Planning to take a personal loan? Existing loans impact borrowing capacity

EMIs of existing loans can reduce the eligibility for getting a new personal loan.
  • Loan eligibility for salaried employees depends on factors such as age, salary and work experience.
  • Personal loans to self-employed professionals like charted accountants, doctors and businessmen are classified as business loans.
  • EMIs of existing loans can reduce the eligibility for getting a new personal loan.
  • Transfer existing loans to lower rates and reduce your EMIs. This will increase your eligibility for a new personal loan.
  • The company you work for impacts your loan eligibility. Working with a well-established firm affects it positively.
  • Banks prefer borrowers with credit score of above 650.

 


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel