Are you planning to apply for a loan but not sure whether your profile is eligible for the same? Well, we have put together a list of 5 important criteria to be met for all kinds of loans. Check out some of the no income limit top 10 urgent loan money lenders Singapore for better offers and detailed guidelines on how to avail it.
- Income Bracket
There is a defined income bracket for every loan amount and accordingly you can select the monthly installments. Checking your income bracket and the loan amount eligibility will save you from unnecessary troubles and back & forth visits to the money lenders.
- Age limit
In most countries, the maximum age limit to apply for loan is between 60 and 65 and the minimum age is 24 years. The age limit is usually decided on the basis of average life span of the person so that the amount can be recovered within the certain time period. In case of any sudden accidents causing death of the person, the nominees will have to pay the remaining amount.
- Existing debts or loans – a thorough credit check
One of the key reasons leading to loan application rejection is the existing debt of the person. Perform a thorough check of your cibil score and debt holdings before applying for a loan. The money lenders should be assured that the amount lent to you will be repaid by you in the definite time period at regular intervals without any delays.
- Citizenship
The procedure followed in sanctioning loans to the non citizens is different from that to the citizens and can be really exhausting if not understood properly. Read the country specific guidelines or consult an advisor before applying for a loan if you are a non resident of the country.
- Reference check
The money lenders usually need atleast 2 to 3 references in order to process the loan and hence provide genuine names at the time of filling form to get through it in one go.
There is nothing called us free lunches in the world and everyone has to go through the rigorous process of give & take to use any amenity or service. Loans are one such option which has many perks to meet the immediate requirements and lead a luxurious life but it proves to be beneficial only when you take an informed decision.