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Want to Apply for a 5 Lakh Personal Loan? Check Out the Eligibility Requirements Here

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Personal Loan

A borrower may avail an Rs. 5 Lakh Personal Loan for various reasons, for medical emergencies, urgent home repairs, or education. Personal Loan eligibility requirements vary between lenders. This is why there are several factors that you need to take into account while applying for a loan.

Therefore, familiarizing yourself with standard eligibility criteria and documentation requirements before applying for a Personal Loan is crucial. It will streamline the loan application process for you and improve the chances of qualifying. Here we will discuss a few standard eligibility requirements to apply online for a Rs. 5 Lakh Instant Personal Loan.

Components of Personal Loan Eligibility Criteria

Here are a few things loan providers check to approve Personal Loans:

  • Age: The applicant’s age is crucial in evaluating their eligibility as it indicates – earning potential and repayment capacity. Loan companies usually prefer applicants aged between 21 and 65 years. People out of this age bracket usually have low repayment capacity. Since they do not have a regular income source, they may struggle with timely loan repayment.
  • Monthly Income: Loan providers impose minimum income requirements in their eligibility criteria to ensure sufficient means for loan repayment. The borrower’s monthly income is a crucial parameter while evaluating Rs. 5 Lakh Personal Loan applications. Lending institutions largely determine Personal Loan interest rates and amounts based on the applicant’s income. The higher your income, the likelier you will get easy loan approval at the best interest rates.

    Usually, loan companies ask for a minimum monthly income of Rs 25,000 in metropolitan cities like Mumbai and Delhi and Rs 20,000 in other cities. Self-employed professionals must prove their income stability with their yearly profit after tax payment. With predetermined minimum salary requirements, NBFCs want to ensure that their customers have enough income and funds to repay the Personal Loan EMIs on time.
  • Employer and Work Experience: Besides income, Personal Loan lenders also pay attention to the applicant’s employer and work experience while assessing their eligibility. For instance, if an aspiring borrower works for a private limited company, public sector undertaking, or government department, they will have higher chances of getting easy authorisation for a Rs 5 Lakh instant Personal Loan online.

    Moreover, the applicant’s work experience is another significant element that loan companies check while evaluating loan applications. Those with a minimum work experience of six months in the current company and one year of total experience are required. Because experienced applicants get jobs more quickly than newbies.
  • Credit Score: The prospective borrower’s credit score is another critical factor determining eligibility for a Rs 5 Lakh Personal Loan. The credit score ranges from 300 to 900, and those with a credit score of 750 or above are likely to get easy loan approval at lower Personal Loan interest rates. An individual’s credit score depends on several factors, including income, financial obligations, repayment history, length of credit history, outstanding balances, credit utilization ratio and other factors.
  • DTI Ratio: Expressed in percentage, the DTI (Debt-to-Income) ratio represents the part of income an applicant spends towards other financial obligations each month. It is an effective parameter to predict a person’s ability to repay current and new debt. For that reason, many loan companies do not approve new loans if their EMI exceeds 65% of the borrower’s income. Spending such a significant percentage of revenue on loan EMI will cause a financial crunch and make repayment challenging for the borrower, leading to missed EMIs or loan default.

Documentation Requirements

When an eligible candidate is ready to apply for an instant Personal Loan online, the loan company will request a few essential documents to confirm their details. These are the standard documentation requirements:

  • Identity Proof: Most loan companies require applicants to submit government-issued identity proof to prove that they are Indian citizens and are between the lender’s pre-determined age bracket. Some acceptable identity proofs include an Aadhaar card, driving licence, passport and voter ID.
  • Address Proof: NBFCs want to ensure their customers have stable residences. Address proofs include an Aadhaar card, passport, driving licence, voter ID, rent agreement, a utility bill for gas or electricity and ration card.
  • Income and Employment Proof: Lending institutions want to ensure an applicant can repay the loan on time. Therefore, they typically require income proof, including account statements, salary slips, ITR and Form 16. Self-employed professionals may prove their income with balance sheets, income computation, business proof, IT assessment and income tax challans.

While planning to apply for 5 Lakh Personal Loan online, it’s crucial to check personal loan requirements and prepare the application accordingly. Rejection will adversely impact your credit score and can even reduce loan eligibility from other lenders.

Check the details above to improve your loan eligibility before applying and get assured approval at better Personal Loan interest rates.

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Google restores delisted Indian apps after government intervention

Google on Saturday restored all Indian apps it had removed.

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Google has started to restore all the delisted Indian mobile apps on Play Store agian, which they had removed due to a disagreement over service fees. After a discussion between company representatives and IT Minister Ashwini Vaishnaw, the decision was made, according to sources.

The step was taken in response to Vaishnaw’s strong statement in which he said that it is not allowed for apps to be removed from the Google Play Store. The minister had said, India is very clear, our policy is very clear…our startups will get the protection that they need.

Vaishnaw  continued saying that he has already given Google a call. They will be speaking with the app developers who were delisted this week. This is not acceptable. The minister said this kind of delisting cannot be permitted.

Ten Indian companies’ apps were banned by Google on Friday, causing outrage in one of its fastest-growing markets. With 94% of phones running on its Android platform, Google holds a large portion of the Indian market. Popular names like Naukri and Bharatmatrimony were on the list.

The main point of contention is Google’s in-app purchase fees, which range from 11% to 26%. Indian startups have long opposed the US tech giant’s actions, believing them to be unfair.

The founder of Bharat Matrimony, Christian Matrimony, Muslim Matrimony, and Jodii, Matrimony.com, expressed shock at the matchmaking apps’ removal from the Google Play Store.

Shaadi. Com CEO Anupam Mittal described it as a dark day for India’s internet, highlighting the possible broad effects on matchmaking services. He also called Google an evil.

While, Kuku FM Co-founder Vinod Kumar Meena in a statement had said that Google was behaving like a monopoly.

Meanwhile, Google temporarily withdrew the famous Indian payments app Paytm from the Play Store in 2020, claiming a few policy infractions. Due to this decision, the founder of the company as well as the larger startup community came together to build their own app stores and file lawsuits against Google.

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Anant Ambani says he is 100% lucky to get Radhika Merchant in his life

Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her. He added although he had known Radhika for the last 7 years, it felt he had met her only yesterday. He thanked Radhika for everything.

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Anant Ambani and Radhika Merchant’s grand three-day wedding celebrations began with a glamorous cocktail night on Friday in Jamnagar. During the celebrations, Anant Ambani also gave a speech wherein he thanked his late grandfather Dhirubhai Ambani and grandmother Kokilaben Ambani for inspiring him. Anant Ambani said he was grateful to get Radhika as his life partner. He said he is 100% lucky to get Radhika Merchant in his life. He said every day he is falling more and more in love with her.

He expressed his gratitude to his mother for pulling together the lavish three-day wedding celebrations in Jamnagar. Anant thanked his mother for all she had done. He said all the arrangements had been done by his mother and nobody else. He added his mother had gone all out and she had worked 18-19 hours a day and he was extremely grateful to her.

He also thanked all the guests who were present there at the pre-wedding celebrations. He said everyone had made it to Jamnagar to make him and Radhika feel special. He said both of them were honored and humbled to have all of them present there. Anant said he was sorry if they had caused an inconvenience to anyone. He asked for forgiveness. He hoped everyone is going to enjoy the coming three days. He also thanked his mother, father, sister, brother, his sister-law and his brother in-law for making this event memorable.

Anant said everyone has been sleeping for less than 3 hours a day for the last 2-3 months and he was very happy to share this joy with everyone. The youngest Ambani talked about his personal struggles and how his parents had always supported him. He further added his life had not been entirely a bed of roses. He said he had also experienced the pain of thorns. He said he had faced many health crises.

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Facebook chief Mark Zuckerberg shares pictures from 2nd day of Anant Ambani and Radhika Merchant pre-wedding celebrations

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

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Facebook boss Mark Zuckerberg and wife Priscilla Chan joined the star- studded pre-wedding celebrations of Anant Ambani and Radhika Merchant in Jamnagar on Friday. The event was attended by many prominent figures from different fields. Zuckerberg took to his Instagram handle congratulated the couple and said he loved Indian weddings.

Zuckerberg shared pictures from the 2nd day of Anant Ambani and Radhika Merchant’s pre-wedding celebrations. In the photograph Mark Zuckerberg can be seen along with his wife Priscilla Chan. The couple is exuding happiness as they prepare for the event. He captioned the picture it is getting wild out here.

The theme of the opening day of the pre-wedding celebrations was Evening in Everland as the guests wore cocktail attire. The first day of the grand celebrations elevated the expectations of the guests for the following days. The theme of the 2nd day of the pre-wedding bash is known as a Walk on the Wildside and the guests can be seen in Jungle Fever attire.

Zuckerberg has opted for an animal print shirt with white trousers, Chan is complementing his look in a strappy one piece in black and golden. The Jungle theme is aligned to Vantara, Reliance’s animal welfare initiative undertaken and launched by Anant Ambani a few days back.

International pop star Rihana electrified the pre wedding celebrations on Friday with an amazing performance, marking her debut appearance in India. The chart topping artist engaged the audience with performances of her iconic hits which included Pour it Up, Work and Diamonds.

Zuckerberg graced the opening day, wearing a black-on-black firefly blazer and shoes from Alexander McQueen while his wife Priscilla wore a black gown with gold flower details and other accessories such as dainty chain bracelet, gold necklace and stud earrings. Mark Zuckerberg and wife Priscilla Chan are one of the Power couples invited from the global business community for the festivities currently underway at Jamnagar.

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