<strong>Understanding Personal Loan Eligibility</strong>
Personal loans are a versatile financial tool, but meeting eligibility criteria is crucial to secure one. Banks and financial institutions typically evaluate several factors before approving a <a href="https://canarabank.com/canara-budget"><strong>personal loan</strong></a>.
The key criteria include:

<strong>Income Stability</strong>: Applicants need a stable and sufficient income to ensure repayment capacity.
<strong>Credit Score</strong>: A good credit score (usually 700 or above) is essential to demonstrate creditworthiness.
<strong>Age Requirement</strong>: Most lenders accept applicants aged 21 to 60 years.
<strong>Employment Type</strong>: Both salaried individuals and self-employed professionals are eligible, but income proof is required.

Other factors like existing debts, repayment history, and residency status may also influence eligibility. To improve your chances, maintain a strong credit profile, limit existing liabilities, and provide accurate documentation.