To be able to apply for personal loans, there are some basic criteria that need to be fulfilled. Salaried and self-employed applicants are obviously eligible for a personal loan but the criteria differ depending on the institution you are taking the loan from. Some of the basic criteria to avail personal loan are:

1. You need to be salaried or self-employed
2. The age should be between 21 to 58

For a salaried person to avail such a loan, they should be on the job that they were in when they applied for, at a stretch of six months with an overall work experience weighing in for about two years. On the other hand, the self-employed employees should be in the business they are practicing for 3 years with the same amount of work experience. Salaried employees must have a draw of at least 20,000 RS per month to avail a personal loan.

The Maximum Loan That One Is Eligible For!

Personal loans should always be taken with caution as they are often determined by the cash flow. The Maximum loan for salaried employee mostly depends on the income that person draws in.

Salaried Individuals: For a salaried employee, the minimum income is 20,000 Rs per month and a maximum loan of Rs 15,00,000 can be availed.

Self-employed applicants: The minimum income for them is RS 2,00,000 per year where they can draw up to RS 20,00,000 as a loan.

Businessperson: With a minimum income of Rs 2,00,000 per year, such an applicant can get a max loan of RS 15,00,000.

The Documents That Are Necessary

Some of the basic documents that are needed to avail a loan are a salaried employee

Identity Proof: Voters ID/ Driving License/ Passport et al

Address Proof: Electricity Bill/ Passport/ Ration Card et al

Bank Statement: Last three months

Employment Certificate: Document for 2 years employment continuity

Salary Slip: Last Three Months

Checking For eligibility criteria

To check your eligibility criteria, you can check some of the sites that offer you with eligibility calculator where you are also provided with loan plans and structures you can choose from. Usually, people get a personal loan to get over with their immediate obligations and when there is an option to go for loans that are convenient to have, then personal loans should be taken in as long as you are being able to carry out any given extensions.

The Need For A Decent Sore

Make sure that your CIBIL credit score is up to the mark so that you can bargain for a lesser interest with a better package. Loans would also determine your future credit score. So be sure to take care of your debts without discounting the credit scores since they might stop you from having future loans.

If you are in need of professional assistance, the various sites that are providing services which entail loan services, eligibility calculator with loan service package option are the ones that you should be looking out for as they are likely to increase the chances of you getting a better deal.

Source:http://inrcredit.edublogs.org/2018/11/22/how-can-a-salaried-employee-get-their-personal-loan/