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Personal loans are no less than saviours in times of financial distress. Simple eligibility criteria, easy application process and instant disbursem*nt of funds make it one of the most convenient loan options. At Hero FinCorp, we ensure that you face no hurdles at any step. We have kept our eligibility requirements minimal so you can easily access funds just when you need it the most.
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Hero FinCorp Personal Loan Eligibility
An urgent need for funds can arise at any time. In such situations, having to run from pillar to post to raise funds can be stressful and may have an ill-effect on your health. To help and support you in such times, we have simplified and streamlined our eligibility criteria for personal loans. For easier loan processing, we have kept our personal loan eligibility for self-employed different from that for salaried individuals. Let’s look at Hero FinCorp’s eligibility for personal loans in more detail:
| Parameters | Description |
| Citizenship & Age |
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| Occupation |
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| Work Experience | For Salaried Individuals:
For Self-employed Individuals:
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| Maximum Loan Tenure |
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| Maximum Loan Amount |
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| Monthly Income |
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Factors Affecting Personal Loan Eligibility Criteria
Since personal loans are unsecured loans, your personal loan eligibility depends on your profile. We consider the following factors while assessing your application for a personal loan:
Age:
Age reflects your earning potential, making it an important factor influencing your personal loan. Young individuals have a higher earning capacity than retirees or elderly people. However, at Hero FinCorp, anyone within the age of 21 years and 58 years can apply for this loan.
Income:
Although you need a monthly income of Rs 15,000 only to qualify for a personal loan, if you have a high income but are lacking in one or two areas, your application may still be approved. This is because high income makes your profile less risky.
Credit Report:
When we check personal loan eligibility, your credit report is the first thing we assess thoroughly. It helps us in understanding your previous loan history and your repayment pattern. If we find that you have defaulted on your previous loans and have poor EMI payment history, we may not accept your loan application.
Employer Status:
When evaluating personal loan eligibility for salaried employees, we check the soundness of your employer. Working for a reputable company or government organisation ensure timely salary credit and employment security, making your profile less risky and boosting your personal loan amount eligibility.
Employment Stability:
Whether you are salaried or self-employed, your occupation stability plays an important role in your personal loan eligibility. Individuals who frequently change jobs or businesses have a slim chance of loan approval compared to individuals with stable employment.
Debt-to-income Ratio:
Another important factor that influences whether or not you are eligible for a personal loan is your current debt. Regardless of how high your income is if the major part of your income is used for debt repayment your prospects of getting a personal loan are minimal. In general, a debt-to-income ratio of less than 50% is considered good.
How to Improve Your Eligibility for Personal Loan?
Calculating personal loan eligibility only to discover that you are ineligible for the loan or that the amount you are qualified for is insufficient to satisfy your financial crisis can be discouraging. Here are some ways to improve your eligibility for personal loans:
Improve Credit Report:
A bad credit report not only makes you ineligible for personal loans, but also makes you ineligible for other types of loans as well. Therefore, before applying for a personal loan, it is advisable to pay off any previous default debts and start paying your ongoing EMIs on schedule.
Add Co-applicant:
If you desperately need funds but have an average credit report or earn a low monthly income, consider adding a co-applicant. Adding a high-income co-applicant to your loan application will increase your loan eligibility and help you secure better loan terms.
Longer Repayment Tenure:
If you have a low income, apply for a personal loan with a longer repayment term. Longer terms mean lower EMIs, increasing your personal loan eligibility and making it easier on your wallet also.
Alternative Income Source:
If you have an additional source of income such as rental income or investment income, you must disclose it while applying for a personal loan. This will not only boost your personal loan eligibility but will also help you in receiving better loan conditions.
Multiple Loans:
When you are in urgent need of cash, be sure you are not applying for many personal loans with different lenders at the same time. Doing so may create a bad impression of you and financial institutions may reject your loan application. For best results, check personal loan eligibility online for various lenders and apply for the loan with your preferred lender only.
Frequently Asked Questions
How to check eligibility for a personal loan?
To check your maximum personal loan eligibility, you can either visit our nearest branch or can check personal loan eligibility online on our website.
Who can apply for a personal loan?
Personal loans in India are available to both salaried and self-employed individuals.
Is Rs 10,000 monthly income enough to be eligible for a personal loan?
No. At Hero FinCorp, you must have at least a minimum monthly income of Rs 15,000 to be eligible to apply for a personal loan.
How does my credit report influence my personal loan approval?
Your credit report not only reflects your borrowing history but also helps lenders in determining the level of risk associated with your profile. If you have a history of default loans, it will show up on your credit report, lowering your chances of getting a personal loan.
What factors play a deciding role in determining my personal loan eligibility?
Before you proceed with your personal loan eligibility check, consider the following factors to see if the lender will take your profile into account or not.
- Your age and income
- Your credit report
- Existing debts
- Your employment stability
How does adding a co-applicant increase my personal loan eligibility?
When you add a co-applicant, the lender will evaluate the individual income of both applicants. As a result, if your income is insufficient, then the co-applicant’s income fills the gap. Adding a co-applicant or co-borrower to your application reduces the risk of lending associated with your profile.
