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  • A personal loan is an unsecured advance offered by both banks and NBFCs to any eligible individual. It is very important to be aware of your personal loan eligibility details as this will simplify and quicken your application process. Each bank has separate minimum criteria for income, age, employment type, credit score, job status, etc. You will need to meet these criteria in order to apply for a personal loan from a particular lender. Personal loan eligibility criteria varies across lenders based on the borrower’s profile and relationship with the bank. The general requirements and limits are outlined below:

    Minimum Age limit 21 – 28 years
    Maximum Age limit 58 – 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.

    Check Personal Loan Eligibility for Top Lenders in 2020

    Bank Age Limit Work Experience Minimum Income (Per Month)
    SBI Up to 76 years As per the lender’s terms and conditions Rs.15,000
    HDFC 21 to 60 years At least 2 years (Minimum 1 year with the current employer) Rs. 20,000
    ( 25,000 for applicants from Madhya Pradesh)
    ICICI 23 to 65 years 2 Years (For Salaried)
    5 years (For Self-employed)
    Rs.17,500 (Rs.25,000 for people residing in Mumbai & Delhi;
    Rs.20,000 for people residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)
    Axis 21 to 60 years As per the lender’s terms and conditions Rs.15,000
    Kotak Mahindra 21 to 58 years 1 year More than Rs.25,000
    Tata Capital 22 to 58 years 1 year (Minimum 6 months with current employer) Rs.15,000
    IndusInd 21 to 65 years 2 years (for Salaried)
    5 years (for self-employed)
    Rs.25,000 (for Salaried)
    Rs.4.8 Lakh (for Self-employed)
    Ujjivan Small Finance 22 to 58 years As per lender’s terms and conditions Should be over the minimum wage limit prescribed by the state
    India Infoline Finance Limited 25 to 60 years 2 years (Minimum of 6 months with current employer) Rs.35,000
    HDBFS 21 to 65 years 1 year (Salaried)
    3 years (for Self-employed)
    Rs.15,000 (for Salaried)
    Rs.1 lakh Anually (For Self-employed)
    Indian Overseas Bank Up to 60 years As per the lender’s terms and conditions Rs.5,000
    Capital First 23 to 68 years 3 years As per the lender’s terms and conditions
    Federal Bank Up to 60 Years 3 years in present job Rs.25,000 and above
    Punjab National Bank Up to 75 years For doctors, continued occupancy at the current place of residence for minimum 2 years
    For other applicants, as per the bank’s terms and conditions
    Minimum net monthly salary for:
    • Metro Centres - Rs.15,000
    • Urban Centres - Rs.12,500
    • Semi- Urban/Rural Centres - Rs.10,000
    Net annual income/salary of Rs.4 lakh and above for doctors
    Andhra Bank Up of 55 years As per the bank’s terms and conditions As per the bank’s terms and conditions
    Canara Bank As per the bank’s terms and conditions As per the bank’s terms and conditions Salaried : Rs.6,000 & aboveSelf-employed - Rs. 1.5 lakh
    IDBI Bank 21 to 60 years (75 years for Pensioners) As per the bank’s terms and conditions Salaried : Minimum annual net income of Rs.1.8 lakh
    SEP Borrower - Minimum annual business income of Rs.3.6 lakh
    SENP Borrower - Minimum annual business income of Rs.5 lakh
    Fullerton India 21 to 60 years Employees of a private limited company or public sector undertaking - Work experience of minimum 2 years and minimum 1 year of employment with current organisation Residents of Mumbai, Delhi, Chennai, Hyderabad, Kolkata, Pune, Cochin, Ahmedabad, and Bengaluru - Rs.20,000 per month
    Other places - Rs.15,000 per month
    RBL Bank 25 to 60 years Minimum 1 year of work experience at current organisation and 3 years total employment experience Salaried individuals - Rs.25,000 per month
    Bank of Baroda 21 to 65 years Continuous service for minimum 1 year, except for insurance agents, they should have at least 2 years of continued service 60% of GMI for Salaried
    For other applicants:
    • GMI less than Rs.75,000 - 40% of GMI
    • GMI Rs.75,000 and above but less than Rs.2 lakh - 50% of GMI
    • GMI Rs.2 lakh and above - 60% of GMI
    Deutsche Bank 25 to 60 years As per the bank’s terms and conditions Monthly take home - Rs.25,000 and above
    Karnataka Bank Minimum 21 years Minimum 3 years of residual service As per the bank’s terms and conditions
    United Bank of India up to 75 Years Minimum 2 years for salaried applicants
    As per the bank’s terms and conditions for other applicants
    As per the bank’s terms and conditions
    UCO Bank 21 to 65 years At least 1 year of service and minimum remaining 5 years service period Salaried borrower - Rs.30,000 per month at metro centres and Rs.20,000 per month for other centres
    Non-salaried borrower - Rs.4 lakh per annum at all centres

    Personal Loan Eligibility Calculator

    You can check if you are eligible to apply for a personal loan by using the personal loan eligibility calculator tool, which you will find on the official websites of lenders. You can also choose to check your eligibility through a third-party financial services website like BankBazaar.com. Here are the steps that you will need to follow to check your eligibility through BankBazaar.com:

    Check Personal Loan Eligibility
    • Visit www.bankbazaar.com.
    • Click on ‘Personal Loan
    • On the redirected page, you will need to select the City that you reside in.
    • Next, select your residence type.
    • Next, you will have to enter your age and date of birth, post which you can click on ‘Continue’.
    • Next, select the type of Employment
    • On the next page, enter the company that you work for. If you are a business owner, you will need to click on ‘Own a Business’, after which you will need to click on ‘Continue’.
    • Select the year and the month that you joined your workplace and your total years of work experience.
    • On the next page, you will need to enter your monthly salary, after which you will have to indicate which bank you have a salary account with.
    • On the following page, enter the total EMIs that you currently pay. Click on ‘Skip’ if you do not pay any EMIs.
    • You may choose to enter your name, mobile number, and email ID on the following webpage. Keep in mind that any details that you provide on this page are completely secure. Post this, click on ‘View Free Offers’.
    • On the redirected page, you will be able to view all the lenders that offer you loans and the particulars of these loans.

    Using the Eligibility Calculator tool will help you check which personal loans you are eligible to apply for, hence simplifying the application process. From the loans that are available to you, you can select any loan that matches your requirements and apply for the same. Look for latest personal loan interest rates in India before applying.

    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. Those who stay in metropolitan cities have a better chance of getting a personal loan than those who stay in rural or semi-urban areas.
    • Income: Your personal loan eligibility will also depend on your income. The higher your income, the higher the loan amount you will be eligible for as banks perceive you as someone with excellent repayment ability.
    • Housing situation: Your housing situation also plays an important part in determining your personal loan eligibility. 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, thereby making you a safe bet for the lender.
    • 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. To improve your chances of getting a personal loan, it is advisable to have a credit score of over 750.

    Documentation Required

    • Duly-filled and signed application form
    • 2 passport-size photographs
    • Cheque - Processing fee
    • Proof of:
      1. Identity - Voter ID/ Passport Copy/ Driving License / PAN Card (any one)
      2. Address - Passport Copy/ Utility Bill (Electricity, Water)/ Rental Agreement/ Ration Card (any one)
      3. Income (depending on type of employment) - Latest Salary Slips (3 months) / Bank Statements (3 - 6 months) / Passbook (3 - 6 months)/ Current Salary Certificate (any one)
      4. Tax paid - Latest Form 16/ Income Tax Return
      5. KYC Documents – Address proof, proof of date of birth, identity proof


    If you want to apply for a personal loan (PL) or unsecured loan, there are a few things you need to know about your eligibility for such a loan. This page answers some of the most commonly asked questions regarding loan eligibility. Read on to find out why this is an important part of applying for this loan.

    1. Can I avail a personal loan if I require funds for business needs?
    2. Yes, you can avail personal loans for your business needs. However, certain lenders may only offer personal loans to salaried employees. Thus, make sure to check the eligibility criteria specified by the lender before applying for the loan.

    3. Why is determining my eligibility so important while applying for a personal loan?
    4. Checking your eligibility is a crucial step before applying for a loan. This will help you find out which loans you qualify for. If you apply for a loan you don’t qualify for, the lender will usually reject your loan application. A rejected loan application can adversely impact your credit rating.

    5. How can I check my eligibility for an unsecured loan?
    6. The easiest way to check your personal loan eligibility is by accessing an online portal which allows you to do so. Alternatively, you can also get in touch with the bank or lender to find out the same.

    7. Will I have to pay a fee to check my loan eligibility?
    8. Most platforms that help you check your eligibility offer the service free of cost. You can check whether you’re eligible or not without paying anything even if you choose not to take a loan later.

    9. What are the factors that affect my eligibility for a personal loan?
    10. 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
    11. How does my income affect my eligibility?
    12. 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.

    13. How does my type of residence impact my eligibility?
    14. Living in a rented house means you spend a portion of your income towards paying rent. Living in your own house indicates that you are saving up that portion of the money. This means you have a little more financial bandwidth to repay a personal loan if you live in your own house.

    15. How does the area in which I live affect my eligibility for a loan?
    16. Lenders determine loan eligibility and other loan terms and conditions based on where you live. If you live in a metropolitan city, you may get better loan terms. The same may not be true for rural areas.

    17. How does my place of work determine my eligibility?
    18. The company or organisation you work for indicates your work stability and earning capacity. For example, if you work for a renowned organisation, it may indicate that your job is secure. This means you bear a lower risk of not repaying the loan.

    19. How does my current debt status affect my eligibility?
    20. 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. This, your debt-to-income ratio, will tell them how much of your current income goes towards repaying loans. If this ratio is high, it means you may not have enough of your income left to repay another loan. This may lead to loan rejection.

    21. How does my credit history affect my eligibility for a personal loan?
    22. Having a good credit history or credit rating makes you eligible for a better loan. You may also get better loans terms and flexible repayment options.

    23. What is a credit score and how does it help when applying for a loan?
    24. 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. It also indicates how much of your credit limit you have been using. In short, it reflects how responsible you are in financial matters. Lenders prefer offering loans to individuals who have good credit.

    25. Will I be eligible for a personal loan even if I have bad credit?
    26. 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. Usually, banks don’t prefer giving loans to people with a poor credit rating. But if you’re able to convince the bank, you just may be able to get a loan. Even then, you may be given less convenient terms such as a high rate of interest. The best solution would be to try and improve your credit score before applying for a loan.

    27. Will I be eligible for a loan if I’m studying?
    28. No, you won’t be eligible to apply for a personal loan while you’re studying. Lenders offer loans only to individuals who earn an income.

      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, nor do you need to offer collateral. The loan is offered based on your income. It serves as the security against the loan.

    29. Can I apply for multiple loans if I’m eligible for more than one loan?
    30. Yes, you can apply for more than one loan at a time. But this is highly not advisable. Applying for multiple loans may make lenders feel you want unnecessary credit. Also, it may become extremely difficult for you to keep track of multiple repayment schedules.

    31. Should I have an existing bank account with a lender to get a loan from them?
    32. Most lenders may offer you a loan only if you already have an existing relationship with them. There are a few exceptions to this though. However, having an existing relationship with a lender can help you get a loan with various benefits. For example, you may get lower interest rates, flexible repayment options, and other such loan terms.

    33. Can I take a personal loan for business purposes?
    34. Yes, you can. When you apply for this type of a loan, the application is processed in your name. Your personal creditworthiness is considered to determine loan eligibility. Your business never comes into the picture. You are personally liable for repaying the loan as well.

    35. Can I apply for a personal loan even if I have a low credit score?
    36. If your credit score is low, your loan application may be rejected by the lender. Even if your loan application is approved, it is likely that you will have to pay a high interest rate for the loan. Hence, it is advisable to check your credit score before applying for a loan. If you find that your credit score is very low, you can try to improve it to increase your chances of getting loans.

    37. How does my credit score affect my eligibility?
    38. Your credit score indicates your repayment ability and your creditworthiness. By checking your credit score, the lender will be able to evaluate how likely you are to repay your loan EMIs as per schedule. Banks usually tend not to give loans to individuals who have low credit scores since it increases the risk of EMI defaults.

    39. Do I need to pay a fee to check my eligibility?
    40. You can calculate your eligibility by using the eligibility calculator tool, which is available on the websites of most lenders or through trusted third-party financial services websites, for free, regardless of whether you proceed with the loan application or not.

    41. I am currently pursuing my post-graduation. Can I apply for a personal loan?
    42. No, most banks and financial institutions only offer personal loans to salaried employees, those who are self-employed, and to business owners. Lenders might not consider you as an eligible applicant unless you have a source of income and meet the age requirements.

    43. Can I apply to multiple banks for a personal loan at the same time?
    44. It is not advisable to apply to multiple lenders for a personal loan all at once. If you submit multiple applications, lenders will assume that you are credit-hungry. Further, lenders will also assume that you are less likely to actually take a loan from them, which may cause them to deny your application or give you a loan at a high interest rate. It is, thus, recommended that you check your eligibility and compare the particulars of the loans offered by different lenders through a third-party financial services website like BankBazaar, before applying for a personal loan.

    45. Is there any way to increase my eligibility when applying for a personal loan?
    46. You can try to improve your credit score, which will make you a more eligible candidate. Further, you can also try opting for a lower loan amount, thus reducing the financial burden on yourself. If you have recently applied for a loan, it is advisable to not immediately apply for a personal loan.

    47. Will I get a personal loan if I don’t have a savings account with the lender?
    48. Most lenders require applicants to have a salary/savings account with them. A few lenders, however, may not have this restriction. It is best to check the lender’s eligibility criteria to know whether you can apply for a personal loan even if you don’t have a savings/salary account with the lender.

    49. Will I be eligible to get a personal loan if I don’t have a guarantor?
    50. Most banks and financial institutions do not require personal loan applicants to have a guarantor, given that a personal loan is a type of unsecured loan.

    51. How long do lenders take to disburse the loan amount?
    52. The disbursal time for personal loans varies greatly from lender to lender. Also, if you are a pre-approved customer, the loan disbursal is likely to happen at a faster pace. Generally, you can expect the disbursal time to range between 3 seconds and 48 hours, if not more.


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