Borrower Eligibility Criteria - October 2023
Salaried Profile
- Age should be between 25-55 years.
- Salary – Above 25K per month (Net Take Home).
- Eligible Cities - PAN India (Except all Pin codes of Ghaziabad City).
- Minimum 3 Month Current Job Experience.
- Minimum 6 Months current residence stability.
- Credit Score >= 550 (Except Borrower with Score between 775 to 800).
- No Default ever.
- No Delay in any loan in last 12 Months.
- Customers should have at least 1 year credit history.
- Customer should not have made more than 10 enquiries in last 3 months.
- Customers who have availed any of these HL/AL/Used Car, CC, PL, CL in their credit history shall only be considered.
- Mandatory PF Deduction – PF deduction from Salary of the borrower is Mandatory.
Self-employed Profile
- Age should be between 25-55 years (Except customer with age of 41-45 years).
- Minimum ITR – Above 3 Lakhs (Gross Income).
- Eligible Cities - PAN India.
- Credit Score >= 550.
- No Default ever.
- Minimum 6 Months current residence stability.
- Minimum Business Vintage should be 2 years.
- Customer should have at least 36 Months credit history.
- Customer should not have made more than 12 enquiries in last 3 months.
- No Delay in any loan/CC in last 12 Months.
- Customer should have at least one of these products in their credit history: HL, AL/Used Car, CC, PL, CL, CVL, CEL, TL, BL, OD, GL, Agriculture Loan.
- Any lead which qualifies all the PQ rules except CRIF score, will be qualified if Experian score is greater than 700.
- Customer can also be eligible with 18 Months of Credit history if satisfied the below conditions:
- If Bureau Vintage is less than 36 Months and greater than 18 Months then lead must pass the following conditions:
- Minimum Credit Score >= 650
- Remove customers with only Consumer loan, Gold Loan & Two-wheeler Loan.
- If loan amount is upto 1.5 Lacs, then Credit score should be greater than 700.
Documentation
Salaried:
- KYC documents (ID Proof, Current Address Proof & PAN Card).
- Last 3 Months Salary Slip.
- Last 3 Months Bank Statement (Till Current Date).
- Residence ownership Proof (On Loan requirement of 2 Lac & Above).
Self-Employed:
- KYC documents (ID Proof, Current Address Proof & PAN Card).
- Last 2 Year ITR.
- Last 6 Months Bank Statement (Till current Date).
- Two Business Registration Proof:
- UDYAM Certificate Mandatory.
- Any other Business Registration Certificate (Stamp, Sign & Dated).
- Residence Ownership Proof (On Loan requirement of 2 Lac & Above).
Note:
- Metro (Delhi NCR*, Mumbai**, Kolkata, Chennai)
- *Delhi NCR includes- Delhi, New Delhi, Ghaziabad, Faridabad, Gurgaon, Noida, Gautam Budh Nagar
- **Mumbai includes - Mumbai, Navi Mumbai, Thane, Vashi
Abbreviation Key:
- HL - Housing Loan
- AL - Auto Loan
- PL - Personal Loan
- BL - Business Loan
- LAP - Loan Against Property
- CL - Consumer Loan
- GL - Gold Loan
- CVL - Commercial Vehicle Loan
- CEL - Commercial Equipment Loan
- CC - Credit Card
- OD - Overdraft
- TL - Tractor Loan
- Prop. Loan - Property Loan
- Agri. Loan - Agriculture Loan
In case borrower does not have ITR or has 1-year ITR, 12 months bank statement will be required. ITR & Bank Statement should be for the latest year & month.
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