Personal Loan Eligibility

Get Pre-Approved for a Personal Loan – Eligibility Criteria by Top Banks

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Bank	Age Limit	Min Work Experience & Min Income (Per Month)
SBI	Up to 76 years	NA & Rs.25,000
HDFC	21 to 60 years	2 years & Rs.25,000
Axis	21 to 60 years	NA & Rs.25,000
Kotak Mahindra	21 to 60 years	1 year & Rs.30,000
Tata Capital	21 to 58 years	1 ear & Rs.15,000
IndusInd	21 to 60 years	2to 5 years & Rs.25,000
India Infoline Finance Limited	23 to 65 years	NA & NA
HDBFS	21 to 65 years	1 - 3 years & Rs.20,000
Indian Overseas Bank	Up to 55 years	NA & NA
IDFC First Bank	21 to 60 years	NA & NA
Federal Bank	21 - 55 Years	3 years & Rs.25,000
Punjab National Bank	21 - 58 years	2 years for doctors & Rs.15,000
IDBI Bank	Up to 75 years for Pensioners	NA & Rs.1.8 lakh p.a.
Bank of Baroda	21 to 65 years	1 -2 years & NA**
Deutsche Bank	25 to 60 years	NA & Rs.25,000
Karnataka Bank	18 years onwards	NA & Rs.10,000
UCO Bank	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

How to check personal loan eligibility online using BankBazaar’s 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:

1. Visit www.bankbazaar.com
2. Click on 'Personal Loan'
3. Next, select the type of employment
4. Next, you need to enter the name of your company
5. Following that, you need to enter your net monthly salary
6. On the next page, you will need to enter your current residential pin code
7. Thereafter, enter your mobile number
8. Next, you need to enter your name, date of birth and email ID
9. After that, enter the four-digit OTP sent on your mobile number.
10. Next, enter your current home address
11. 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.

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Factors That Affect Personal Loan Eligibility

1. Geographic location: The area in which you reside plays a crucial role in determining whether or not you will qualify for a personal loan.
2. Income: Your personal loan eligibility will also depend on your income. The higher your income, the higher the loan amount you will be eligible.
3. 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.
4. 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.
5. 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.
6. 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.

A good credit score can help you secure lower interest rates on loans and credit cards.

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FAQs on Personal Loan Eligibility in India

• Why is it important to check my personal loan eligibility before applying?

  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.

• How can I check my personal loan eligibility?

  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.

• Is there a fee to check personal loan eligibility?

  No, most platforms, including BankBazaar and banks, offer personal loan eligibility checks free of cost.

• How does my income impact personal loan eligibility?

  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.

• How does existing debt affect my personal loan eligibility?

  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.

• What is a credit score and why does it matter for personal loan eligibility?

  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.

• Can I get a personal loan with a low credit score?

  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.

• Do I need a guarantor or collateral to apply for a personal loan?

  No, personal loans are unsecured loans. You don’t need a guarantor or to provide collateral when applying.

• How much personal loan can I get based on my salary?

  The loan amount depends on factors like your monthly income, city of residence, existing EMIs, age, and the lender’s internal criteria.

• What is the age limit to apply for a personal loan?

  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.

• What is the minimum CIBIL score required for a personal loan?

  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.

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