There are certain factors that determine your eligibility for a personal loan. First, your place of employment tends to be categorized into 3 tranches, A, B or C. If, say, you work at a reputed multinational company, your eligibility is likely to be rated high. Second, your liabilities and obligations count as a risk for banks. If your total EMI obligation on existing loans, like a home loan, exceed 50-75% of your net salary, a lender will not be willing to underwrite an additional liability. Third, your gross and net salary determines your capacity to repay and therefore has a disproportionate impact on both your eligibility as well as your interest rate. 

Finally, your credit score is the primary check that banks use to ascertain your creditworthiness. A credit score below 600 automatically raises red flags, reduces the number of lenders willing to take on your case, and increases the interest rate of your loan as a risk premium for lenders. 

You can check your eligibility here (to be hyperlinked to eligibility calculator)

There are certain factors that determine your eligibility for a personal loan. First, your place of employment tends to be categorized into 3 tranches, A, B or C. If, say, you work at a reputed multinational company, your eligibility is likely to be rated high. Second, your liabilities and obligations count as a risk for banks. If your total EMI obligation on existing loans, like a home loan, exceed 50-75% of your net salary, a lender will not be willing to underwrite an additional liability. Third, your gross and net salary determines your capacity to repay and therefore has a disproportionate impact on both your eligibility as well as your interest rate. 

Finally, your credit score is the primary check that banks use to ascertain your creditworthiness. A credit score below 600 automatically raises red flags, reduces the number of lenders willing to take on your case, and increases the interest rate of your loan as a risk premium for lenders. 

You can check your eligibility here (to be hyperlinked to eligibility calculator)

If you are applying for a personal loan, then your application must follow a few standard protocols. They are eligibility checks, credit score checks, documentation, verification, approval, and disbursement. Every lender has their own time frame that they take to approve a personal loan. After submitting your application along with your documents, it might take as many as 7 days to get your loan approval and a couple of days more for disbursement. 

InstaDhani makes this process easier than ever. From checking the eligibility to making sure the disbursement is done correctly, everything is taken care of by our Financial Advisor.

Your personal loan EMI, or equated monthly installment, is calculated using two parts, an interest payment and a part payment of your principal. You only pay interest on your outstanding balance. So this means that even though you pay the same EMI each month, it comprises an increasingly larger proportion of interest repayment and decreasing amount of interest. This ensures that by the end of your tenure, you have completely paid off your loan and have zero outstanding balance on your loan amount.

To understand your EMI calculation, and to run various scenarios on your interest rate, loan amount, and tenure to select the option that saves you the most money, make sure you use an EMI calculator like the one here

While there are multiple avenues to avail a personal loan, it is important that you get the best deal in the market. At InstaDhani we ensure that we give you unbiased information about the contract that you are getting into. Our Financial advisors will ensure that the entire process is made seamless and you avail the loan from the comfort of your home.

– KYC
– Salary slips
– Bank Statement