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Check Your Loan Eligibility in less than 1-Minute, here is How!

    Loan Eligibility- Faircent

     

     

    Check Your Loan Eligibility in less than 1-Minute, here is How!

     

     

    Loan Eligibility- Faircent

     

    The Before applying for a loan check your loan eligibility. It is the best way to plan your budget.

    Are you looking for a personal loan online? Then the first step to begin with the loan hunting process is checking your eligibility! It is one of the basic things that you must do as a sensible borrower. Your creditworthiness determines your Loan Eligibility.

    There are three most reputable lending platforms to apply for a loan – banks, NBFCs, and P2P-NBFCs. Each of them has their own loan eligibility criteria. Your profile as a loan applicant must match with the eligibility criteria of your choice lending institution. The lending platform will check your personal and financial credentials to check your repayment ability.  Your profile will under various credit checks.

    Some General Loan Eligibility Parameters –

    1. You must be a resident of India
    2. You must have a gross income of Rs. 2 lakhs p.a.
    3. Good Credit Score
    4. Modest Debt-to-Income Ration
    5. A stable source of income
    6. Purpose of loan
    7. You must be able to provide all the necessary documents such as your Aadhar, PAN card, signature verification from your bank, bank statement of last 6 months and ITR etc.

    Depending upon the above parameters the loan amount is worked out. However, these parameters can vary from lender to lender. The best way out would be consulting the lending institution regarding loan specific details. Or you can use the loan eligibility calculator.

    How Can You Check your Loan Eligibility?

    On the website of various lending platforms, you will find various loan eligibility calculators. For instance – the ‘Insta Loan Calculator’ is available on Faircent.com (NBFC-Peer to Peer Lending platform). It is a loan eligibility calculator that asks for four basic loan related variables –

    1. Net take home salary / monthly income
    2. Total running EMI
    3. Rent and Other fixed obligations
    4. Credit card outstanding (if any)

    All you must do is input these values, either manually or by using slider functionality. As soon as you submit the required data it shows results in the form of Rupee loan amount you are eligible for.

    It is the easiest & fastest way to check loan eligibility in just 1 minute. You can check the eligibility debt consolidation loan, Marriage loan, Home Renovation loan, Home Appliance loan and for business funding loan as well. It is the most efficient tool for borrowers to check for how much amount of Online Loan Apply and they can avail.

    Putting it All together!

    You may need a personal loan for the wedding, home appliances purchase or even for business funding. Lenders will conduct their due diligence to determine your creditworthiness as a borrower before advancing any loan type. It is just a way to ensure that their money will get repaid in full.

     

     

    Author Bio:

    Faircent is India’s leading P2P Lending Platform in India. We facilitate P2P loans and investment services in debt products for you to borrow and lend money by means of our online credit marketplace.

     

     

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