Cash Loans in Delhi are unsecured loans that come with not-so-stringent eligibility criteria and are different from personal loans offered by traditional financial institutions. Personal loans offered by traditional banking institutions usually come with stringent eligibility criteria, especially under parameters of credit score, employer status, income and number of years of work experience. Easy Personal loans, on the other hand, come with easier eligibility parameters, making these loans more preferred in the current day.
What is the eligibility for personal loans from traditional financial institutions?
Before we go on to look at the eligibility criteria for cash loans in Delhi, let’s look at the eligibility for personal loans offered by traditional banking institutions that include top private banks and state-run banks.
Income
Traditional banking and financial institutions require you to have a minimum income of at least Rs. 30,000 or Rs. 35,000 to qualify for a personal loan. If you don’t meet the minimum income criteria, your application will be rejected.
Credit Score
Traditional financial institutions require you to have a minimum credit score of at least over 750. Even if a score of 750 isn’t present, a minimum score of 700 is almost always mandatory.
Number of years of work experience
The number of years of experience is another parameter that comes into play in determining your eligibility for a personal loan. As such, you should have at least 3 years of work experience to become eligible for a personal loan from a traditional financial institution. Also, your number of years of work experience in your current company should be at least 1 or 2 years (depending on the lender) to qualify for a personal loan from top private banks.
Past Repayments and Credit history
Your credit history is also a crucial aspect that determines your personal loan eligibility from a top private bank. If you’ve had too many instances of EMI bounces or late payments, you are in for some bad news as far as your loan application goes.
How can you get a cash loan in Delhi?
If you want to apply for an easy personal loan, approaching a Fintech company is your best bet – these companies have transformed the lending arena in India, offering quick and easy loans to individuals (mostly salaried individuals, although some companies offer loans to self-employed individuals as well). Qbera is one such Fintech company that offers easy personal loans to salaried individuals with eligibility criteria that is very easy to satisfy.
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