Barclays Personal Loan Eligibility

In today’s world where safe investment is almost non-existent and there is an immense requirement for excess finance beyond the regular salaried income, people find themselves in a helpless situation when it comes to financing those small little requirements and wants at home.The Barclay personal loan is equipped with the right kind of flexibility and features to make some of these small dreams and wishes come true. But before you apply for the product, it is important to understand the basic Barclays personal loan eligibility criteria. You need to know what is required of you before you apply for such a loan.

Barclays Loan Eligibility

There are certain eligibility criteria that an individual must fall under to be able to apply for the Barclays personal loan, which are as follows:

For Salaried Applicants

Minimum age: The applicant should be at least 25 years of age.

Maximum age: The applicant has to 60 years or less.

Minimum income: The minimum income of the individual should be at least Rs.25,000 per month, take home.

CIBIL Score:Barclays would check your CIBIL score and credit history when considering your application A minimum of 700 CIBIL score is required to be considered for a Barclays personal loan.

For Self-employed Applicants

Minimum age:The applicant should be at least 24 years of age as a self-employed individual.

Maximum age:The applicant has to be 65 years or less for self-employed people.

Minimum income: The minimum income of the individual should be at least Rs.15,000 per month, take home.

CIBIL Score: Barclays would check your CIBIL score and credit history when considering your application A minimum of 700 CIBIL score is required to be considered for a Barclays personal loan.

Factors Affecting Eligibility of Barclays Personal Loans

The bank has to ensure that the individual who applies for the loan is capable of repaying the personal loan. Barclays being a globally known financial brand is extremely cautious about ensuring the eligibility of the applicant for a personal loan. The most important factors that are important for eligibility of Barclays personal loan include:

• Employment Status: The individual if salaried must have a stable job for a particular period of time as dictated by the required number of salary slips for documentation for loan application. It is important that you have stability in career to be considered for the loan.
• Age of Applicant: There is a distinct chance that a candidate who is too young is not yet financially stable enough to afford a loan in terms of repaying the loan EMIs continuously every month. At the same time it is essential that the individual is not a retiree which again has chances that the applicant may not be able to sustain the loan repayment.
• Incomes: Barclays would ideally want to see that you are able to afford the loan every month with your monthly income to ensure continuous repayment. The higher your income bracket, the higher the chances of your loan being sanctioned.
• City of Residence: It is ideal for banks such as Barclays to have applicants belong to a metro city such as Chennai, Mumbai, Bangalore, Hyderabad or Delhi than being a resident of a second tier city.
• Employment Type: A person with a regular and stable source of income i.e. a salaried applicant has higher chances of the Barclays personal loan being sanctioned because of their capacity to pay the EMIs every month.
• Type of Residence and Duration: Individuals with a residence that is owned by themselves have higher chances of acceptance of application for the personal loan because the individual is saving money on rent and hence can afford the loan. Also, a person with a more stable residential location has a higher chance of getting the loan sanctioned.

How CIBIL score affects your Barclays Personal Loan Eligibility?

Barclays will check your CIBIL credit report when reviewing your personal loan application. A CIBIL score above 700 is a bare minimum to even be considered. However, having a CIBIL score that is 800 or even 900 makes you more eligible for the loan. Barclays personal loan may require more than 700, as your CIBIL score, despite meeting other eligibility criterias.

Your credit history that includes repayment of older loans and credit card history is also considered for Barclays to gain more confidence in you.

Your CIBIL credit report includes details of the types of loans you’ve taken earlier. It is more favorable to have taken secured loans than unsecured loans preferably.

How To Increase Barclays Personal Loan Eligibility?

There are various ways you can ensure that you have high credit score to be able to ensure loan sanction. The following measures also can be taken, before application to help meet the eligibility criterias for the loan:

Reduce EMIs on Existing Loans: If you already have existing loans and are paying EMIs, you might want to consider the loan amounts for longer periods, to show that you have higher affordability for the loan you are applying for. The lower EMIs on other loans will also help you to sustain your current lifestyle without having to scrounge.

Maintenance of Credit History: Make sure that all your debts are clear and EMIs for other existing loans are being paid on time. This helps to enhance your CIBIL score. In fact, often this is a factor if not maintained can be a reason for not sanctioning your loan application.

Make sure you balance secured and unsecured loans: CIBIL scores rise if you have secured loans over unsecured loans. But balance it in order to be able to afford it.

Prepayment:You could also pre-pay your existing loans to reduce the burden and show more funds available on your CIBIL report.

Don’t Over Burden with Too Many Loans: You should ideally be paying EMIs for 2-3 loans at a time to enhance your CIBIL score. If you are willing to apply for more than 3 loans, ensure that not a large part to your income is occupied already for loan repayments.

FAQs on Barclays Bank Personal Loan Eligibility

1. What is the minimum income that an applicant should have on a monthly basis to apply for Barclays personal loan?

   A.The minimum income should be at least Rs. 15,000.

2. What are the age limits for individuals who wish to get a personal loan from Barclays in India?

   For salaried individuals: Applicants must be between 21 and 60 years of age to apply for a Barclays Bank personal loan.

   For self-employed: Applicants must be between 24 and 65 years of age.

3. What is the minimum CIBIL score that an individual should have to be eligible for Barclays personal loan?

   It is ideal to have a score over 800, to ensure loan sanctions from large financial companies. But the minimum requirement is 700 CIBIL points

4. Am I eligible for a loan if I already have an existing loan?

   Yes, he or she can have multiple loans at a time, and repay them as long as they are enough funds to apply for a new one.