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    Personal Loans are unsecured advances given by banks to eligible borrowers to meet their financial needs.

    Knowing your personal loan eligibility is essential to apply for a personal loan which can quicken the process of availing funds during times of financial shortage. If you do not have enough savings in your account or you are running short of cash to fulfill your personal requirements, then the best option will be to apply for a personal loan. Personal loans enable you to accomplish many tasks in life.

    Both salaried professionals and self-employed individuals can apply for a personal loan. If you are a salaried employee, depending on your age, monthly take-home income and proper documentation, you may meet personal loan eligibility criteria as set by a lender. For a self-employed individual, personal loan eligibility is decided based on age, business stability and supporting documents. The minimum age limit for getting a personal loan is 21 years and the maximum age limit can go up to 65 years; however the age limit may differ from bank to bank.

    Personal Loan Eligibility Calculator

    Eligibility criteria varies across lenders depending on the borrower’s profile and relationship with the bank. General requirements and limits are outlined below:

    Minimum age limit21 yrs.
    Maximum age limit60 yrs.
    Employment TypeSalaried/Self-employed professionals/non-professionals
    Employment StatusEmployed/In-business for at least 2 yrs., at least 1 yr. with current employer/business
    Minimum IncomeRs.4,000 - Rs.20,000 net income p.m. (varies according to area - usually higher in cities)
    Maximum Loan AmountUp to Rs.50 lakhs (Based on income, repayment capacity and existing EMIs)
    Credit ScoreCIBIL score 350 - 900

    Documentation required for a Personal Loan:

    • Application duly signed
    • Photographs
    • Cheque - Processing fee
    • Proof of:
      • Identity - Voter ID/ Passport Copy/ Driving License
      • Address - Passport Copy/ Utility Bill (Electricity, Water)/ Rental Agreement/ Ration Card
      • Income (depending on type of employment) - Latest Salary Slips (3 months) / Bank Statements (3 - 6 months) / Passbook (3 - 6 months)/ Current Salary Certificate
      • Tax paid - Latest Form 16/ Income Tax Return

    Am I Eligible for a Personal Loan?

    Being unsecured advances, lenders do not wish to take on very risky clients. Eligibility depends different factors:

    • Income: Higher the income and the more stable it is the better the chances for approval
    • Repayment ability: This related to the borrower’s financial profile i.e. expenses, assets and liabilities. Too many claims on his/her disposable income reduces loan-servicing ability.
    • Existing EMIs: Existing loan obligations reduce creditworthiness unless the borrower displays a strong ability to take on additional debt.
    • Credit Rating: Financial history plays an important role in ascertaining a borrower’s creditworthiness

    It can be hard for borrowers to figure out where they stand with their lender in terms of being a prospective customer. How does one rank on a lender’s risk-scale and how does this affect the loan amount, tenor and interest ?In order to make this process easier and more transparent, Bank Bazaar allows its users to input basic background information on its site to check their eligibility for a personal loan. In quick, easy, steps users can receive instant and free quotes based on the criteria provided.Users can then make real-time comparisons of the best personal loans available to them across banks and apply for deals offered exclusively on Bank Bazaar’s site through collaborations with partner banks/finance companies.

    Personal Loan Eligibility of Top Indian Banks:

    The top banks in India such as SBI, HDFC, ICICI, and Axis bank offer personal loans at reasonable and affordable interest rates. You can apply for a personal loan from any of the following banks provided you fulfil their personal loan eligibility requirements. However, instead of personally visiting the banks to get a personal loan, you can straightaway go to BankBazaar - an online portal for all your financial needs and queries. At BankBazaar you can check, compare and choose the best personal loan scheme based on your requirement.

    SBI Personal Loan Eligibility

    State Bank of India offers personal loans for both salaried, self-employed individuals and pensioners. Under its personal loan segment, you can apply for three different types of personal loans, provided you fulfil SBI Personal Loan Eligibility criteria.

    SBI offers - Xpress Credit Personal Loan, SBI Saral Personal Loan, and Loans to Pensioners.

    Documents required

    You need to furnish the following documents if you are an existing SBI customer:

    • Passport size photograph
    • Address proof for self-employed individuals and professionals. Self-employed individuals can submit shop and establishment certificate or Lease deed or Telephone Bill address proof.
    • Recent salary slips and Form 16 for salaried individuals.
    • IT returns for the last two financial years for both self-employed individuals and working professionals.

    A new customer has to furnish identity card and address proof in addition to the above mentioned documents.

    Am I eligible for SBI Personal Loan?

    Your eligibility for an SBI personal loan is determined by your income and repayment capacity. If you are an Indian resident, you can usually avail a loan up to Rs.2.50 lakhs with a 1% processing fee (on the loan amount) which is the lowest fee charged in the industry. In metros like New Delhi, Mumbai, Bangalore, Chennai, Hyderabad and Kolkata, the salaried and self-employed professionals can avail personal loans up to Rs.5 lakhs. If you are a pensioner, you should not be more than 76 years old.

    HDFC Personal Loan Eligibility

    HDFC bank offers personal loans to help you accomplish various needs without experiencing financial worries. It has a speedy approval process with easy documentation. HDFC offers you competitive pricing and maintains transparency in the whole process. You can get your personal loan disbursed in 2 days. HDFC’s personal loan products are available at highly competitive interest rates. For HDFC account holders, the bank offers special benefits, interests rates and charges. For women employers, it has special personal loan offers. You can check your HDFC Personal Loan Eligibility at BankBazaar and instantly apply for it online.

    Documents Required:

    Personal loan eligibility in HDFC is based mainly on your income and age. However, documentation differs from person to person. Normally, the following documents are required to be submitted:

    • Identity proof (you may submit any of the following documents – passport, voter ID card or driving license).
    • Address proof (you may submit any of the following documents -- ration card, telephone bill, electricity bill, rental agreement or passport).
    • Recent 3 months bank statement or 6 months bank passbook
    • Your recent salary slips.

    Am I eligible for an HDFC Personal Loan?

    Personal loan eligibility at HDFC bank is determined by the following criteria:

    • Your age should be between 21-60 years.
    • 2 years of total work experience with a minimum tenure of 1 year with your present employer.
    • You need to earn at least Rs.12,000/- per month and your net income needs to be Rs.15,000 if you are living in Delhi, Bangalore, Mumbai, Ahmedabad, Cochin, Chennai and Calcutta.

    ICICI Personal Loan Eligibility:

    ICICI bank offers personal loans for various purposes such as education, house renovation, holidays, wedding, buying gadgets etc. Under the ICICI personal loan eligibility process, you can get multi-purpose loans with flexible tenures and rates. You can pay your loans in easy installments and also repay through auto debit, ECS and PDC facilities. The bank maintains an easy documentation process with instant processing. The privilege banking customers are eligible for personal loan up to Rs.15 lakhs with flexible repayment option of 12-60 months. Instead of visiting the bank, you can check your ICICI bank personal loan eligibility at BankBazaar and apply for it directly, online.

    Documents required:

    There is a difference in documentation for salaried and self-employed individuals to apply for personal loans at ICICI bank. Salaried employees need to furnish the following documents:

    • 2 passport size photographs.
    • Identity proof: It could be any of the following documents ( passport, driving license, voters ID or pan card).
    • Address proof: It could be any of the following documents (lease agreement, utility bill which should not be more than 3 months old or passport).
    • Bank statement of the last 3 months.
    • Last 3 months’ salary slips.

    A self – employed person needs to submit the following documents:

    • Address proof ( It could be any of the following documents : recent utility bills, lease agreement).
    • KYC documents ( You can submit either your identity proof, or DOB proof or address proof).
    • Income proof of the last two years.
    • Recent 6 months bank statement.
    • Address proof of your office.
    • Proof of office ownership.
    • Proof of continuity of business.

    Am I eligible for ICICI Personal Loan?

    Both salaried and self-employed individuals are eligible for ICICI bank personal loans.

    A salaried individual needs to fulfill the following criteria:

    • The person has to be aged between 23 years to 58 years.
    • Net salary has to be Rs.17,000 per month and Rs.25,000 for individuals staying in Mumbai & Delhi, and Rs.20,000 for individuals living in Bangalore, Pune, Chennai, Hyderabad and Kolkata.
    • 2 years overall work experience.
    • 1 year stay at present residence.

    A self-employed person needs fulfill the following criteria:

    • Minimum age limit is 28 years and maximum is 65 years. For doctors, the minimum age limit is 25 years.
    • Minimum turnover needs to be Rs.40 lakh for non-professionals and Rs.15 lakh for professionals according to audited financials.
    • Minimum profit after tax should be Rs.2 lakh for proprietorship firms and self-employed individuals, and Rs.1 lakh for non-professionals following audited financials.
    • Should be in the current business for minimum 5 years. For doctors, it is 3 years.
    • Should have minimum 1 year liability relationship or asset relationship with ICICI bank.

    Axis Bank Personal Loan Eligibility

    Now, you can fulfil manifold dreams with Axis Bank’s personal loan offerings. Axis Bank's personal loan products are available to salaried residents as well as NRIs. Amounts disbursed under personal loan schemes from Axis Bank start at Rs.50,000 and go up to Rs.15 lakhs. The bank offers personal loans at some of the best interest rates in the market with minimum documentation requirements. Repayment tenures range between 12 to 60 months.

    Documents Required

    Documentation requirements vary from individual to individual depending mainly on age and income of the applicant. Normally, the following documents have to be submitted:

    • Proof of identity which includes any of the following - pan card/passport/ voter ID card/photo identity issued by government, defence services, public sector undertaking/driving license/photo credit card/employees ID card, letter/ aadhaar card.
    • Proof of income which includes any of the following - salary slips (latest) / form 16 / ITR (Income tax Return) of the last 2 years.
    • Proof of residence which includes any of the following - bank account statement / employers letter stating current address/passport / present registered house lease/ government Identity card with photo and address/ ration card/ property tax / water tax bill/ electricity bill/ telephone bill/ credit card bill.
    • Proof of signature verification for which you can submit any one of the following: your pan card, passport, processing fee cheque and banker’s verification letter.
    • Latest landline or mobile bill.
    • A guarantor may be required in which case relevant documents of the guarantor will have to be furnished.

    Am I eligible for an Axis Bank Personal Loan?

    If you are a salaried individual, you can apply for an Axis bank personal loan. Employees of select MNCs and public and private limited companies, salaried doctors, government sector employees can apply for Axis Bank personal loans. To qualify for these loans you will need to fulfil the following personal loan eligibility criteria:

    • Minimum age - 21 years.
    • Maximum age should be 60 years at the time of loan maturity.
    • Net monthly income should be Rs.15,000.
    • You can avail a loan up to Rs.15 lakh.
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