Your Loan Eligibility Holds the Key to Your Dream Home

Latest News - Have you ever been hounded by telemarketers urging you to apply for a loan? Calls, text messages, WhatsApp or even meeting you in person, representatives of financial companies leave no stone unturned when it comes to convincing you to take a loan.

But how is the loan eligibility application processed? Do lenders really bend over backwards to hand you the loan cheque? It does not quite work that way.

Yes, sales personnel employed by financial institutions are aggressive in their attempts to lure you. They have to be; their commissions depend on it. And if one takes the bait and applies for a loan, the situation is likely to change by the time the application is processed.

It is the borrower who is expected to satisfy the credit parameters and fulfil all the eligibility criteria for the Home Loan.

Let’s get down to the basics. What do you think is the main eligibility criteria for taking a Home Loan?

The simple answer is the borrower’s ability to repay the loan.

This means the income of the loan applicant must be enough to pay the instalments on time. The lender provides a schedule for paying the equated monthly instalments (EMIs).

With interest rates favourable, now is as good a time to take a Home Loan as any. And non-banking financial companies (NBFCs) such as Bajaj Finserv offer instant approvals and Home Loans at attractive interest rates when you apply online.

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Why are More People Applying for Personal Loans?

Why do people prefer Personal Loans
 

There are many factors that make Personal Loans more attractive.
 

• Easy to get: Personal Loans are easier to obtain than many other types of loans.
• Flexible usage: You can use the funds in a variety of ways. You can use it to pay for a vacation or a medical emergency. You can use it to fund a wedding, renovate a house, and more. 
• Quick process: It can take as little as three days to get approval for a Personal Loan. Just make sure you have all the necessary documentation.
• No collateral: Personal Loans are unsecured loans. In other words, they are not backed by any collateral. This helps reduce the documents required for your loan application or even the duration of the vetting process. 

You can even apply for a Personal Loan from the convenience of your home. All you need to do is visit the lender’s website. An application for a Personal Loan from Bajaj Finserv , for instance, usually takes seconds for approval and you can get funds of up to Rs.25 lakh in as little as 72 hours. 

 

 

The bottom line

Personal Loans are popular today, but it is important that you opt for a professional lender to avail financing. Keep the various factors in mind when you apply for a Personal Loan and take the first step towards fulfilling your financial goals. (read more...)