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  • Personal Loan Eligibility

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  • Check your personal loan 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.
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    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
    *Note: The eligibility criteria will vary from lender to lender.

    How to use BankBazaar’s Personal Loan Eligibility Calculator?

    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:

    • Visit www.bankbazaar.com
    • Click on ‘Personal Loan
    • Next, select the type of employment
    • Next, you need to enter the name of your company
    • Following that, you need to enter your net monthly salary
    • On the next page, you will need to enter your current residential pin code
    • Thereafter, enter your mobile number
    • Next, you need to enter your name, date of birth and email ID
    • After that, enter the four-digit OTP sent on your mobile number.
    • Next, enter your current home address
    • On doing that, you will be shown all the lenders that offer you loans and the particulars of these loans.

    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.

    Factors that Affect Personal Loan Eligibility

    • Geographic location: The area in which you reside plays a crucial role in determining whether or not you will qualify for a personal loan.
    • Income: Your personal loan eligibility will also depend on your income. The higher your income, the higher the loan amount you will be eligible.
    • Housing situation: If you reside in your own house, you will have a better chance of having your application approved. The reason for this is that living in a rental house lowers your disposable income, thereby lowering your repayable capacity.
    • Existing credit: In case you have availed another personal loan, your chances of getting a new loan will be lower than if you have no other credit to repay.
    • Company: The company for which you work will also determine if you get a personal loan. Working for a popular company which has a good reputation make you come across as someone with a stable job.
    • Credit history: Your credit score and credit history will have the biggest impact on your personal loan eligibility. The interest rate, tenure, and loan amount you can borrow will depend on this factor.

    Check Personal Loan Eligibility for Top Lenders in 2021

    Bank Age Limit Minimum Work Experience Minimum Income (Per Month)
    SBI Up to 76 years NA** Rs.15,000
    HDFC 21 to 60 years 2 years Rs. 20,000
    ICICI 23 to 58 years 2 to 5 years Rs.17,500
    Axis 21 to 60 years NA** Rs.15,000
    Kotak Mahindra 22 to 55 years 1 year Rs.25,000
    Tata Capital 21 to 58 years 1 year Rs.15,000
    IndusInd 21 to 60 years 2 to 5 years Rs.25,000
    Ujjivan Small Finance 22 to 58 years NA** Above the minimum wage limit
    India Infoline Finance Limited 25 to 60 years 6 months to 2 years Rs.35,000
    HDBFS 21 to 65 years 1 year to 3 years Rs.15,000 for salaried
    Rs.1 lakh p.a. for self-employed
    Indian Overseas Bank Up to 58 years NA* Rs.5,000
    IDFC First Bank 23 to 68 years 3 years NA*
    Federal Bank 21 - 55 Years 3 years Rs.25,000
    Punjab National Bank 21 – 58 years 2 years for doctors Rs.15,000
    Andhra Bank 21 - 55 years NA** NA*
    Canara Bank NA** NA** Salaried: Rs.6,000 & above
    Self-employed - Rs. 1.5 lakh
    IDBI Bank Up to 75 years for Pensioners NA** Rs.1.5 lakh p.a.
    Fullerton India 21 to 55 years 1 to 2 years Rs.15,000
    RBL Bank 25 to 60 years 1 to 3 years Rs.25,000
    Bank of Baroda 21 to 60 years 1 year to 2 years 60% of gross monthly income
    Deutsche Bank 25 to 60 years NA** Rs.25,000
    Karnataka Bank NA** 3 years NA*
    United Bank of India up to 75 Years 2 years NA*
    UCO Bank 21 to 65 years 1 year to 5 years Rs.20,000

    *Solely at the bank’s discretion as per the bank’s terms and conditions

    FAQs on Personal loan Eligibility

    1. Why is determining my eligibility so important while applying for a personal loan?

      Checking your eligibility is a crucial step before applying for a loan because it will enable you to find out the lender and amount you qualify for.

    2. How can I check my personal loan eligibility?

      You can check your personal loan eligibility by accessing the BankBazaar's personal loan eligibility calculator. Most banks operating in the country also offered this facility.

    3. Will I have to pay a fee to check my loan eligibility?

      Most platforms that help you check your eligibility offer the service free of cost.

    4. What are the factors that affect my eligibility for a personal loan?

      The following are the factors that affect your eligibility:

      • Monthly or annual income
      • Type of residence – own house or rented house
      • Area or city in which you live
      • Company or organisation you work for
      • Current debt-to-income ratio (existing debt scenario)
      • Credit rating or credit history
    5. How does my income affect my eligibility?

      Your income indicates your ability to repay the loan you take. The more income you earn, the more satisfied a bank will feel about your ability to repay.

    6. How does my current debt status affect my eligibility?

      When you apply for a loan, lenders will look at how many loans you’ve already taken. They then compare it with how much you earn every month. If the debt-to-income ratio is high, it means you may not have enough of your income left to repay another loan.

    7. What is a credit score and how does it help when applying for a loan?

      Your credit score is a reflection of your credit history. It takes into account all your past credit card bill payments and loan repayments. The score shows your promptness in repaying your loans and bills.

    8. Will I be eligible for a personal loan even if I have bad credit?

      Yes, you can still get a loan if your credit score is bad. However, this depends on how the lender decides to process your application.

    9. Do I need a guarantor, or should I offer collateral to get a loan?

      No, if you’re applying for a personal loan (unsecured loan), you don’t need a guarantor.

    10. How much personal loan can I get on my salary?

      The loan amount depends on your salary, city of residence, age and other eligibility criteria.

    11. What is the maximum age to avail a personal loan?

      The maximum age for availing a personal loan varies from bank to bank.

    12. What should be the minimum CIBIL score for availing a loan?

      The minimum CIBIL score should be 650 for availing a personal loan. The higher the score, higher is the chances of approval.

        

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