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Planning to take a personal loan? Existing loans impact borrowing capacity

Your credit score and the company you work for also have an effect

Topics
Personal Loan | credit scores

Bindisha Sarang 



loan, bank
EMIs of existing loans can reduce the eligibility for getting a new personal loan.

  • Loan eligibility for salaried employees depends on factors such as age, salary and work experience.
  • Personal to self-employed professionals like charted accountants, doctors and businessmen are classified as business .
  • EMIs of existing can reduce the eligibility for getting a new .
  • Transfer existing loans to lower rates and reduce your EMIs. This will increase your eligibility for a new .
  • 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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First Published: Fri, February 21 2020. 13:11 IST

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