A need for a personal loan always comes uninformed. This uninformed situation demands a huge pool of funds at times. But thanks to so many lenders in our country that are willing to provide personal loans to such needy individuals. Among those lenders, Vijaya Bank is one of the leading public sector banks of India with over 1900 branches across the country. This bank offers a range of baking products to the customers but when it comes to the Vijaya Bank personal loan, it is hard for anyone to match the services of it.
Available at an affordable rate of interest of 11.40% to 16.40% per annum, this is one of the reasons why so many opt for this facility. As when anyone decides to opt for any loan facility, the first thing to look for is the interest rate as this directly impacts their repayment. And nobody wants to make a huge repayment for their loans. Among all the factors that impact your Vijaya Bank personal loan, your monthly income and credit score plays a crucial role. In this article, we will be telling you about how can these factors affect you. Importance of your Credit Score “My loan application got rejected due to my poor CIBIL score”, you must have heard this statement from someone around you. But have you ever thought about it what is the need of your credit score for getting a Vijaya Bank Personal Loan? Let me tell you first about the CIBIL score. Whenever lenders give a personal loan, which is an unsecured loan, to any borrower, the lenders face credit risk in the borrowing. To minimize that risk, lenders check the CIBIL score which gives them an idea about the creditworthiness of any individual. This score ranges from a score of 300 to 900. Lenders consider a person with a credit score of 700 or above as an ideal candidate. A persona with a high credit score has a good repayment track which makes him an ideal borrower at which lenders can trust. The importance of CIBIL score increases in a Vijaya Bank personal loan due to its unsecured nature. So, always check your credit score before applying for a personal loan. And it’s not like that you won’t get a personal loan with a poor credit score, it’s just that you will have to face some kind of difficulty in availing that. Importance of Monthly Income Apart from the applicant’s credit score, monthly income is the second most important factor while getting a Vijaya Bank personal loan. Let me tell you why? When you take any kind of loan, you have to repay it within a fixed period. And you will be repaying it from your monthly income only. So lenders check it to have an estimate about your repayment capability. Having a high monthly income could get you a higher personal loan amount as lenders can trust with the repayment part if you have sufficient income in your hand. To get a Vijaya Bank personal loan, an applicant needs to submit the latest salary slip certificates.
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Anika Sharma
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