Whether you want money during an emergency, for home renovation or even a dream vacation, a personal loan is the answer to all your financial needs. Every lender has different eligibility criteria to offer you loan. This is why you should check the personal loan eligibility before borrowing the money.
Want cash with a simple personal loan criteria? Zype offers personal loans up to ₹5 lakhs to salaried individuals who have a valid PAN and a minimum monthly salary of ₹15000. Complete your application in less than 6 minutes and get approved for a loan within 60 seconds.
Repaying a personal loan on Zype is as convenient as borrowing it. You can take an instant loan now and pay later in 6, 9 or 12 EMIs.
While different lenders have a different eligibility criteria to offer you personal loans, there are some common factors that can affect your personal loan eligibility.
Your age must be 21 and above.
Individuals who have a stable source of income.
Monthly income must be atleast Rs.15000.
A good credit score and clean repayment history indicates you’re a low-risk borrower who can be trusted with loan.
While the eligibility criteria of a personal loan can differ from lender to lender, there are some common requirements Zype has:
| Factor | Requirement |
|---|---|
| Age | The individuals who are eligible for a personal loan should be 21 and above. |
| Documents | Requires a valid PAN or Aadhaar card. |
| Employment & monthly income | You should have a stable source of income. Individuals must be a salaried employee. |
| Credit History and score | A clean repayment history and atleast a credit score of 700. |
When you improve your credit score to at least 750, you automatically increase your loan eligibility. A good credit score and history shows good repayment behaviour which can get you high value loans instantly.
When you apply for a personal loan or credit card, a hard inquiry is made to the bureau which is reflected in your CIBIL report. Too many hard inquiries indicate you’re a credit hungry borrower which can reduce your eligibility for a loan.
Your monthly income is an important factor that shows your ability to repay the loan. When you have a high and steady source of income, it makes you a low-risk borrower which improves your personal loan eligibility.
When you choose a personal loan with longer repayment tenure, it reduces the EMI amount you have to pay every month. This way, you can increase your loan eligibility and repay your loan conveniently.
You should always check eligibility for loans before starting your application.
When applying for a personal loan from Zype, meeting specific eligibility criteria is crucial for approval. Generally, Zype consider the following factors for personal loan eligibility:
Understanding these criteria can help you prepare and increase your chances of securing a personal loan with Zype.
You can check your personal loan eligibility online by visiting the loan provider’s website. Zype offers personal loans to salaried individuals who have a valid PAN with a minimum monthly salary of ₹15000.
On Zype, you can repay your loan in 6, 9 or 12 EMIs.
No, you need a minimum monthly salary of at least ₹15000 to get a personal loan from Zype.
Yes, Zype’s personal loan eligibility calculator allows you to compare eligibility.
Personal loan lenders like Zype assess your income to ensure you can comfortably repay the loan. Higher income levels generally lead to higher loan amounts and better interest rates, enhancing your chances of approval.
Age affects personal loan eligibility as mostly loan apps like Zype typically prefer applicants above 21.
No, you cannot get a personal loan without a salary. You need a minimum monthly salary of at least ₹15000 to get a personal loan from Zype.
You can submit your bank statement or salary slip to complete your application. With Zype, you only need your PAN & Aadhaar number to complete your application.
Yes, you can get an NOC after you have completed the repayment of the loan.
Lenders consider many factors like your credit score, repayment history, monthly income, etc. to evaluate your personal loan eligibility.
To determine your qualification for a personal loan you can use online eligibility calculators or check the eligibility required in the lender’s official website.
Zype assesses your monthly income to determine your repayment capacity. A higher income increases your chances of approval and can lead to larger loan amounts and more favourable terms.
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