New Delhi, Feb. 17 -- If you are in urgent need of funds, and do not possess any asset to raise the money against - there is little you can do besides taking out apersonal loan. It is a handy tool which offers immediate funds for an array of purposes such as an emergency, higher education, travel, or other expenses.

However, if you are a first-time borrower, it is important for you to understand eligibility criteria to make sure your application gets approved without any hassle - big or small.

Here we share a step-by-step guide to help you go through the process.

Step 1:Banks typically consider the following factors when determining personal loan eligibility: a) Age should be between 21 to 60 years. b) Applicants should be salaried, se...