Now, meeting the requirements for a personal loan is super convenient. Check your eligibility before applying for a loan and get cash in no time with Fibe.
Knowing our easy-to-meet eligibility criteria beforehand can help you get quick loan approvals. The requirements are very straightforward, making the application process for a personal loan pretty simple and ensuring a seamless experience. You can download the Fibe App or visit our official website to apply for the loan and get up to ₹5 lakhs directly in your bank account within minutes.
Here are the eligibility criteria that you must fulfil to apply:
It is the most important factor to consider before applying for a personal loan. It shows your financial steadiness and earnings to the lender.
Your take-home monthly salary helps lenders to understand your repayment capacity of the personal loan and how much you can borrow.
Your credit score helps assess your creditworthiness and repayment behavior. Since personal loans are unsecured, i.e. free of any security, lenders rely on this score to assess their lending risk and decide accordingly. As such, a good credit score helps in quick and easy approvals for your loan application.
Your monthly expenses show your repayment ability. Therefore, you must have a debt-to-income ratio under 40%, as a higher ratio can imply a higher possibility of non-payment.
The area in which you reside also plays a crucial role; it should be serviceable by the lender.
To meet the requirement, one should be a salaried individual. People employed in any sector can apply.
Since personal loans don't require collateral, lenders rely heavily on your credit score and income proof. All leaders have variable credit score requirements. However, it is generally above 700. So, make sure to check and ensure you have the required score before applying.
Also known as the DTI ratio, it is the percentage of the gross monthly debt and gross monthly income. Lenders prefer a ratio under 40%. So, you must pay your loan on time or show a higher income to boost your eligibility.
Most lenders offer flexible repayment tenures. Opting for a longer tenure helps you pay a lower EMI amount, enabling you to manage your loan easily.
Multiple queries to credit bureaus from different lenders may hurt your credit score. It is advisable to shortlist a few lenders whose eligibility criteria you already meet and apply.
Below are the factors that affect eligibility:
Ensure that you have a good credit score, you meet the lender’s eligibility criteria and have the documents required to qualify for a loan easily.
You can check your loan eligibility by accessing Fibe’s eligibility calculator.
You can check your loan eligibility with Fibe’s personal loan eligibility calculator. Just select your city, employment type with the combination of age, monthly income, etc. and get the results instantly.
To avail of a Personal Loan from Fibe, an applicant must have a minimum in-hand salary of ₹25,000 per month.
You can apply for this type of loan with Fibe if you are between the age of 19 to 55 years.
To meet the eligibility criteria for a personal loan, you must be above the age of 19 years and below 55 years. You should also be a salaried individual with a minimum in-hand salary of ₹55,000 per month. Apart from these, you must be a resident of India.
Anybody not meeting these requirements, will not be eligible to apply for one.
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Subham Pawar
Shilpi Mukherjee
