Check your eligibility before applying for a loan to avoid any hassle. Your loan eligibility depends on various factors, including your age, monthly income, and type of employment, to name a few. After checking your eligibility, use Bankbazaar's Personal loan EMI calculator to know your monthly repayment obligations.
The general requirements and limits are outlined below:
Age limit | 21 - 68 years |
Type of Employment | Salaried, Business owner, Self-employed professional, Retired, Student & Home maker |
Employment Status | Employed/In-business for at least 2 - 5 years |
Minimum Net Monthly Income | Rs.5,000 and above |
Work Experience | 1 to 3 years & Above |
Credit Score | CIBIL score of 750 or more |
Maximum EMI | Up to 65% of Income |
Bank | Age Limit | Min Work Experience & Min Income (Per Month) |
Up to 76 years | NA & Rs.25,000 | |
21 to 60 years | 2 years & Rs.25,000 | |
21 to 60 years | NA & Rs.25,000 | |
21 to 60 years | 1 year & Rs.30,000 | |
21 to 58 years | 1 ear & Rs.15,000 | |
21 to 60 years | 2to 5 years & Rs.25,000 | |
23 to 65 years | NA & NA | |
21 to 65 years | 1 - 3 years & Rs.20,000 | |
Up to 55 years | NA & NA | |
21 to 60 years | NA & NA | |
21 - 55 Years | 3 years & Rs.25,000 | |
21 - 58 years | 2 years for doctors & Rs.15,000 | |
Up to 75 years for Pensioners | NA & Rs.1.8 lakh p.a. | |
21 to 65 years | 1 -2 years & NA** | |
25 to 60 years | NA & Rs.25,000 | |
18 years onwards | NA & Rs.10,000 | |
21 to 65 years | 1 - 5 years & Rs.15,000 |
*Note: The eligibility criteria will vary from lender to lender.
*Solely at the bank's discretion as per the bank's terms and conditions
In order to check your personal loan eligibility, you can use BankBazaar's personal loan eligibility calculator. Here are the steps that you will need to follow to check your eligibility through BankBazaar.com:
Using Bankbazaar Eligibility Calculator tool will help you check which personal loans you are eligible to apply for. From the loans that are available to you, you can select the one which matches your requirements.
Checking your personal loan eligibility helps you understand which lenders are likely to approve your application and the loan amount you may qualify for. It prevents unnecessary rejections and helps you choose the right offer.
You can check your personal loan eligibility using BankBazaar’s Personal Loan Eligibility Calculator or by visiting the websites of major banks and financial institutions offering similar tools.
No, most platforms, including BankBazaar and banks, offer personal loan eligibility checks free of cost.
Your income determines your repayment capacity. A higher income generally increases your eligibility for a larger loan amount, as lenders view you as a lower risk.
Lenders assess your debt-to-income ratio to evaluate if you can take on more debt. If you already have multiple loans, your chances of approval may decrease.
Your credit score reflects your credit history and repayment behavior. A high credit score improves your chances of getting a personal loan with better terms.
Yes, it’s possible to get a personal loan with a low credit score, but approval depends on the lender’s policy. You may be offered a smaller loan amount or a higher interest rate.
No, personal loans are unsecured loans. You don’t need a guarantor or to provide collateral when applying.
The loan amount depends on factors like your monthly income, city of residence, existing EMIs, age, and the lender’s internal criteria.
The minimum and maximum age to apply for a personal loan varies by lender, but generally, applicants must be between 21 and 60 years of age.
Most lenders require a minimum CIBIL score of 650 to consider a personal loan application. A higher score improves your chances of approval and better loan terms.
The Reserve Bank of India (RBI) has introduced new guidelines on 8 May 2024 for improving the transparency and fairness in the Digital Personal Loans process. RBI has made it mandatory for loan service providers (LSPs) to clearly show the list of all loan offers including the offers that do not match the borrower’s request. The loan amount, rate of interest, repayment period, penalties, and the lender name must be mentioned on the list. RBI also states that LSPs cannot promote any particular lender or loan product, and the offers must be shown in a fair manner so that the borrowers can easily compare the loans. LSPs are also required to use the same method for matching loans to similar types of borrowers. If they change this method later, they must keep a record of the changes. These steps are meant to help borrowers in making better choices and to avoid any confusion while taking loans online.
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