People often ask this question repeatedly, “how to find out if I am eligible for a particular loan or not?” This is not with one person or prospective applicant, whichever you would like to call them. It seems almost everyone planning to take a loan for the first time, or even for a second for that matter; faces the same dilemma. Thus, if you have been planning to take a loan, or apply for a loan - and you have been dealing with the same perplexity; take a look at the Loan Against Property Eligibility Criteria and measure your loan eligibility accordingly.
Every loan differs in nature, and thus, chances are their eligibility criterions will differ from each other, too. Thus, make sure to check the eligibility criteria of the particular scheme. For example, Ms. Anandi Raghuvanshi, a small businesswoman from Ahmedabad, was planning to take a loan against property but she wasn’t sure if she was eligible for it. She called the bank to inquire about the eligibility criteria, and the bank sends a list of criterions they were expecting Ms. Raghuvanshi to fulfill.
>Age: As mandatory for all kinds of credit schemes, the minimum age requirement for taking a loan against property is 25 years.
>Employment: As per this criteria, the applicant needs to be employed with a private firm or a government enterprise for a minimum of three years. Or, in case the applicant is self-employed, they need to have a certified business.
>ITR: The applicant must have filed his/her ITR for at least two preceding years from the date of application.
In the end, if you want to apply for a loan against property, these are the criterions you have to qualify. Read more: Know the Eligibility Criteria to Avail a Loan Against Property
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