 "Planning to take a personal loan? Existing loans impact borrowing capacity")
- Loan eligibility for salaried employees depends on factors such as age, salary and work experience.
- Personal loans to self-employed professionals like charted accountants, doctors and businessmen are classified as business loans.
- EMIs of existing loans can reduce the eligibility for getting a new personal loan.
- Transfer existing loans to lower rates and reduce your EMIs. This will increase your eligibility for a new personal loan.
- The company you work for impacts your loan eligibility. Working with a well-established firm affects it positively.
- Banks prefer borrowers with credit score of above 650.
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