Personal Loans Ideal For Borrowers With Good Credit

In today’s day and age, we cannot accurately predict what is going to happen in the future, and thus we must make arrangements for the unexpected as well. However, sometimes there might be an urgent need/requirement/expenditure that might come up, which we might not be able to finance through our regular income. At this time, you can get a personal loan.

You can get a personal loan for a slew of requirements, so long as you meet the requirements of the lender. Here are the best 6 personal loans ideal for borrowers with good credit and who can fulfil personal loan eligibility criteria.

Personal Loans Ideal For Borrowers With Good Credit

You can avail of a personal loan from the below-mentioned borrowers, if you fulfil their eligibility criteria and have a good credit score.

1. Bajaj Finance Limited

In order to get a personal loan through this lender, you need to be a salaried individual and an Indian resident. Additionally you must be between the ages of 25 and 58 years.

2. Fullerton India

To get a personal loan from Fullerton India, you must be a resident of India and between the age of 21 and 60. Furthermore, you must be employed in the private or public sector, or be self employed.

3.  PaySense

In addition to fulfilling the personal loan eligibility criteria and having a good credit score, you must also be an Indian citizen between 21-60 years to avail of a personal loan. You must have a monthly income of Rs. 20,000 or above (if you live in a tier 1 city) and Rs. 18,000 and above for those from tier 2 cities.

4. Axis Bank

You must be a salaried individual within the 21-60 years age category and should be earning at least Rs. 25,000 as a monthly income. In addition to that, you must also have a good credit score and 3 years of work experience.

5.  Muthoot Finance

You must be a salaried employee working in the public/private sector and should be between 23-60 years. Additional personal loan eligibility requirements include having a monthly income of Rs. 20,000-30,000 for tier 1 cities, and Rs. 15,000-25,000 for those from non-metros.

6.  SBI Finance Pvt Ltd

To get a personal loan from this lender, you need to have a monthly income of Rs. 30,000 or more. If you are above 40, then you should earn Rs. 50,000 or more per month. Along with a good credit score and a year of work experience, you should have worked at least six months with your current employer.

Conclusion

A personal loan is a good way to satisfy short-term needs and finances. However, you must maintain a good credit score to get a personal loan. The better your credit score is, the more eligible you are for a personal loan. As a result, you will receive better terms for your loans, such as a higher loan amount, and relatively lower EMIs. Getting a personal loan is only worth it if it helps alleviate your problems, not if it is adding to them because you cannot make your EMI payments. Ensure you take a personal loan only when it is unavoidable, and make sure you are paying EMI on time to keep your credit score high.