If you have just started your career with income level somewhere below Rs. 20,000 in Kolkata and also facing a financial crunch. Then the first best thing to look upon is Personal Loan in Kolkata. Though many of you might think that personal loan is only for high salaried individual and can’t be availed by low-salaried individuals, but that’s not true. There are many financial institutions that provide a personal loan to help out individuals with a low salary.
Personal Loan is the best financial support at the time of any financial crunch or crisis. Starting from funding any medical emergency to paying off a loan, spending for child’s education to family wedding expense, personal loan helps you meet all kinds of your financial requirement. But you need to remember that; the personal loan is an unsecured loan which does not need any security or collateral to keep with the lending institution. As the personal loan is unsecured so, the financial institutions charge a high-interest rate.
Eligibility Criteria to apply for Personal Loan in Kolkata
When you are applying for the personal loan in Kolkata, you need to satisfy the following eligibility criteria-
- Age – 21 to 65 years
- Type of Employment- Salaried
- Income – Minimum Rs. 10,000- Rs. 20,000 per month (may vary for different lending institutions)
- Loan amount – Rs. 50 lakhs (differs based on your repaying capacity)
- Loan Tenure- 6 to 60 months
- Credit Score – 750 or above
For an availing personal loan, your net monthly income plays a major role. A higher income will help you avail a good amount of personal loan. But when your salary is low, you need to maintain that other important parameters must have a positive effect on your personal loan application. Here are some very important factors which affect your loan application when you have a low salary.
- Credit Score – It is one of the most important factors which determine your loan amount, a rate of interest and loan tenure. Your credit score reflects your credit history. So, make sure that your credit score is 750 or above which indicates your creditworthiness. But if it is below 750 then your repaying capacity is questionable which can become a big hurdle in your way of getting the personal loan.
- Company – If you are working in a reputed company for a good 1 year, then the lending institution feels that you have a stable job and can repay the loan in time. So, even if you have a low income but working in a company with a good rating, then getting a personal loan would not become so difficult.
- Existing Liability – If you have an existing loan or credit card bill to pay, be very sure to pay it off before applying for personal loan. Otherwise, your existing credit will affect the rate of interest and the amount of loan.
- Residential Address – It is also one of the important factors which determine personal loan. Whether you stay in a rented apartment or in your own house. If you stay in a rented apartment, then your repaying capacity will be reduced as a result of your reduced disposable income. This, in turn, will affect your loan amount and interest rate.
- Job Stability – Your job stability plays a very important factor for availing personal loan. If you are someone who frequently switches your job then it indicates that you are quite unstable and your repaying ability will be doubted. But if you continue a job for a good 1 or 2 years, it indicates that you are trustworthy and reliable. And the lending institution wills not your repaying capacity.
Documents required to apply for Personal Loan
- Personal loan application form.
- Passport size photographs (at least 2 photos)
- ID Proof- AADHAAR Card, PAN Card, Voter Card or Passport.
- Residential Proof- Any Utility Bill like Electricity or Gas bill up to 3 months old, Leave and License Agreement.
- Form 16 of the last 2 years.
- Salary slips of last 3 months.
- Updated Bank Account Statement of last 3 months
- Copy of IT Return of last 2 years.