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Factors affecting your eligibility for loans and cards

  1. Credit Score: Your credit score is a major determining factor for loan and card eligibility in India. The higher your credit score, the higher your chances of getting approved for a loan or card.
  2. Income: Your income plays a crucial role in determining your loan and card eligibility. If you have a stable income and a good credit score, you are more likely to get approved for a loan or card.
  3. Employment Status: Your employment status, whether you are self-employed, salaried, or a student, also affects your loan and card eligibility. A stable employment record is usually a positive factor.
  4. Debt-to-Income Ratio: This ratio is calculated by dividing your total debt by your total income. Banks and financial institutions use this ratio to assess your ability to repay a loan or credit card debt.
  5. Age: Age is also an important factor in loan and card eligibility. Generally, you need to be at least 18 years of age to apply for a loan or card.
  6. Financial History: Your financial history, including your past loan and credit card payment history, can also impact your loan and card eligibility.