Income: The higher the income of an applicant the better chances of loan approval with an advantage of availing the loan at lower interest rates. Occupation: For lenders, source of income is very essential to determine the creditworthiness of an applicant. Depending upon whether the applicant is salaried or self- employed, the financial institutions determine the interest rates. Age:The minimum age to avail any loan is 21 years for both men and women. Credit Score: A good and healthy credit score is essential to prove your creditworthiness to the lenders. Most lenders prefer a credit score of 700 and above.