Planning to take a personal loan? Existing loans impact borrowing capacity

Your credit score and the company you work for also have an effect

• Loan eligibility for salaried employees depends on factors such as age, salary and work experience.
• Personal loans to self-employed professionals like charted accountants, doctors and businessmen are classified as business loans.
• EMIs of existing loans can reduce the eligibility for getting a new personal loan.
• Transfer existing loans to lower rates and reduce your EMIs. This will increase your eligibility for a new personal loan.
• The company you work for impacts your loan eligibility. Working with a well-established firm affects it positively.
• Banks prefer borrowers with credit score of above 650.