Minimum Requirements for a Loan – What You Need to Qualify?
Obtaining a loan can be a straightforward process if you meet the minimum eligibility criteria set by financial institutions. Whether you need a personal loan, business loan, or home loan, understanding the key requirements can increase your chances of approval.
At Vizzve Financial, we simplify the loan application process, making it easier for individuals and businesses to access financial assistance. Here’s what you need to qualify for a loan.
1. Age Criteria
Most lenders require borrowers to be within a certain age range:
- Minimum age: 21 years
- Maximum age: 60 years (for salaried individuals) and 65 years (for self-employed individuals)
2. Income Stability
Lenders assess your income stability to ensure you can repay the loan. The general requirements include:
- Salaried Employees: Minimum monthly income of ₹15,000-₹25,000 (varies by lender)
- Self-Employed Individuals: A stable business with at least 2-3 years of operations
3. Employment Type
- For Salaried Individuals: Must be working in a government organization, private company, or a reputed institution.
- For Self-Employed Individuals: Should have a steady income from business or professional practice.
4. Credit Score
A CIBIL score of 650 or above is preferred for most loans. A higher credit score improves approval chances and helps secure better interest rates.
5. Minimum Documentation
To process your loan, basic KYC and financial documents are required:
- Identity Proof – Aadhaar Card, PAN Card, Voter ID, or Passport
- Address Proof – Aadhaar Card, Utility Bills, or Rent Agreement
- Income Proof – Salary slips, ITR filings, or bank statements
- Business Proof (for self-employed) – GST registration, trade license, or business bank statements
6. Loan-Specific Requirements
Different types of loans may have additional conditions:
- Personal Loan – No collateral required, but higher interest rates for low-credit-score borrowers.
- Business Loan – Business turnover and profitability reports may be needed.
- Home Loan – Property documents and down payment details must be provided.
Why Choose Vizzve Financial?
At Vizzve Financial, we offer easy loan approvals, minimal documentation, and flexible repayment options. Whether you need a personal loan in Bangalore or financial assistance for your business, we provide customized solutions to fit your needs.
Apply for a hassle-free loan today! Visit www.vizzve.com to get started.