Personal loan, a financing solution which saves many of us when we are facing economic troubles. With an application submitted to the lenders, processing of documentation, approval, and then sanction of the desired amount with monthly EMI eases the immediate problem.
However, it has been observed that many often have multiple questions related to the loan and the lowest interest rate for personal loan.
Here in this blog, we are addressing some of the most common of them. Keep reading the blog to find about them.
- Can I get a personal loan if my salary is Rs.15000?Difficult, but yes.
- Which bank gives personal loans at lower rates?Most of the top private banks like HDFC Bank, Kotak Mahindra Bank, Standard Chartered Bank, Axis Bank, etc. offer loans at a starting rate of 9.50%. The personal loan in Hyderabad rate depends on the company you are working for, your salary, work experience, your expertise, previous loan history, track record, etc.
- Can I get a personal loan from another bank if I already have a personal loan? To determine the eligibility for a loan most bank uses FOIR parameters.FOIR is also known as a Fixed obligation/ Income ratio. It helps banks in calculating the EMI paying capacity after considering the current income of the applicant and the EMI that he/she is currently paying.To put it in a simpler language it can be said that if you are currently paying 20% of your current salary as EMI, there is a chance you may get additional personal loans subject to a positive profile and other factors that banks consider while approving a loan.
- How can I get a personal loan without a salary slip?There are a few non-banking finance companies that provide loans to applicants who don’t have pay slips to show salary break up but the salary gets credited in the bank account every month.A good CIBIL score and healthy banking are what the loan provider looks for to ascertain the loan eligibility and rate of interest.
- What is the processing fee for a personal loan?Average processing fee for a personal loan can be somewhere around Rs. 500 to up to 3% of the loan amount.As per the market trend the processing fee for the majority of salaried people, would be 1% but it is the bank’s discretion to charge a processing fee that they find appropriate
Personal Loan – Eligibility
Banks offer personal loans to customers who fulfill the eligibility criteria decided by them. The eligibility criteria change from bank to bank and the profile of the borrower.
There are many factors considered by a financial body to cross check the eligibility of a person to avail a personal loan. Where there are many standard obligations, there are a few set of exception and special case requirements depending from person to person.
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As mentioned above there are some commonalities that you have to follow or acquire to get a personal loan from any bank.
The basic protocol followed by banks to give personal loans is as – considering the gross or net income of a person minus any loan obligation.
CIBIL score is the other most important factor and you can read about the same here.
Conclusion
To sum it all up, it can be said that availing of a personal loan is possible and easy if all the requirements are met, especially when the CIBIL score is good. And yes, one with a current loan can also get a personal loan if the eligibility is met. Hence, it is best advised to check with your loan consultants in Hyderabad when planning to get one.
