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  • Deutsche Bank Personal Loan Eligibility

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  • Deutsche Bank offers personal loans to salaried employees who earn a minimum monthly take home salary of Rs.25,000. Personal loan applicants must be between the ages of 25 years and 60 years to be eligible to borrow a personal loan from Deutsche Bank. Keep in mind that it is mandatory to have a telephone connection in both, your residence, and at your work place to qualify for this loan.

    Deutsche Bank Personal Loan Eligibility Criteria

    Eligible individuals can borrow a loan amount of between Rs.50,000 and Rs.15 lakh. Prospective borrowers will, however, have to meet the below-mentioned eligibility criteria:

    Criteria Salaried
    Age 25 years to 60 years
    Income Rs.25,000 p.m.
    Telephone connection Mandatorily required at your residence and office

    Factors Affecting Deutsche Bank Personal Loan Eligibility

    • Age: Your age at the time of applying for a personal loan can affect your personal loan eligibility. Deutsche Bank only offers personal loans to individuals who are between the ages of 25 years and 65 years.
    • Income: Deutsche Bank requires personal loan applicants to earn a minimum monthly income of Rs.25,000. Most personal loan providers have a minimum income requirement that applicants will have to meet to be approved for a loan. Earning a monthly salary of Rs.25,000 or above indicates that you are likely to be able to repay the monthly EMIs, without defaulting on repayments. The loan amount that you can borrow from the lender will also vary based on how much you earn. If you earn a high monthly income, you will be able to borrow more, and vice versa.
    • CIBIL Score: If you are looking to borrow a personal loan from Deutsche Bank, you should maintain a CIBIL score of above 700. This will help you borrow a personal loan at a good rate of interest.
    • Telephone Connections: Deutsche Bank requires prospective borrowers to have a telephone connection in their place of residence and business. Your personal loan application may not be approved unless you fulfil this condition.
    • Employment Status: Deutsche Bank offers personal loans to salaried employees. Thus, those who draw a pension, are self-employed, or in between jobs may not qualify to take a loan from Deutsche Bank.
    • Outstanding Debts and Loans: If you have any outstanding credit card debts or loan repayments, your personal loan eligibility may reduce. The amount that you will be able to borrow will depend on your repayment capacity. Outstanding liabilities are likely to affect your repayment capacity, which will, in turn, affect your eligibility.

    How to Improve Your Chances of Getting a Deutsche Bank Personal Loan?

    • Ensure that You Meet the Lender’s Eligibility Criteria: Before you apply for a personal loan, you should check whether you meet the lender’s eligibility criteria. If you don’t there is a good chance that your application will be rejected.
    • Submit the Correct Information and Documents: To improve your chances of being approved for a personal loan, you should fill up the application form with the correct information and submit all the required documents to the lender. If you miss submitting any documents or important information, your application may be rejected by the lender.
    • Don’t Opt for a High Loan Amount: When applying for a personal loan, it is in your best interest to carefully assess your financial situation and work out your repayment capacity before opting for the loan amount. Ensure that you don’t opt for a loan amount that is not in line with your repayment capacity since doing so could cause the lender to reject your application.
    • Clear Your Existing Debts: If you have too many outstanding debts, your repayment capacity will decrease, which can lower the chances of you getting approval for a personal loan from the lender. Thus, if it is possible, you should look to clear your current debts.
    • Don’t Apply to Several Lenders Simultaneously: Applying to multiple lenders for personal loans at the same time can cause your CIBIL score to drop. This can lower your eligibility.

    Deutsche Bank Personal Loan Details

    Interest Rate 24% p.a.
    Loan Amount Rs.50,000 to Rs.15 lakh
    Loan Tenure 12 months to 48 months
    Processing Fee Up to 2% of the loan amount

    FAQs

    1. Are personal loan applicants eligible for balance transfer facility?
    2. Yes, you can transfer your existing loan to Deutsche Bank at the current interest rates offered by the lender. The bank also gives you the option of borrowing more, subject to your eligibility, when you transfer your loan to Deutsche Bank.

    3. Can individuals who don’t have an existing relationship with the lender apply for personal loans?
    4. No, only those who hold savings accounts with Deutsche Bank can apply for personal loans.

    5. What are the documents that I should submit to be eligible to borrow a personal loan from Deutsche Bank?
    6. You will need to submit the following documents to Deutsche Bank:

      • Valid photo identity proof – Passport, PAN card, voter ID card, driving licence, Aadhaar card, or NREGA job card
      • Proof of residence – Passport, driving licence, voter ID card, NREGA job card, or Aadhaar card
      • Proof of signature – Banker's certificate, valid passport, PAN card, or driving licence
      • Proof of age – Valid Passport, voter ID card, birth certificate, PAN card, driving licence, Aadhaar card, or NREGA job card
      • Financial documents – Bank statements, pay slip, and salary account statements
    7. Does Deutsche Bank allow personal loan borrowers to repay their loan amount before the completion of the chosen loan tenure?
    8. Yes, you can prepay your loan at any time once it is disbursed into your account. You may, however, have to pay the applicable penalty for the same.

    9. How long does the lender take to approve personal loan applications?
    10. Once you submit all the required documents, the lender will approve your loan application within 7 business days.

        

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