Rita Ghosh was short of INR 50,000/- to complete her purchases for her wedding trousseau. Yet, she had exhausted her existing financial resources and reached well over her credit limit to fulfil her wishes. That’s when someone suggested a personal loan to make her a happy bride. Upon considering various loan options, she decided to go with her bank where she receives her monthly salary. Yet, to her surprise she had been refused a loan by her bank. Rita was considered ineligible for a personal loan as she was only 22 years old and her bank offered personal loans to only those above 23 years of age. Should such a circumstance ever occur to you or your loved ones, it’s always advisable to compare personal loan eligibility conditions.
Comparing personal loan eligibility conditions
Rita faced the embarrassment and the disappointment of an incomplete wedding trousseau. Wedding plans can be overcome but other situations such as medical emergencies can be difficult to overcome, in case one is refused a personal loan.
Yes, life can be very uncertain until you read the fine print. One of the most critical factors that can impact your life is that very fine print, you chose to ignore. Banks go out of their way to attract consumers with their personal loan interest rates or attractive repayment facilities, yet they do not provide loan eligibility conditions. Here’s a look at what you should compare while browsing through the personal loan eligibility conditions:
- Compare the age criteria: Not all banks have the same age criteria. In the case of Rita, she missed the age criteria limit by a year which meant that she would be unable to complete her wedding trousseau as she wished. Such a catastrophe can be avoided, if she went with another bank who considered her eligible for the personal loan.
- Compare the minimum monthly salary: Take heed of the minimum monthly salary required to be eligible for the personal loan. This is a vital aspect that can make or break your financial plans.
- Compare other eligibility conditions: Check the requisite employment record, if you need to produce any. Compare these across banks, along with other vital components such as showing educational qualifications and residential proofs.
Rita chose to go with another bank that considered her as an eligible candidate for a loan. Remember to compare each and every aspect before you make a decision to consider a certain bank as ideal for a personal loan. This is particularly required while considering a specific loan option. Apart from comparing interest rates and repayment options, take personal loan eligibility conditions as a vital aspect for comparison.