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Stashfin Personal Loan Eligibility Criteria
The Stashfin Personal Loan Eligibility criteria for their various personal loan schemes are mentioned below:
- Indian Citizen. The loan applicant must submit his/her proof of nationality and address at the time of applying for the loan
- Minimum Age: 18 years
- Minimum Salary requirement: Rs 15,000 per month (last 3 month salary slips and bank statements required)
- Net banking access: The loan applicant should have net banking access with their salaried account.
- Good credit history: The loan applicant should have a good credit score to allow Stashfin establish their creditworthiness. A healthy repayment history increases the chances of faster loan approval and favorable interest rates.
Additional eligibility criteria for self-employed loan applicants:
- Proof of income tax submission and filing of GST Returns.
- Proof of business ownership and continuity.
- Last 6 month bank statements
- Audited financials from the last 2 years.
- Office address proof.
Factors that Affect Stashfin Personal Loan Eligibility
Credit Scores
Stashfin considers the credit score of its personal loan applicants’ while deciding their personal loan eligibility. However, the lender has not mentioned the minimum cut-off credit score for availing its personal loan schemes.
Personal loan lenders usually prefer approving loan applications of individuals having credit scores of 750 and above as such applicants are usually considered as creditworthy. Some lenders also offer lower rates of interest on personal loans to loan applicants having higher credit scores. Therefore, having higher credit scores can help loan applicants avail personal loans at low interest rates.
Personal loan applicants having low or zero credit scores can avail the Step Up Credit Card co-branded with SBM Bank India Ltd., a lifetime free credit card issued by Paisabazaar.com secured against the fixed deposits of SBM Bank, to improve their scores and increase their Stashfin Personal Loan Eligibility.
EMI Repayment Capacity
Stashfin has not disclosed the role of their personal loan applicants’ repayment capacity (after factoring in their EMIs) for ascertaining their personal loan eligibility. However, lenders usually require their loan applicants to limit their monthly loan repayment obligations (including EMIs both from their existing loans and the proposed personal loan) within 50%-60% of their overall monthly income.
Thus, personal loan applicants exceeding the aforementioned limit should opt for longer personal loan tenures, as it will help them reduce their EMIs and improve their loan repayment capacity. Such individuals should either make use of the Personal Loan EMI Calculator provided by Stashfin or Paisabazaar’s Personal Loan EMI Calculator to find their optimal EMI and loan tenure based on their repayment capacity.
Occupation Profile
Both salaried and self-employed loan applicants are eligible for availing Stashfin Personal Loans. Note that many lenders also decide the personal loan interest rates of loan applicants based on their occupation profiles.
Existing Consumer Relationship with Lenders
Stashfin has not disclosed whether its existing customers get any special preference/concession while evaluating their personal loan eligibility. However, many lenders prefer offering personal loans to their existing customers. Some lenders also provide pre-approved instant personal loans to their select customers, with quick disbursal and/or nil documentation, based on their credit profile. Some lenders also provide personal loans at preferential interest rates to their existing customers. Hence, existing customers should contact their banks/NBFCs, with whom they maintain loans, credit card or deposits, and check whether they are eligible for pre-approved personal loans.