The Personal loan scheme offered in the Indian market is one of the most conducive schemes among all others, especially due to the end-usage flexibility that comes with it. The feature allows people to use the said scheme as a multipurpose loan, a loan that can be used to manage any type of expense. This is probably the reason personal loan happens to one of the most popular credit schemes in the India market, especially in urban areas.
In addition, personal loans are easily accessible, the documentation process is quick, the borrowing limit is quite high, and even the repayment tenor is wide. In short, the credit facility is really easy to avail if you have got the required creditworthiness. Having said that, if you ever plan to apply for personal loan, you must not take the things so lightly. Even if your CIBIL score is a good shape and your repayment history is as good as it can be, apply only after checking your borrowing eligibility i.e. how much can your borrow by applying for a personal loan.
How can you check your personal loan eligibility?
- Firstly, you must check the eligibility criterions mentioned by the lender and assess your loan eligibility.
- Secondly, you can use the personal loan eligibility calculator and find out the exact amount you can avail. The eligibility calculator is very easy to use and would take only a few minutes.
On a concluding note, you must always use the personal loan eligibility calculator available on the website of the lender you’re going to go with for your loan.