eligibility criteria to apply for a personal loan?

Personal Loans: Funding For All Your Financial Requirement

  • Author : Jasmine
  • Published : July 28, 2020

Expenses, necessity, and aspirations are synonymous. So, funding for both or either of them should not be an issue. Not when you can avail of personal loans— a single type of financing for all your financial needs, be it educational needs, medical needs, debt consolidation, you can apply for a loan irrespective of the kind of need. 

One can borrow Personal Loans from an online lender, bank or a credit union. Moreover, one can pay back in EMI’s along with the interests. It can be both secured and unsecured. So, for low-interest rates; you have to guarantee the borrower a repayment by pledging valuable assets. Likewise, if you don’t pledge collateral, you will have to pay high interest.

So, how can you avail short loans to meet emergency needs or any other purchase? Keep reading to learn more.

What are the eligibility criteria to apply for a personal loan?

Every bank, credit union, and other online lender has an eligibility calculator — a fast and easy method to know your eligibility to apply and avail the loan. But, set aside the calculator, here we will explain all the criteria in detail.

    how-to-get-a-personal-loan-with-a-co-applicantAge Criteria: The minimum age to apply for a personal loan is 21 years, and the maximum is 60 years for salaried employees. However, for self-employed professionals, it is 65 years. But the age requirements vary from bank to bank. 

     Employment: The salaried employees of public and private limited companies, salaried doctors and government sector employees can apply for personal loans. They should have been employed for a minimum of 2 years, and five years in case of self-employment.

hdfc-eligibility-icon   Good IIR: Installment to income ratio, or IIR helps the bank to determine whether you can repay the loan amount. The rate should lie between 33% to 40% of your monthly income, so that the loan amount doesn’t exceed your income.

     Creditworthiness: A good credit rating will not only assure the lender that you have a good repayment history but also ensures that you avail the loan at a little interest. If your credit rating is weak, you cannot avail a secured loan.

     FOIR: Fixed Obligations to income ratio, or FOIR is a very popular calculation used by banks to determine if you have the income capacity to be able to repay the loan in proper installments along with the interests.

All these criteria are sometimes challenging to fulfill simultaneously. However, despite that, you can still avail the loan from online lenders. This article will tell you about one such platform Swift1K.

Why choose Swift1K to apply for a loan?

Swift1KSwift1K is a vast network of lenders and advertisers who ensure that you can avail of emergency funds whenever you need it. The loan application process is quite simple & takes a few minutes.

Regardless of the requirement or reason, you can avail up to $1500 of emergency funds through Swift1K

The journey from your loan application to approval comprises three quick and easy steps:

     Apply for the loan by filling up the application form, which will be quick and easy with no unnecessary documentations

     After the loan, if approved, you can review all the terms and rates on the lender’s website.

     On approval, loan disbursal will start. You can check your bank account on the next business day.

You can easily avail emergency funds up to $1500 with Swift1K in no time. Spend the cash the way you wish to. Isn’t that the best part about short-term loans?

So quickly click on this link and fulfill all your financial requirements. 

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