Indiabulls Dhani Personal Loan Eligibility

Additional Info: Check IVL Finance Personal Loan a part of Indiabulls Group.

Following are the Indiabulls Dhani Eligibility Criteria:

• Age: 21 years or above
• Occupation: Salaried or self-employed
• Nationality: Applicants must be an Indian citizen.
• Applicant must have an Aadhaar number for KYC and instant money transfer.
• For disbursal of loan, you must link your bank account to permit Indiabulls Dhani to auto debit monthly EMIs via Net banking/Debit Cards option OR choose the physical/Aadhaar based e-mandate option.
• The personal loan sanction, tenure, and terms & conditions are subject to Dhani Loans & Services Limited’s (DLSL) internal review and evaluation.

• Income: A higher-income naturally means a higher percentage of amount at your disposal and hence, a higher chance of repaying the Personal loan completely. A higher-income will also give you a chance to avail a lower rate of interest on your personal loan. It can also mean a lower tenure as you will be able to pay a higher EMI.
• Age and tenure: Your age along with your tenure can greatly impact the chances of your personal loan approval. In case of very young applicants, they might not have enough salary because they will be just the beginning of their career. On the contrary, an applicant young enough also has a higher chance of being able to pay long term EMI amounts. That is why the applicant's age and tenure coupled can have a great impact on the Personal loan application.
• Existing debt: Your existing unpaid loans can have a negative impact on your personal loan application. An existing debt means that you are already paying the EMI for one loan. The company will hesitate before approving another loan that will prove to be an added EMI burden. If you can prove enough disposable income to be able to pay both, EMI's, your chances of approval will increase, but there are chances that your rate of interest will be higher. You can even consider paying off the previous loan entirely before you choose to apply for the Personal loan.
• Credit score: Your credit score is a very important measure of your financial capability to repay your credits. The credit score is calculated using all your prior payments, credit behaviours, finances etc. Timely repayment and maintenance of your accounts, credits, utility bills adds value to your credit score. Most companies accept a credit score of 750 or higher for Personal loan eligibility
• Missed payment: The company goes through your entire credit history when you apply for a Personal Loan. They will go through your payment history, credit card bills, bill payments etc. to check if you have been paying off your debts successfully. If they find any missed or delayed payment from your side, it reduces the trust factor in your application. A missed payment will also lower your credit score.
• Number of dependents: The number of individuals dependent on your income will also be a factor in your application process. This is because the number of dependents are considered as liabilities and they will impact the amount of income that remains out of your gross income. A high number of dependents will mean a higher rate of interest for your loan.
• Guarantor/security: Personal loans are typically unsecured and do not require any form of collateral. However, if you can provide some form of collateral/liquitable assets, your chances of loan approval can increase. Alternatively, providing a third party guarantor can also increase your chances of availing the Personal loan.

• Get a financial assessment done: It is important to get your finances assessed professionally to get a clear understanding of your financial net worth. A financial assessment will give you an overview of your incomes and also your liabilities and dependents. Through a financial assessment, you can get an overview of your monthly disposable income. You can get a professional financial assessment through a third party vendor or similar financial professionals.
• Credit report: A credit report is a history of all your availed credits. The company will be sure to create a credit report of their own to validate all your claims. They use the credit report to make sure that you have paid off all your previous finances successfully and on time. It is wise to get a credit report generated yourself before you apply for the Personal loan to make sure that it contains no errors or mistakes. It will also give you an opportunity to check how your credit history looks like.
• Apply with a co-applicant/guarantor: As Personal loans are generally unsecured, the company places major trust value in the applicant. Applying for the loan with a co-applicant can impact your personal loan application positively. This is because a co-applicant means that the burden of repayment lies on both of you. Moreover, both of your income can be considered as the total income for the loan eligibility.
• Opt for a higher tenure: The EMI amount decreases with an increase in tenure. This means that a higher tenure results into a lower EMI amount. However, the rate of Interest also increases with an increase in tenure. A lower EMI means a lesser burden on your monthly income and more trust in your repayment capabilities. A higher tenure also means more time to repay the loan amount. This increases your loan approval possibility.
• Mention all sources of income: It is not only your salaried/business income that is counted as your total income. You can also mention any other sources of income that you may have. This fan includes income from rental properties, savings, fixed deposit, personal income source etc. More sources of income will improve your eligibility for the Personal loan.
• Take care of existing debt: The company will hesitate to approve your loan if you already have existing unpaid loans/credits. Approving your personal loan application means burdening you with multiple EMI's. It can be wise to consider paying off the existing loan before applying for another one. You can also consider increasing the tenure to reduce the EMI as this will increase your chances of approval.