When it comes to applying for personal loans for expats, there are several basic eligibility criteria for applicants. These include your credit score, your income, and the location of the loan. It’s important to meet these criteria to make sure that you’ll be approved for the loan. These criteria will vary by lender, but most banks have a few standard requirements.
Minimum credit score:
One of the most important factors in determining a person’s credit score is the amount of on-time payments they have made. This accounts for nearly 30% of a person’s credit score. If a person has a history of making payments on time, it shows lenders that they’re responsible for the money. They also want to see that a person has a low credit utilization ratio. The lower this number is, the more comfortable the lender will be about approving a loan application.
Income is an important factor in qualifying for a personal loan, but the minimum income requirements for lenders vary based on the amount of money you make. Even if your income is higher than the minimum required by a lender, other factors, such as your credit score and monthly bills, maybe more important. As a result, make sure you carefully evaluate the minimum income eligibility criteria for your particular lender and loan amount before applying.
A good loan can be a lifesaver for people who need money for a specific purpose. It can solve an emergency or help you consolidate your debt. However, qualifying for a personal loan can be difficult for those with a low income. You may want to consider a cosigner to make your application more appealing.
Location of loan:
The location where you live and work will also have an impact on your eligibility. For example, living expenses are more expensive in Tier I cities than in Tier II and Tier III cities. This means that the loan eligibility criteria for lenders in these cities may be different. In addition, the organization where you work will be a factor in your eligibility for a personal loan. If you are employed by a large, established company, your chances of qualifying for a loan will be better.
Before applying for a personal loan, you must first check the eligibility criteria for the lender’s loans. The minimum salary and maximum amount that you can borrow will vary based on your location and the lender’s guidelines. The minimum salary requirements will vary from bank to bank but are generally higher in metro and urban areas.