March 31, 2020
A personal loan is one of the easiest loans to take if you have enough funds for it. Salary is one of the major factors determining your eligibility to avail a personal loan. For this reason, many applicants fail to borrow the loan amount since they’re ineligible for the same.
Since this loan is an unsecured one, the lenders will not require applicants to provide certain assets for the certainty that the loan will get repaid. This is the reason why the interest of these loans are higher and the income of an individual is considered. However, there are multiple lenders which offer personal loans on a low income, Nitstone being one of them.
Getting a personal loan sanctioned maybe a problem. It depends on multiple factors such as your income and credit score. Your income becomes an important determinant reason being, it determines your ability to repay back your loan and EMI’s.
Other reasons why your income is important is -
1 - You can get a lower interest rate on a good income and vice-versa
2 - Having a high income can help you with borrowing the loan amount more
3 - You will have multiple options and lenders to choose from
4 - Repayment flexibility will be provided
There are a few other possibilities - In case your credit score is good and so is your income, you will have way better chances of getting approved of a loan with your desired amount.
If your credit score is low, but income is high, also then you can get good options for your loan.
If both the income and credit score is low, the options become lesser. But not to be sad or anything. You can still avail personal loans as many lenders offer flexible plans for the borrowers in this situation.