{"id":20005,"date":"2021-06-18T07:00:25","date_gmt":"2021-06-18T07:00:25","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=15956"},"modified":"2023-06-27T14:57:17","modified_gmt":"2023-06-27T14:57:17","slug":"how-does-your-company-type-affect-your-personal-loan-eligibility","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/how-does-your-company-type-affect-your-personal-loan-eligibility\/","title":{"rendered":"How Does Your Company Type Affect Your Personal Loan Eligibility?"},"content":{"rendered":"\n<p>The last few years have seen a significant rise in personal loan borrowers. And, why not? This loan type comes with a deluge of advantages hard to find in another financial instrument. When you avail of personal finance, you can use the funds for a wedding, medical expenses, travel, and pretty much any other expenditure.<\/p>\n\n\n\n<p>Often, lending institutions do not require any explanation to approve the loan. What\u2019s more, since personal finance is unscured, you don\u2019t need to pledge any collateral against the loan amount. The primary factors for approval of personal finance are your CIBIL score, income stability, and employer details.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How does your organisation affect your personal loan eligibility?<\/strong><\/h2>\n\n\n\n<p>Out of the three factors for <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/eligibility-calculator.html\">personal loan eligibility<\/a> discussed above, employer details is often the least talked about. Remember that lenders classify organisations into different categories. These include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Super A<\/li><li>Category A<\/li><li>Category B<\/li><li>Category C<\/li><li>Category D<\/li><li>Silver<\/li><li>Gold<\/li><li>Platinum<\/li><li>Diamond<\/li><\/ul>\n\n\n\n<p>But what is the reason for this classification? Well, lenders use these categories to assess an applicant&#8217;s employment stability. If top-tier companies employ you, you&#8217;ll find it relatively easier to receive the lender\u2019s approval for the loan. Also, you may even receive the loan amount at a competitive personal loan interest rate.<\/p>\n\n\n\n<p>However, this categorisation does not imply that people falling towards the bottom of the spectrum will not get personal finance quickly. The only difference lies in the rate of interest you get on the loan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The reason behind personal loan eligibility bifurcation<\/strong><\/h2>\n\n\n\n<p>Needless to say, when lenders extend an unsecured loan without asking for collateral in return, they want borrowers with robust repayment capacity. And one way lenders judge the repayment capability is by looking at where an applicant works.<\/p>\n\n\n\n<p>Income and employment stability are key factors for personal finance approval, and the better rated your organisation, the lower your chances of defaulting on the loan.<\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read: &nbsp;<\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-to-check-personal-loan-eligibility-in-india\/\">How to Check Personal Loan Eligibility in India<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Complete eligibility criteria for availing of personal finance&nbsp;&nbsp;&nbsp;<\/strong><\/h2>\n\n\n\n<p>If you apply for personal finance with Tata Capital, you will be required to fulfil these eligibility criteria:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>&nbsp;<\/strong> <strong>Age limit<\/strong><\/td><td>&nbsp; 22 \u2013 60 years<\/td><\/tr><tr><td><strong>&nbsp;<\/strong> <strong>Organisation<\/strong><\/td><td>&nbsp; Name of your company and years in employment<\/td><\/tr><tr><td><strong>&nbsp;<\/strong> <strong>Citizenship<\/strong><\/td><td>&nbsp; You must be an Indian citizen<\/td><\/tr><tr><td><strong>&nbsp;<\/strong> <strong>&nbsp;<\/strong> <strong>Financials<\/strong><\/td><td>&nbsp; Last 2 months\u2019 salary slips and 6 months\u2019 bank statements if salaried Latest IT return and 6 months\u2019 bank statements if self-employed&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Also, you can use our eligibility calculator to understand your creditworthiness for a particular loan amount. And measure your potential monthly instalments with the help of an <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/emi-calculator.html\">personal loan EMI calculator<\/a> for loan, which is readily available online.<\/p>\n\n\n\n<p style=\"color:red\"><strong>Additional Read: <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-to-choose-the-best-personal-loan-for-needs\/\">How to Choose the Best Personal Loan for Needs?<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The bottom line<\/strong><\/h3>\n\n\n\n<p>In a nutshell, when taking a <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan.html\">personal loan<\/a>, company type matters! If you are fishing the market for personal finance, turn to Tata Capital. We provide loans at competitive <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/rates-and-charges.html\">personal loan interest rates<\/a> with customisable repayment terms.<\/p>\n\n\n\n<p>You can apply for the loan online with <a href=\"https:\/\/tata-blog.osian.dev\/personal-loan\/documents-required.html\">minimal personal documentation<\/a>. After approval, our financial experts ensure speedy disbursal of funds. Don&#8217;t dent your savings for a considerable expense. Instead, apply for personal finance at Tata Capital today!<\/p>\n\n\n\n<div class=\"wp-block-group alignwide\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background\" href=\"https:\/\/tata-blog.osian.dev\/online\/loans\/personal-loans\/apply-now-personal-loan#!\">Apply Now<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The last few years have seen a significant rise in personal loan borrowers. And, why not? This loan type comes with a deluge of advantages hard to find in another financial instrument. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/personal-loan\/how-does-your-company-type-affect-your-personal-loan-eligibility\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":20174,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[24],"tags":[],"class_list":["post-20005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-personal-use-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Does Your Company Type Affect Your Personal Loan Eligibility - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Know How Does Your Company Type Affect Your Personal Loan Eligibility. How working with a listed company can let you enjoy loans at lower interests, longer tenure etc.\" \/>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Does Your Company Type Affect Your Personal Loan Eligibility - Tata Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Know How Does Your Company Type Affect Your Personal Loan Eligibility. How working with a listed company can let you enjoy loans at lower interests, longer tenure etc.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/how-does-your-company-type-affect-your-personal-loan-eligibility\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-18T07:00:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-27T14:57:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2021\/06\/05-personal-loan-eligibility.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/how-does-your-company-type-affect-your-personal-loan-eligibility\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/personal-use-loan\/how-does-your-company-type-affect-your-personal-loan-eligibility\/\",\"name\":\"How Does Your Company Type Affect Your Personal Loan Eligibility - Tata Capital Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2021-06-18T07:00:25+00:00\",\"dateModified\":\"2023-06-27T14:57:17+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Know How Does Your Company Type Affect Your Personal Loan Eligibility. 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