Knowing All About The Eligibility For Personal Loan Process
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Personal loan in Delhi is not easy
to get and you have to know the rules if you would like to process your
application sooner than you think it would take. The eligibility criteria for
personal loans varies from bank to bank. Although some of the requirements are
age, occupation, and income of the applying person. Especially, if you are
taking an emergency loan online or
an instant personal loan, make sure you have the documents in your hand before they
send you back for more.
The eligibility criteria also affect
the credit score of the person applying for the loan. The credit score gets
impacted due to unpaid credit card bills and extensive EMI outstanding in other
loans.
The personal loans also affect the
credit score, if it is irregularly maintained. If the EMI withstand for more
than three months, then it will directly affect the credit score. If the credit
score gets impacted, it will have a black mark in your bank profile.
As per your eligibility criteria,
the bank offers you a certain amount, and it's your wish to take it entirely,
or you need a borrow the necessary amount.
The minimum loan amount for every
account is Rs.30, 000, and the loan amount directly depends upon the monthly
income of the borrower. The credit score also determines the amount that can be
sanctioned to a person. For a higher personal loan amount, the credit score
should be around 900. The highest credit score shows that you're a reliable
person to lend money. Another aspect of determining the amount of loan is the
type of occupation. For example, the amount depends on the borrower, whether he
is self-employed or salaried.
If the person has a good income, he
can apply for the amount needed. The maximum loan can be limited by showing
that the EMI amount should not be more than the borrower's 40-50% of monthly
income. The same applies to home loan in Delhi.
There are two types of payment
methods in bank loans. But they are inclusive of taxes.
Prepayment method – The prepayment
method is the amount paid as a sum, but less than the principal amount. The
prepayment method will lessen the interest because it skips some EMI period.
Thus the banks will apply a 2-5% tax on the total withstanding amount for this
prepayment method. It will compensate for the loss of banks due to prepayment.
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