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Looking for a Personal Loan in India? The Ultimate Guide to Improve Your Eligibility in 2021

Clix July 30, 2021

 

A personal loan is an unsecured loan that you can use to cover diverse expenses related to your sudden or planned needs, including wedding, home renovation, education, vacation, debt consolidation, or medical emergency. These loans come with no end-use restrictions and flexible repayment options so that you can meet your intended expenses without worrying about your finances.

Suppose you are also planning to avail a personal loan to cover any of the expenses mentioned above in India. In that case, you must be wondering what is the eligibility for personal loan and will you qualify for one? Find out the minimum eligibility requirements for personal loans and other related information.

Important Components of Personal Loan Eligibility Criteria

You can apply for easy personal loans online if you fulfil the lender’s eligibility criterion. These are the essential components that make most lender’s eligibility conditions for personal loans:

Age: Your age is one of the most important factors that lenders look at while screening your loan application. Since personal loans are unsecured loans, they want to ensure that you are in your prime earning years. To apply for a personal loan from Clix Capital, you need to be 25 to 58 years of age at the time of loan application.

Income: Lenders also want to ensure that you earn well and can adjust your loan EMIs within your monthly budget. If a borrower is not making enough, they may not repay the EMIs on time. Clix Capital requires you to be earning a minimum of ₹25,000 per month to apply for a personal loan.

Employment: To ensure that you have a stable income to repay your EMIs on time, lenders include your job in their eligibility conditions. For Clix Capital, you must be working with your current employer for at least 6 months to guarantee a stable and regular income.

Work Experience: In case you lose your job, how would you continue repaying your EMIs? If you have professional experience, you can get a new job soon with a similar or increased income. So, lenders look at your work experience to ensure regular repayment of the EMIs.

Credit Score: A credit score is a 3-digit number representing your creditworthiness and how responsible you are towards your finances. The higher your credit score ranges from 300 to 900, the more chances you have to avail easy personal loans with favourable terms and conditions. To apply for a personal loan from Clix Capital, you need to have a credit score of 725 or above.

If you are eligible to apply for a personal loan from Clix Capital based on the factors mentioned above, you can follow these steps to apply for an instant loan on Aadhar card and PAN card online:

    • Visit the Clix Capital website
    • Check your credit scoreand ensure that it is more than 725
    • Fill up the personal loan application form
    • Get your documents verified online that takes just a few minutes. However, if your KYC is not updated, you will have to provide some necessary details
    • Once you receive your loan approval, accept the loan offer
    • Activate the e-mandate for regular EMI payments on time

Tips to Improve Your Personal Loan Eligibility

While we have already discussed the different components that lenders use to determine your personal loan eligibility, follow these tips to improve your chances of getting a personal loan with more straightforward terms and conditions.

    • Stay consistent with your credit card bills and loan EMIs, as it will improve your credit score and increase your chances of getting loan approval more easily with better interest rates.
    • Reduce your debt-to-income ratio by paying off your current loans. Lenders want to ensure that you are not heavily indebted and that your financial obligations do not make up more than 30-40% of your monthly income. So, pay off your existing loans first before applying for another loan.
    • Do not use more than 30-40% of your available credit limit. A low credit utilisation ratio will improve your credit score and increase your chances of availing a personal loan.
    • Do some research and choose a lender with simple eligibility conditions that you can fulfil easily. Also, check your credit score and ensure that it is higher than 725 before applying for a personal loan.

If you plan to avail of a personal loan to meet any of your expenses related to wedding, home renovation, education, vacation, medical emergency, or debt consolidation, get in touch with Clix Capital and let us know your requirement. We offer personal loans of up to ₹25 lakhs with flexible repayment terms ranging from 12 to 48 months.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at hello@clix.capital or call us at 1800 200 9898

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