Core Insights - Personal loans serve as a financial tool for managing unexpected expenses or funding essential projects, with approval dependent on various factors evaluated by lenders [1][4] Interest Rates - Personal loan interest rates vary among lending institutions, influenced by factors such as loan amounts, lender type, loan type, and repayment duration [2][3] Factors Impacting Loan Eligibility - A high credit score, preferably over 750, enhances creditworthiness and increases the likelihood of loan approval [7] - Stable income over time, whether from employment or self-employment, assures lenders of repayment capability [7] - A high debt-to-income ratio can negatively affect eligibility, as lenders assess overall financial liabilities [7] - Larger loan amounts or longer repayment tenures necessitate stricter checks and verifications [7] - Salaried individuals with stable employment histories generally have higher eligibility compared to self-employed individuals [7]