It's still unclear how a financial organisation chooses how much credit to extend to you. Although you need Rs. 2 lakh, you only receive Rs. 1 lakh. Another person might want an Insta Personal Loan of Rs. 3 lakh but receive an offer of Rs. 5 lakh offer. We have made an effort to demystify this world for you.
Demographic Information
Your loan eligibility and amount are determined based on a variety of demographic factors.
- Age: Most financial institutions lend to people between the ages of 20 and 70. For us, the age ranges from 21 to 80 years*.
- Monthly income: In reality, the more money you make each month, the more money you'll be approved for in an Insta Personal Loan. However, there is a catch to this. Your offered loan amount may be low if you already have several loans running. You might not even be given a loan unless you pay off one of the previous loans in particular circumstances.
- City of residence: The size of your Insta Personal Loan offer may differ depending on where you live. This is because incomes in major cities are often higher than those in smaller communities.
- Monthly costs and loan repayments: The financial institution considers the whole monthly outlay when determining your loan eligibility (monthly expenses, bills, ongoing loan EMIs, and other fixed recurring expenses). This illustrates the amount of money that has already been committed and cannot be utilised to pay back a subsequent instalment. The debt-to-income ratio is the name given to this ratio. The offered Insta Personal Loan amount increases with a lower percentage and vice versa.
- Credit score: The lender will give the most weight to your credit score. Numerous organisations known as credit bureaus (TransUnion, CIBIL, Experian, etc.) keep track of all of your loans and credit cards as well as your history of repayment to determine your credit score. A better credit score increases both your likelihood of being approved for a loan and the amount of that loan. For loan applicants, we require a CIBIL score of 685 or higher or better. To ensure that we offer larger loan amounts, we have kept this relatively higher.
- Repayment history: Making on-time payments on your ongoing EMIs is a good habit and a sign of financial discipline. Your credit score improves each time you make an EMI payment on time. Your credit score is reduced by a particular number of points each time you miss an EMI. Har time EMI on time because of this.
- Pre-approved offers: Our existing customers don’t need to complete an application to know how much loan you are going to get. This information is available to you by entering your mobile number and OTP.
- Pre-assigned limits: New customers can also check for an insta loan offer. These offers come with pre-assigned limits. However, we may need additional documents to complete the loan process.
In the above cases, if you do not see an offer or need a higher loan amount than the pre-assigned limit, you have the option to go through our regular online application process that takes less than 5 minutes.
You can use a variety of helpful tools on our website to determine your loan eligibility, check your credit score, learn the minimum wage requirement in your city, or use our calculator to compare different loan amounts and EMIs.
