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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|
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.
|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|
|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
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.
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.
Most platforms that help you check your eligibility offer the service free of cost.
The following are the factors that affect your 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.
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.
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.
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.
No, if you’re applying for a personal loan (unsecured loan), you don’t need a guarantor.
The loan amount depends on your salary, city of residence, age and other eligibility criteria.
The maximum age for availing a personal loan varies from bank to bank.
The minimum CIBIL score should be 650 for availing a personal loan. The higher the score, higher is the chances of approval.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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