC proof, income proof, business details, and a few more. We request you to submit accurate details and papers so that we can process your loan application in the shortest possible time.

When applying for a personal loan, you will need to submit the following documents:

1. PAN Card
2. Identity proof (Aadhaar Card, Driving licence, Passport, Voter ID, etc.)
3. Signature Proof (Passport, PAN card, etc.)
4. Address proof (Passport copy, Aadhaar card, driving licence, utility bill, gas or electricity bill, Voter ID, ration card, rent agreement, etc.)
5. Bank statements of the past 6 months

As a salaried individual, you additionally need to submit the following:

1. Salary slips for the last three months
2. Income tax returns OR form 16

As a self-employed individual, you additionally need to submit the following (for self / business entity as applicable):

• Balance sheet and profit and loss account, income computation for the last 2 years
• Income Tax Returns for the last 2 years
• Business proof (License, registration certificate, GST number)
• IT Assessment OR Clearance Certificate
• Income Tax Challans OR TDS Certificate (Form 16A) OR Form 26 AS for income declared in ITR.

How to Be Eligible for a Personal Loan In Jodhpur - Ruloans

Jodhpur in Rajasthan is one of the most famous travel urban communities, even among worldwide explorers. The city used to be a regal state and houses countless wonderful posts and places. The city is situated in the midst of the Thar desert scene and is otherwise called the “Blue City” because of its consistently blue painted houses. The city additionally houses significant instructive establishments.

Because of its many beguiling areas, the city has an enormous number of organizations in the entertainment world. Because of blasting the travel industry, training, and so on, the city presently has countless independent companies. In any case, similar to every other person, the occupants of this delightful city need the right help to understand their fantasies and objectives.

Eligibility Criteria For Personal Loan in Jodhpur

The term loan eligibility refers to your assets or ability to qualify for a personal loan from a bank or NBFC. Lenders use the eligibility criteria as a benchmark to decide on the amount of money to borrow based on your financial credentials such as your income, other obligations, an additional source of income, etc. depending on your age, which determines the duration of your personal loan. Income and age are not the only criteria for determining eligibility for a loan. Combinations of other factors, such as your employment, CIBIL score, etc., are also used to determine your personal loan eligibility.

The required eligibility for personal loan in Jodhpur are listed below:

• Your age is an important measure of your ability to repay a personal loan. As a general rule, you can avail the facility of a personal loan if you are aged between 21 and 60.
• If you a salaried individual, you are eligible for a personal loan. The period of your employment is a measure of your credibility to repay your loan on time. Personal loans for salaried employees states that they should be working for a multinational corporation, private or public limited company with at least 2–3 of work experience.
• The minimum wage or income required for a personal loan to qualify is different for each borrower. As a person with a salary you must have a minimum wage of Rs. 15,000 per month.
• Lenders access credit scores derived from the credit history of credit reports to assess the ability or creditworthiness of a personal loan. Your credit score affects the loan amount, credit period, interest rates, and terms offered. The credit score (CIBIL) must be 650 or higher.

What Is the Documentation Requirement for a Home Loan Balance Transfer?

Home Loan Balance Transfer is also commonly known as Home Refinancing. This service comes in handy to switch your Home Loan balance to another bank that offers you more flexible repayment options than your parent bank. The new bank could be offering attractive rates of interest, improved tenure, or better repayment facilities. Once you select a new bank to move your Home Loan, the new bank pays your parent bank the outstanding amount.

The reason why home loan balance transfer makes sense is when the other bank or financial institution offers you a competitive lower interest rate. It results in lower EMIs (Equated Monthly Instalments), which enables you to save on the overall repayment amount. One of the foremost reasons why a home loan balance transfer is a lower rate of interest.

To carry out a balance transfer, below are the list of documents for home loan balance transfer. It is an extensive list of every document necessary for the end to end process of the balance transfer.

List of documents you will require from your existing lender:

Consent Letter - You need to submit a formal written application to your prevailing lender notifying them about the home loan transfer and requesting for a letter of consent.

NOC (No Objection Certificate) - Your present lender is required to issue you a No Objection Certificate that states that your current lender that is the bank or financial institution has no issues transferring your home loan and the outstanding amount to the new lender.

Loan Agreement - Loan agreement or sanction letter from the existing lender is mandatory for a home loan balance transfer.

Foreclosure Letter - This letter is an essential piece of the documents required for home loan balance transfer. It is a letter declaring that your home loan is foreclosed on the date stated and no outstanding balance amount is pending. This letter is obtained once the new lender settles the principal outstanding home loan amount with the existing lender.

Home Loan Statement - This statement highlights the home loan specifics, including the EMIs repayment history and record. Additionally, the statement maintains the outstanding home loan amount. It can be collected from your present lending bank or financial institution.

Property Documents - From the list of documents required for home loan transfer is the set of property documents with your present lender. This entire set is needed for submission to your new lender.

Post Dated Cheques - Collect all the post-dated cheques that are pending with your current lender. These were submitted during the time of obtaining the loan.

List of documents you need to submit to your new lender:

KYC Documents - This is for the verification purpose of your identity. You will have to present t least one document from the below mentioned list:

• Identification Proof
• Pan Card
• Aadhar Card
• Driving License
• Voter’s ID Card
• An employment ID card issued by NREGA

Address Proof - This is to verify your address details. You will have to present t least one document from the below mentioned list:

• Passport
• Aadhar Card
• Driving License
• Voter’s ID Card

Financial Documents - These are an integral part of the home loan balance transfer documents. They verify your income source and repayment capability. The following financial documents are required for the home loan balance transfer.

• Form 16 from your employer
• Latest Salary slips
• Last six months bank statements of your salary account

Property related documents - This is to verify the purchase of your property. You will have to present the following documents:

•  Property purchase documents or documents that prove the ownership of the property
•  NOC from your developer/housing society
•  Registration, stamp duty payments

Depending on the new lending bank or home loan institution, additional documents such as passport size photograph of the borrower, application form of the original lender for a balance transfer. The documents will vary as per the lender’s requirements.

Want An Easy Fix For Your Eligibility Criteria For Home Loan For Salaried Person?

Having a home is the biggest asset that a person can own. Everyone dreams of owning a home. It’s the space where they can create happy memories with their family. However, buying a home is no easy task. Over the decades, real estate prices have gone so high that buying a home without any external financial help has become practically impossible in today’s times. The eligibility of a person for a home loan product of the bank is the qualifications that a borrower must meet, in order to qualify for a home loan. These requirements usually pertain to various factors like the age of the applicant, income of the applicant, credit profile of the applicant, etc. The applicants have to meet all the eligibility criteria set by the bank to be approved for a home loan. The eligibility criteria for home loan for salaried person do not vary from one lender to another.

Home loans are a very popular loan product in the loan segment. These loans are in the nature of term loans and are provided by banks as well as Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs). The eligibility criteria set for home loans are dependent on many factors that determine the eligibility of the applicant. 

Here are some of the common eligibility criteria for home loan for salaried person are mentioned below:

Eligible Age - The applicant’s age should be minimum 24 years and maximum 60 years at the time of applying for a home loan if the applicant is a salaried employee.

Eligible Income - Salaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities.

Minimum Loan Amount - The salaried applicants can avail a personal loan starting from ₹100,000, based on their eligibility.

Maximum Loan Amount - The salaried applicants can avail a personal loan up to ₹35 Crores, based on their eligibility.

Co-applicant - Not mandatory, but only immediate family members can apply as a co-applicant.

Employment - The salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company.

What Is The Eligibility For Home Loan?

Buying a house is one of the main 5 choices you will at any point take in the course of your life. We say this not on the grounds that it includes truckload of cash yet there is a lot more factors that need your consideration like vicinity of the new house towards your work environment, your kids’ school, clinical offices and so forth.

After calculating all of these parameters, you can zero in on a location that suits everyone and then begin with the home loan process. But before you could apply you must find out if you are eligible for a home loan or no.

Did you know that eligibility is the first most important step in the loan process? Yes without being eligible enough, you cannot get to apply for a home loan. Home loan eligibility criteria has common parameters across all banks and Non-Banking Financial Companies (NBFCs). This eligibility depends primarily on your income history, credit profile and existing relationship with the bank. To get a clear picture, we have listed down the eligibility requirements needed for a home loan. Although this might not be the entire list of requirements as each bank has their own criteria. You can use this list as reference and accordingly be ready.

Eligibility Factors For Home Loan:

Age - In order to be eligible for a home loan, you need to be minimum 18 years old and to a maximum of 60 years. For self employed professionals, this age can be pushed to 65 years.

Income - Usually Banks will provide you with up to 60 times of your net pay or EMIs offered up to 50% of net income as the loan amount. Means if you have a monthly net income of 25,000 then you can get 15 lakhs as the loan amount.

Type of employment - You must be either of Salaried, Self Employed Business, Self Employed Professional to apply for a home loan.

Employment History - You need to be in your current profession or business for minimum 12 months and have a job history spanning minimum 24 months.

Credit History - You need to have a good credit history and also a credit score which is termed good as per the Banks. In most cases a score upwards of 750 gives you good leverage.

Property - When assessing home loan eligibility, lenders visit the property and examine its physical condition, building specifications and market value to decide on the loan amount they could offer for the property. As per RBI’s guidelines, the maximum amount a lender can offer on a housing loan cannot exceed 90% of the property’s value. This implies that you will have to pay a certain amount as a down payment to buy a home. Contributing more towards down payment helps reduce the loan amount and the loan-to-value ratio, thereby, increasing overall home loan eligibility.

What is Eligibility Criteria for Personal Loan in Ahmedabad?

Ahmedabad is the largest non-coastal industrial center in Western India. It is included in the elite list of the top 10 fastest growing cities in the world. The city has an enormous and varied range of industries comprising of textiles, pharmaceuticals, plastics, metal, machinery, chemicals, electronics, and passenger cars. This cultural an economic powerhouse of Western India has also flooded the pages of various magazines and newspaper as one of the best cities to live in India.

You can deduce from these facts that Ahmedabad offers enviable and expanding job opportunities aided by a booming economy resulting i increased wealth in the hands of people. The inevitable consequence is rising aspirants and increasing ambitions to seek loans to fulfill demands from the most basic to the most affluent, be it debt consolidation, home renovation, wedding etc.
Ahmedabad is also home to some of the premium institutes of the world like IIM Ahmedabad, MICA, IIT Nirma University, etc. Ruloans Understands your needs and aspirations as a resident of the city an thus, so we offer a wide variety of personal loan in Ahmedabad customized to your needs.

Personal Loan in Ahmedabad - Eligibility Criteria

The personal loan eligibility refers to your assets or ability to qualify for a personal loan from a bank or NBFC. Lenders use the eligibility criteria as a benchmark to decide on the amount of money to borrow based on your financial credentials such as your income, other obligations, an additional source of income, etc. depending on your age, which determines the duration of your personal loan. Income and age are not the only criteria for determining eligibility for a loan. Combinations of other factors, such as your employment, CIBIL score, etc., are also used to determine your personal loan eligibility.

The required eligibility for personal loan in Ahmadabad are listed below:

• Your age is an important measure of your ability to repay a personal loan. As a general rule, you can avail the facility of a personal loan if you are aged between 21 and 60.
• If you a salaried individual, you are eligible for a personal loan. The period of your employment is a measure of your credibility to repay your loan on time. Personal loans for salaried employees states that they should be working for a multinational corporation, private or public limited company with at least 2–3 of work experience.
• The minimum wage or income required for a personal loan to qualify is different for each borrower. As a person with a salary you must have a minimum wage of Rs. 15,000 per month.
• Lenders access credit scores derived from the credit history of credit reports to assess the ability or creditworthiness of a personal loan. Your credit score affects the loan amount, credit period, interest rates, and terms offered. The credit score (CIBIL) must be 650 or higher