Being a digital lending platform and providing borrowers an online personal loan, Loan Singh is often asked about its loan eligibility criteria.
Let me share this with you. For now, to apply for a loan, you have to be of Indian nationality. For loan approval, there are some other requirements that Loan Singh requires before getting you that quick loan. So, why is there a need for eligibility in the first place? For starters, some of the many applicants for a loan at www.loansingh.com are students who want a loan for a new gadget or are non-working individuals who assume that a personal loan can be availed with no income required. Loan Singh’s FAQ’s page, provides applicants with details to understand the eligibility criteria for a personal loan. Through this piece, we provide our readers with a personal loan eligibility checklist so that the truly under-served citizens in India get the opportunity to avail a personal loan.
What is a Personal Loan?
It is important for us to understand what a personal loan is. There are many misconceptions surrounding a personal loan such as:
- Personal loan requires collateral
- Personal loan cannot be used for debt consolidation
- Personal loan, being an unsecured loan, requires more paperwork
Personal loans are unsecured loans that are availed to meet financial needs. As it is a type of unsecured loan, it does not require any collateral or mortgage. For a secured loan, the credit institution uses the collateral as a way to mitigate risk in case the borrower defaults. For a personal loan, however, the borrower’s credit worthiness determines if he/she can pay the loan EMIs regularly and that too without straining his/her daily living. Your credit bureau report acts like a gauge for Loan Singh. It shows how prompt you have been in your previous credit responsibilities and how much trustworthy you are.
Why Personal Loan is a good source of quick funds?
There is nothing more scary and worrisome than being in a position where you need to generate quick funds. The advantages of applying for a personal loan are:
- No collateral – Having no collateral gives personal loan an advantage over secured loan because even if you do not own any fixed assets, you can at least get funds.
- Multiple purposes – A personal loan can be availed for a number of purposes such as purchase of household appliances, electronic gadgets, holiday travel, home improvement, relocation of job, medical expenses, home renovation, marriage, and the likes.
Not only is personal loan the best alternative for quick funds, Loan Singh’s quick and easy application process also helps you get the funds you need for any financial emergency.
Loan Singh’s Personal Loan eligibility checklist
Before you begin the quick and easy application process at Loan Singh, check the following eligibility criteria required for a personal loan.
Being a Salaried Professional
To avail a personal loan from Loan Singh, you need to be a salaried professional with a monthly salary of minimum Rs.15,000.
Credit Bureau Score
Loan Singh looks at your credit bureau score, to evaluate your credit worthiness, before approving the loan. A credit worthy borrower is someone who has been prompt in his/her previous loan EMI payments, maintains a good credit utilization ratio, has been paying off his/her credit card bill on time and has never overspent over the credit card limit. If you have never availed of a loan before, you will have no credit history. In that case, you need to be salaried for at least 3 months to be eligible for a loan at Loan Singh. The lower your credit bureau score, the lower your chances of being eligible for a personal loan.
You as a borrower need to be at least 21 years of age to be considered eligible for a personal loan with Loan Singh. As mentioned above, you must be of Indian nationality and salaried.
You need to have a stable income – received each month. A good budget is important for times when you might find it hard to pay off the loan EMIs.
The process to get an easy and quick loan with Loan Singh is mentioned below:
Get Started Page – Select ‘PERSONAL LOAN’ from the dropdown and enter the loan amount with the desired repayment tenure.
Registration page – Add your contact number, personal email ID and corporate email ID
Social Authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates
Profile Page – Fill in your name, gender, father’s name, number of dependents and PAN Details. We use your PAN Card Number to check your Credit Score & as a KYC document.
Address Page – Choose your type of residence; mention your street address, city, state and pin code.
Job Profile Page – Mention your current designation, total work experience, company name, highest qualification, last institution attended and monthly salary.
Financials page – Upload your latest 6 months bank statement either from your computer, GMail account or net-banking account directly.
Auto Debit Page – Provide permissions to your bank name, account number and IFSC code so that Loan Singh can auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss out on any loan EMI payments.
Loan Rejection Reasons
Your personal loan application can be rejected by Loan Singh for the following reasons:
Poor credit score – Default in any of your previous or running loan EMIs or credit card bill payment.
Job profile and monthly income – If your monthly income is insufficient to pay the monthly repayments on time then your personal loan application will be rejected.
Required loan amount – You cannot apply for a personal loan at Loan Singh with a far-fetched loan amount. Your loan amount will depend upon your income and repayment capacity.