Unlike the olden days, you don’t have to save up large amounts of money to realise your dreams. Today, personal loans are easy to secure and offer several advantages. What if your aspirations require even more funds? What is the highest personal loan amount you can apply for?
Here is all you need to know about how personal finance works and how much of it you can secure.
Is there a cap to the loan amount?
Of course, the loan amount you ultimately get depends on the lender and its policies. A big factor in determining the highest personal loan amount you can secure is your CIBIL score. If you have a good score, it indicates your trustworthiness as a borrower. Thus, you are likely to secure the amount you want. With a poor credit score, however, the lender may offer you a lower amount.
At Tata Capital, we offer loan amounts up to Rs. 25 lakhs! You can use this amount to fund your wedding, travel, pay for education, or for any other purpose.
Additional Read: What Is Considered as a Good Interest Rate for Personal loan?
What decides your eligibility?
Your loan eligibility depends on several factors like your employment history, income stability, age, etc. However, personal finance is available to both self-employed and salaried individuals. The best part is that you can use this amount to pay for any kind of purchase or fund an event. Lenders don’t mandate or limit the end-use of your loan.
Before choosing a lender, go through its eligibility criteria to be sure you qualify. Only after this can you have a discussion on loan amounts, interest rates, and other terms of the loan.
How to get the right loan amount
Lenders want to make sure that the borrower is capable of making timely EMI payments. This is why they place great emphasis on your CIBIL score and source of income. Your credit history indicates if you have any existing loans and if you made previous loan repayments on time. If you want to understand your monthly obligations before applying for a loan, use an online personal loan EMI calculator.
Ideally, you should have a good CIBIL score (>750) to get a loan on favourable terms. How can you do this? Make regular credit card and EMI payments, to begin with. Also, keep your credit utilization ratio (CUR) to roughly 20-30% of your credit card spend limit.
Quick loans at Tata Capital
Looking for financing at attractive personal loan interest rates? Turn to Tata Capital for multi-purpose loans, built to help you meet your goals with ease. Despite offering high loan amounts up to Rs. 25 lakhs, we don’t ask for any collateral or security. What’s more, you can pre-pay part your loan post 6 months with zero penalty. Choose Tata Capital for unrestricted end-use of funds with an easy eligibility criteria.
Visit our website today to know more about how our personal loans can help you meet your goals!