Age:Above 21 and below 55 years
Salary:Minimum in-hand salary of ₹18,000 in metros and ₹15,000 in non-metros
Residence:You must be a resident of India
It is the most important factor to consider before applying for a loan. It shows your financial steadiness and earnings to the lender. At Fibe, we offer credits to individuals of age between 21 to 55 years.
Before lending, every financial institution will ensure that the applicant has sufficient monthly income to understand the repayment capacity. At Fibe, you can avail of a personal loan if your minimum in-hand salary is ₹15,000 in non-metro cities and ₹18,000 in metro cities.
This helps in understanding the creditworthiness of an individual as a personal loan is a type of unsecured loan i.e. free of any security. Your credit score shows the behaviour of your previous EMI payments. Hence, a good credit score helps in quick and easy approvals for your loan application.
Your monthly expenses show your stability and repayment ability. Generally, keeping your debt-to-income ratio of 40% is recommended and not going beyond that to avoid delays in approvals.
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. Whether you are a regular experienced salaried employee or a new jobber, you are qualified to avail of the loan facility.
Since personal loans are unsecured loans, lenders will rely heavily on your credit score and repayment abilities. Credit scores help to determine your creditworthiness. If you have a good credit score, your chances of getting a loan quickly increase with other benefits like lower interest rates, higher loan limit availability and many more.
Your debt-to-income ratio is the percentage of the gross monthly debt and gross monthly income. The gross monthly debt should not be more than your gross monthly income. If this happens, you might miss your timely EMI payments, which can mark you as a defaulter.
Most lenders offer flexible repayment tenures. Opting for a longer tenure helps you with a lower EMI amount and helps you manage your loan easily.
Multiple queries to credit bureaus from different lenders may have a negative impact on your credit score. It is advisable to shortlist 1 or 2 lenders whose eligibility criteria you already meet and apply.
To avail of a Personal Loan from Fibe, an applicant must have a minimum in-hand salary of ₹15,000 in non-metro cities and ₹18,000 in metro cities.
You can apply for this type of loan with Fibe if you are between the age of 21 to 55 years.
Below are the factors that affect eligibility:
To meet the eligibility criteria for a personal loan, you must be above the age of 21 years and below 55 years. You should also be a salaried individual with a minimum in-hand salary of ₹15,000 in non-metro cities and ₹18,000 in metro cities. Apart from these, you must be a resident of India.
Anybody not meeting these requirements, will not be eligible to apply for one.
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.
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