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Are you eligible to get a personal loan in Siliguri?

When a situation arises that requires a big expenditure, there is a good possibility that you will be unable to find the necessary funds from your own resources at once. For most of us, the majority of our savings is locked away in investments so that the money grows into a respectable sum. It may not always be possible to beak the investment and get access to the money. In such situations, what can you do? A personal loan in Siliguri is a simple way to address such situations.

Personal loans are a great way for many people to fulfil needs of various kinds. Be it a marriage or a vacation or a medical procedure or even a professional course, these can be financed via a personal loan easily and quickly. All that you need to see is that you match the personal loan eligibility criteria and you are all set to get access to funds over and beyond what you can afford right now.

Who is eligible for a personal loan?

The typical personal loan eligibility criteria are quite straight forward and practical. That’s why so many individuals opt for these loans to take care of their sudden financial needs. While lenders may have their own specifications, generally they do follow the same rules to determine eligibility for a personal loan in Siliguri. If you match the following, you are most likely to be eligible for a loan of this kind:

  1. Age of the borrowers should be between 21 years and 60 years. Usually, the lender insists that the loan repayment period is completed before your 60th During your most productive years, that is, as a young professional, it is easiest to get a loan and repay it too. Since you have plenty of earning years ahead of you, the lender too is more confident of loaning funds to you if you are a young professional.
  2. You must be drawing a steady salary from a private firm or public limited company. The magnitude of your salary makes a difference to how easily your loan application is sanctioned and also how attractive the rates of interest offered to you are. High salary individuals find it easy to get loans especially if they can show statements indicating a good bank balance saved up too. Most lenders also require you to have worked for a minimum period before you can apply for loans.
  3. If you are a business owner, and cannot show a steady salary income, don’t worry. Personal loans are also available for those who are self- employed. The lender is only concerned about your ability to repay the loan. Whether you get your steady income month after month by way of salary from your employer or income from your business does not make a big difference to him. Usually, there is a minimum turnover limit set by lenders as part of the personal loan eligibility criteria. As long as you meet this limit, you should be easily able to find a personal loan.
  4. A good CIBIL credit score is a must for availing of personal loans. A score above 700 is considered a good one by lenders. This score is very crucial for you and you must take steps to ensure it is always maintained because whenever you wish to take on a financial responsibility, this is the score that will be examined first. The CIBIL score shows how well you can fulfil financial commitments and how healthy your finances are at the moment. Take the time to check your credit score once a year at least and if you are applying for a loan, right before you do so. Check the report for any errors that may unnecessarily lowering your score and correct them before you make your application.

If you match all these criteria, then you can start comparison shopping various loan products offered by different lenders to find the one that suits you best. Once you find the right one, carefully go through the terms and conditions on the application to ensure you understand the financial responsibility completely. Once you are sure, you can apply for your personal loan in Siliguri online from the comfort of your home and await approval and sanction from the lender.

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