ZestMoney is one of the eminent fintech firms in India offering attractive deals on personal loans. ZestMoney Personal Loan is not only for enhancing lifestyle or for financing big-ticket purchases but also can be your defender in difficult times or when you are falling in need of instant funds.
Even though, there are some factors that determine whether or not you can enjoy these features and benefits. Following are the top 5 elements that will give you an idea about the ZestMoney personal loan eligibility.
1. Work Experience ZestMoney prefers to extend a personal loan to applicants with work experience of a minimum of 1 year, with a minimum of 6 months in the current organization.
Extra work experience states higher financial stability and the ability to manage funds in an improved way.
2. Monthly Income Since ZestMoney instant personal loan is unsecured, the moneylender ensures that you have adequate monthly income and disposable income to service the loan repayment on time.
The need for income remains dependent upon the city and location. For metro cities, the income demands are high since the living cost in such cities is larger.
3. Age
To apply for a personal loan from ZestMoney, your age must range anywhere between 21 years and 65 years. 4. Debt-to-income Ratio
It signifies the percentage of income that goes towards loan servicing.
A higher debt-to-income (DTI) ratio leads to a big income part that is going towards the loan repayment and the chances of default become higher in case of a new loan.
Thereby, if you’ve very low monthly accountabilities in EMIs or credit card bills form, you are more likely to avail of quick loan approval at lower rates of interest.
5. Credit Score
A credit score is a 3-digit number that tells about your credit history. Alongside, it refers to your credit history, creditworthiness, and how diligently you can pay back the loan amount. A credit score above 750 is noted as a satisfactory score by ZestMoney for approving a personal loan application.
Conclusion
To conclude, ZestMoney is considered as a leading Instant Loan App in India as it significantly eases your financial stress and helps to keep up with life’s speed.
It’s an appealing alternative when you face the need for quick funds as it comes with affordable and unhidden terms.
Moreover, ZestMoney is also known for providing the Best Personal Loan in Amritsar besides other cities of India.
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