What is the eligibility criteria to get a personal loan from a Loan App?

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Securing a personal loan from a loan app requires meeting specific eligibility criteria customised by the lender. These criteria typically include factors such as credit score, income stability, employment status, and age.

 Understanding these prerequisites is important for potential borrowers to gauge their eligibility and prepare the necessary documentation. Meeting these requirements not only increases the likelihood of loan approval but also ensures responsible financial planning.

 This guide explores the essential eligibility criteria set by loan apps, empowering individuals to make informed decisions when seeking financial assistance through digital platforms.




Personal Loan Eligibility

If you are in need of urgent funds, a personal loan can be a helpful tool. To apply for a personal loan, you will have to fulfill the following eligibility criteria.

      ●       Nationality - Borrower should be an Indian citizen

●       Age - The minimum age of the applicant must be 21 years

●       Employment - Applicant should be employed with any public, private or LLP

●       Work Experience - Candidate must have in their current role for a year least

●       Income - The minimum income of the applicant must be ₹30000

●       Credit Score - A credit score of 700 or higher is typically required by lenders in order to be approved for a personal loan.

Personal Loan Documents

Below is the list of personal loan documents that applicants will require to apply for a personal loan.

Identity Proof

●       PAN card

●       Aadhaar card

●       Driving License

 Address Proof

●       Electricity bill, rent agreement or Indian passport

Income proof

●       Latest salary slip from the current employer

Bank account statement

●       Original bank statement for the last three months in PDF format

Employment proof

●       Offer letter

●       Monthly salary slip

●       Copy of the employment contract

Conclusion

Understanding the eligibility criteria for obtaining a personal loan from a loan app is essential for navigating the borrowing process successfully. Each app sets specific requirements, such as creditworthiness, income stability, and employment status, which borrowers must fulfil to secure funds.

Among the various options available, LoanTap stands out as a preferred choice due to its flexible repayment plans, competitive interest rates, and customer-centric approach. With innovative features like customized EMIs and quick disbursal times, LoanTap ensures a seamless borrowing experience customised to meet diverse financial needs.

 Choosing LoanTap not only simplifies the loan application process but also promotes financial stability through transparent terms and reliable customer support.



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