3. Financial Statements

Current and previous financial statements of an individual are important considerations for a bank while evaluating your eligibility for a personal loan. Banks have different specifications on minimum levels of income for applying for personal loans.

The financial statements help in determining the repayment capacity of the individual and hence lenders take maximum cognizance of this aspect while giving an unsecured personal loan. The loan amount that you are eligible for is also decided based on the above criteria.

4. Credit Ratings

Credit history is one important aspect that lenders look into while approving your personal loan application. Missed and delayed payments are things that can affect your eligibility for a personal loan. A good credit rating on the other hand enhances the total amount that one is eligible for.

5. Outstanding EMIs

Any pending EMIs at the time of applying for a personal loan are likely to reduce your eligibility in terms of maximum amount or even loan disbursal.

Since the amount is calculated on basis of the EMI, the applicant can possibly repay the contributions towards other outstanding loans to reduce the total personal loan amount drastically.