How to improve Personal Loan eligibility?
- Improving your personal loan eligibility involves a few key steps:
- Maintain a Good Credit Score: Pay your bills and EMIs on time to boost your credit score.
- Reduce Existing Debt: Lower your outstanding debt to income ratio by paying off existing loans or credit card balances.
- Increase Your Income: If possible, look for ways to increase your monthly income.
What are the factors that affect the eligibility for a Personal Loan?
Several factors influence personal loan eligibility:
- Credit Score
- Monthly Income
- Employment Type (Salaried or Self-Employed)
- Existing Financial Obligations (Loans or Credit Card Debt)
- Employment Stability
How do I qualify for a personal loan?
To qualify for an IIFL personal loan, you must meet the following criteria: be between 19 and 55 60 years old and, have a sound credit score of 700 and above, and have a good repayment record. Additionally, your minimum salary should be at least Rs.15000 per month, and the EMI of the loan cannot exceed 60%-70% of your monthly income. You'll also need to provide certain documents like proof of identity, address proof, income proof and a live selfie when applying for this loan online.
What is the maximum loan amount I can get from IIFL?
The maximum loan amount you can get from IIFL is Rs.5 lakhs. However, this may vary based on your income and other eligibility criteria.
Is there any age limit to avail an IIFL Personal Loan?
Yes, you must be between 19 and 60 years.
What are the documents required to apply for a personal loan?
The documents required to apply for an IIFL personal loan include proof of identity (e.g., Aadhar card, PAN card), address proof (Ration card, electricity bill or Passport), income proof (such as salary slips or bank statements for the last 6 months) and a live selfie.
How to calculate personal loan eligibility?
You can calculate your personal loan eligibility using the IIFL EMI calculator. This tool will help you determine your monthly repayments and compare different loan amounts and interest rates before finalizing your decision. The inputs you need to enter include your loan amount, interest rate and tenure.