Finding Out if You Are Eligible for a Personal Loan

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Conducting a personal loan eligibility check is essential to avoid loan rejection and improve the chances of approval. An individual's loan eligibility depends on a variety of factors. We will discuss a few of them below


  • Age: Lenders have minimum and maximum age requirements for applicants

  • Employment: Most lenders offer loans to salaried employees with a fixed income

  • Work Experience: The lender gives attention to the applicant's work experience in the current company and their overall career

  • Income: The applicant must have a decent monthly income to support EMI payments

  • Credit Rating: Lenders largely depend on the applicant's credit rating to determine their loan amount and interest rate. A score of 725 or above is decent enough to get a personal loan.


Besides these factors, an applicant's debt-to-income ratio is also essential to their personal loan eligibility check. Ideally, they must have a DTI ratio of below 30-40% to get the best deal on their loan.

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