How to Get a Same Day Loan in India

Income– Income of the applicant is the first eligibility criteria which one has to
fulfill as this is the prime parameter to gauge the repayment capacity of the
borrower. The maximum amount which one can borrow also depends on the net
income of the borrower. With a high monthly income, one can have a loan of a
bigger amount.
Age– The age of the applicant is also checked while applying for an online loan.
A loan is approved to the applicant only if the applicant is more than 21 years
and less than 60 years old. Let’s say, an applicant has applied for a loan at the
age of 58. In this case, a loan may be granted to him/ her but the loan must be
closed before the applicant reaches 60. It means the applicant will have to repay
the loan within 2 years.
Credit Score– A credit score is a numeric expression provided by the credit
rating agencies which expresses your previous credits and your repayment
habits towards the credits. All your loans and credit cards will be reflected in
the credit history included any late or missed payments. A credit score ranges
between 300 to 900. A score above 750 is considered eligible for the loan.
Employer– Along with the income, the employer of the applicant is also
checked. If the applicant is employed by a reputed employer, he/she is about to
get a loan in an easier way as compared to the one who works for an employer
who has a debt on him. In the case of a self-employed applicant, the employer
checks the business history of his business before sanctioning the loan.
Employment– The employment history of the applicant is also checked while
sanctioning the loan. If it is found that the applicant has changed the job
frequently, it is taken as a un stability of the applicant which may result in not
approving the loan.
FOIR– The FOIR is the short form of Fixed Obligations to Income Ratio which
is a way to calculate the applicant’s total financial obligations including the
present loan. A personal loan is repaid through EMIs which is a fixed amount.
The total outgo of a person including the applied loan should not cross more
than 50% of the net monthly income. If you have to pay more than 50% of your
income in repaying your debts, a lender will not approve a new loan to you as
the chances of defaulting the loan increases.
If you find that you can satisfy all the criteria of the lender, then the next comes
the documents. There are some documents which you are to provide in order to