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What is loan eligibility?
Generally, unsecured/personal loans are taken by the lender to meet their financial crisis and demands. This type of loan amount can be used to meet your personal needs apart from home or vehicle loan. All borrowers are expected to meet certain credit factors and satisfy all criteria to be eligible for the loan. The eligibility criteria may have certain limits on your income, your withdrawals, banking behaviour, your CIBIL score, income stability, past credit history etc. However, it may differ among all financial lenders. with the help of factoB’s loan eligibility calculator You will know your eligibility to get the loan. You can also access factoB’s EMI, SIP, CIBIL Score, Gratuity & Income Tax Calculator,
In general terms 50% of your income would be considered as repayment capacity by any other financial lenders while Factobi would consider 55% of your income.
What is the loan eligibility criteria?
What terms and conditions have to be met? Who is eligible to apply for Personal Loan?
Do not eat factoB You can apply for the loan only if you are a salaried individual.
Five tips to increase loan eligibility:
1. Extend loan tenure
You can extend the loan repayment tenure when your income is low or you have other EMIs too. The reason behind this is that it will reduce the EMI amount. As you increase the loan tenure, the eligibility to avail the loan will increase.
2. Track Your CIBIL Score
Before applying for the loan make sure that you have a good CIBIL score and maintain a clean report. If your score is good then you can also ask bank or non-banking financial companies [NBFC] To give you loans at the most efficient interest rates. A good and clean CIBIL score report automatically increases the eligibility to take the loan.
3. Documents
Before applying for the loan, the lender must have the required documents. The documents may include employment proof and original identity and address proof along with salary slips, bank details etc. If you have all the documents to apply for the loan, your eligibility automatically increases.
4. Clear existing liabilities
Reduce other loans and financial liabilities. Banks and Non-Banking Financial Companies [NBFC] Maybe don’t give loans to people who have a lot of debt and bills to pay. If you repay existing loans before taking new ones, it can automatically increase the eligibility.
5. Relationship with Banks or Non-Banking Financial Companies [NBFC]
If you are a customer of any bank or non-banking financial companies [NBFC]You can get the loan from the same financial institutions as they may already trust you and have the necessary documents that you need to apply for the loan.
This calculation can be done easily in few seconds by filling few details. For calculation of gratuity, you can check our mobile application – factoB.
One must opt for payroll system with loan module where one can provide loan to their employees as per their pre-defined policy. The loan can be taken as a salary advance or through an NBFC.
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