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Muthoot Finance Personal Loan Eligibility Criteria
The Muthoot Finance Personal Loan Eligibility Criteria for availing personal loans are as follows:
- Salaried individuals who are employed in public sector units and reputed organisations are eligible to avail this loan scheme
- Self-employed individuals having a regular and verifiable income source can apply for Muthoot Finance Personal Loans
Muthoot Finance Personal Loan Eligibility also depends on the personal loan applicants’ age, net salary, total years in service, years of service left, owning a house, etc. based on their risk profile.
Factors that may affect Muthoot Finance Personal Loan Eligibility
Credit Scores
The Muthoot Finance Personal Loan Eligibility criteria is based on the credit scores of its personal loan applicants. The NBFC provides lower personal loan interest rates for loan applicants with higher credit scores. Most lenders consider the credit scores of their loan applicants while approving their personal loan applications. Banks/NBFCs consider personal loan applicants with credit scores of 750 and above as creditworthy and hence, such loan applicants have a higher chance of availing personal loans. Some lenders also provide lower interest rates on personal loans for applicants having higher credit scores. Thus, having higher credit scores can help prospective loan borrowers improve their personal loan eligibility and thereby, avail lower personal loan interest rates.
Muthoot Finance Personal Loan applicants with low credit scores can avail Step Up Credit Card co-branded with SBM Bank India Ltd., a lifetime free credit card issued by Paisabazaar.com and secured against the fixed deposits of SBM Bank, to increase their credit scores and improve their Muthoot Finance Personal Loan Eligibility.
EMI Repayment Capacity
The role of repayment capacity of personal loan applicants in deciding their Muthoot Finance Personal Loan Eligibility has not been disclosed by the NBFC. However, most lenders consider this parameter while determining the personal loan eligibility of such applicants. Lenders usually require personal loan applicants to restrict their monthly loan repayment obligations (including EMIs from existing loans and proposed personal loan) to within 50%-60% of their total monthly income. Lenders usually do not process personal loan applications of individuals who have not adhered to this limit.
Personal loan applicants exceeding the 50%-60% limit should select longer repayment tenures as it will help them reduce their EMIs and improve their repayment capacity. Therefore, Muthoot Finance Personal Loan applicants should use the Paisabazaar Personal Loan EMI Calculator to determine the optimum EMI and loan tenure based on their repayment capacity. Doing so will also help increase their Muthoot Finance Personal Loan Eligibility.
Occupation Profile
As mentioned above in the Muthoot Finance Personal Loan Eligibility Criteria, salaried applicants working in public sector units/reputed organisations and self-employed individuals with a regular verifiable income source are eligible for availing Muthoot Finance Personal Loans. Additionally, Muthoot Finance Personal Loan Eligibility also depends on factors like age, total years in service, net salary, years of service left, owning a house, etc. Although Muthoot Finance has not specified the role of its personal loan applicants’ occupation profile in ascertaining their personal loan eligibility, several lenders use this criteria to determine the personal loan eligibility of their loan applicants.
Existing Consumer Relationship with Muthoot Finance
While Muthoot Finance has not disclosed whether its existing customers are eligible for any concession while evaluating their personal loan eligibility, many lenders prefer lending personal loans to their existing customers. Some banks/NBFCs provide pre-approved instant personal loans with immediate disbursal or zero documentation to their select existing customers depending on their credit profile. Some lenders also provide preferential personal loan interest rates to their existing customers. Hence, existing Muthoot Finance customers availing personal loans should check with the lender if they are eligible for pre-approved personal loans.