Personal Loan

How to check Instant Cash Loan Eligibility Online?

Who will meet criteria to qualify a cash loan? It is believed to have a cash loan easy.

However, that’s not always true. Banks and NBFCs have pre-defined set of rules and regulations for admitting loan applications.

Firstly, the minimum limit to apply for a cash loan should be 21 years and over. For the maximum limit, it can The minimum age limit to apply for loan should be 21 years. Maximum age can leap upto 60 years (for salaried) and 65 years (for self-employed) at the time of maturity of cash loans.  The age criteria changes from one financial institution to another.

Secondly, your monthly salary to get a instant cash loan sanctioned should be atleast Rs. 25,000 or above.

Most banks and NBFCs offer time bound cash loans to individuals in both work categories (service and business). It is quite simple to check eligibility instantly. The services are easily available online.  You can check your eligibility at any given point of time. Some banks also facilitate users with the right to check eligibility for pre-approved loans. Even if you’re not an existing bank user, the process to view your eligibility is quite simple. The process has been turned quite transparent, fast and hassle free.

The below highlighted categories of individuals are eligible for a cash loan:

  1. Employees of private and public limited companies, including central, state and local authorities.
  2. Individuals falling in the age bracket of 21-60 years of age
  3. Individuals who have an earlier experience of 2 years or more, and about 1 year with the present employer.

Individuals must be earning minimum Rs 15,000 every month in small cities and about Rs. 20,000 in bigger cities like Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin.

Other Factors to be Taken Note

Once the determined set of criteria are met, there are a few other factors to be kept in mind. Let’s list down the supporting documents which are also important to submit an instant cash loan application. The supporting documents differ from one financial institution to another. The following can be carefully viewed for a closer look:

For salaried:

  1. Ensure you have a copy of salary slips for the last 3 months atleast
  2. Income tax returns of the previous year
  3. Bank statements for a period of 6 months

For self-employed:

  1. Bank statements for a period of 6 months
  2. All Income Tax returns and acknowledged receipts must be 2 years old.
  3. P/L statements, balance sheets and Income Tax Papers Profit and loss statements for atleast last 2 years.

The above underlined yardsticks are applicable for all banks/NBFCs in India.  A few also ask for additional documents depending upon the specific lending institution.

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