Personal loan eligibility is based on factors such as the applicant’s income, credit score, age, employment stability, and existing debt obligations.
These factors help the lender assess the applicant’s repayment capacity, past credit behaviour, reliability, and disposable income to repay the new loan. By evaluating these factors, lenders can assess the borrower’s credibility and the risk associated with lending and determine the maximum loan amount and interest rate the borrower is eligible for.
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