Common Eligibility For Personal Loan
- Income Basis – on the basis of ITR, salary or form 16.
One can expect a Loan equal To EMI one half Of Monthly Income.Monthly Income (MI) For Businessman
MI= 1/12*(Net Profit As Per ITR + Interest To Partners/ Directors + Interest On Unsecured Loans + Depreciation)Monthly Income For Salary 100% Of Fix Monthly Component + 50% Of Variable Components Such As Bonus, Commission Etc. Which Is Not Fixed By Its Nature
- Running Emi’s basis which is called surrogate income proof or track basis
- Credit card basis- Twice of credit card limit, if last three months credit card payments made regularly without any default. The maximum loan amount one can go up to Rs.2.50 lac.
- Insurance Premium Paid Basis – One can get 5 times of annual premium of any Life Assurance Policy, if last two years premium are paid regularly without any default or delay. The maximum loan amount one can get is Rs.2.50 lac.
Running Emi’s, If Emi Paid Are >= 9 Or 50% Of The Total Tenure.
Categories: Eligibility Methods, Personal Loans India