Five Tips to Increase Your Loan Eligibility in 2018
What is Loan Eligibility?
Generally, unsecured/personal loan is taken by the lender to meet their financial crisis and demands. This kind of loan amount can be used for fulfilling their personal requirements except home or means loan. All the borrower are expected to meet certain credit factor and fulfil all the criteria to get eligible for Loan. Eligibility criteria may have certain limits to income, you draw, banking behaviour, your CIBIL score, Income stability, past loan history, etc. However it may vary among all financial lenders. With help of factoB’s Loan eligibility calculator you will get to know the eligibility of getting loan. You can also access factoB’s EMI, SIP, CIBIL Score, Gratuity and Income Tax calculator.
In general terms 50% of your income will be taken into consideration as repayment capability by any other financial lenders while factoB’s will consider 55% of your income.
What is Loan Eligibility Criteria?
What are the terms and conditions to be met? Who are eligible to apply for a personal loan?
observe: At factoB you can apply for loan only if you are a salaried individual.
Five tips for increasing eligibility of loan:
1. Increase the Loan Tenure
When you have low income or you have other EMI in addition than you can increase the tenure period of repaying loan. The reason behind this is, it will decline the amount of EMI. The eligibility of getting loan will be increased as you increase the loan tenure.
2. Keep a track of your CIBIL score
Before applying for loan make sure that your CIBIL score must be good and continue clean report. If you have good score than you can already ask to bank or Non-Banking Financial Companies [NBFC] for giving you loan at most competent interest rates. A good and clean report of CIBIL score will automatically increase the eligibility of getting loan.
Before applying for loan, lender must have basic documents with them. The documents can include the basic identity and address proof along with employment proof and salary slips, bank statements etc. If you have all documents to apply for the loan, then your eligibility automatically increases.
4. Clear Existing limitations
Reduce other debts and financial limitations. edges and Non-Banking Financial Companies [NBFC] may not offer loans to those who have too many debts and bills to pay. If you clear the existing loans before taking new one, it could increase the eligibility automatically.
5. Relationship with Bank or Non-Banking Financial Companies [NBFC]
If you are a customer to a bank or Non-Banking Financial Companies [NBFC], you can get loan from the same financial institutions as they may already have trust on you and necessary documents you require applying for loan.
This calculation can be done easily in a associate of seconds by filling up a few details. For calculating Gratuity, you can check our Mobile Application – factoB.
One should choose payroll system with the Loan module, where one can provide loan to their employees according to their pre-defined policy. The loan could be availed as improvement salary or by NBFCs.