Personal Loan

The eligibility criteria for a personal loan may vary depending on the lender, but here are some common requirements that borrowers should expect:

1. Credit score: Lenders typically require a minimum credit score for personal loan approval, with higher credit scores increasing the chances of approval and potentially lowering interest rates. Generally, a score of 700 or above is considered good, while scores below 700 may make it more difficult to qualify.

2. Income: Lenders will typically require borrowers to have a regular income source and may have minimum income requirements.

3. Employment history: Lenders may also consider a borrower's employment history, including their length of time with their current employer and their job stability.

4. Debt-to-income ratio: Lenders may also consider a borrower's debt-to-income ratio, which is the amount of debt they have relative to their income. A lower debt-to-income ratio may increase the chances of approval and potentially lower interest rates.

5. Citizenship and age: Borrowers must be legal residents of the country where they are applying for the loan and typically must be at least 18 years old.

6. Other factors: Lenders may also consider other factors such as the borrower's payment history, the purpose of the loan, and other financial obligations.