What is loan eligibility?

Generally, the lender takes out a personal / unsecured loan to meet your financial crisis and demands. This type of loan amount can be used to meet your personal requirements in addition to the home or vehicle loan. All borrowers are expected to meet a certain credit factor and meet all the criteria to be eligible for the loan. The eligibility criteria may have certain limits on income, your withdrawal, banking behavior, your CIBIL score, income stability, past loan history, etc. However, it can vary among all financial lenders. With the help of factoB’s Loan eligibility calculator you will know your eligibility for a loan. You can also access factoB’s EMI, SIP, CIBIL Score, tip and income tax calculator.

Generally speaking, any other financial lender will consider 50% of your income as repayment capacity, while the factors will consider 55% of your income.

What are the eligibility criteria for loans?

What are the terms and conditions that must be met? Who are eligible to apply for a personal loan?

Do not eat factoB You can apply for a loan only if you are a salaried person.

Five tips to increase loan eligibility:

1. Increase loan tenure

When you are low-income or have other EMIs as well, you can increase the term of the loan. The reason behind this is that the amount of EMI will decrease. Eligibility for a loan will increase as your loan tenure increases.

2. Keep track of your CIBIL score

Before applying for a loan, make sure your CIBIL score is good and keep a clean report. If you have a good score, you can even ask banks or non-bank finance companies. [NBFC] for granting you loans at the most competent interest rates. A good and clean CIBIL score report will automatically increase your eligibility for a loan.

3. Documents

Before applying for a loan, the lender must have the essential documents with him. Documents can include basic identity and proof of address along with proof of employment and payroll, bank statements, etc. If you have all the documents to apply for the loan, your eligibility increases automatically.

4. Clean up existing liabilities

Reduce other debts and financial liabilities. Banks and non-bank financial companies [NBFC] it may not offer loans to those with too much debt and bills to pay. If you delete existing loans before taking out a new one, you may automatically increase eligibility.

5. Relationship with banking or non-banking financial companies [NBFC]

If you are a customer of a bank or non-bank financial companies [NBFC]You can get loans from the same financial institutions, as they may already have confidence in you and the necessary documents you need to apply for the loan.

This calculation can easily be done in a couple of seconds by filling in a few details. To calculate the tip, you can consult our mobile application – factoB.

You should choose a payroll software with the loan module, where you can grant loans to your employees according to your predefined policy. The loan could be used as an advance salary or through NBFC.