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Personal Loan Eligibility. Check your Loan Eligibility Online by Eligibility Calculator

Updated: May 24,2020 11:16 IST

Vikram Sharma

Personal Loan Eligibility. Check your Loan Eligibility Online by Eligibility Calculator

Personal Loan Eligibility varies for each bank and financial institution and depends on various factors. Personal Loan Eligibility can be calculated using the eligibility calculator by providing few information. Personal Loan Eligibility for different banks and factors influencing the personal loan eligibility are given in the article.

Overview on Personal Loan and Personal Loan Eligibility

Personal Loans are availed by individuals to meet their needs and can be availed for any personal reasons from medical expenses to buying a new gadget.  Personal Loans are offered by number of private and nationalised banks and also by non banking financial institutions. For any type of loan to be availed, the banks and NBFCs lay forward a set of eligibility criteria in order to avail the loan and the loan to be sanctioned. Before an individual could apply for the personal loan he/she can check his/her eligibility on how much of loan they are eligible for using the eligibility calculator by providing few information. The factors influencing the eligibility, eligibility by different banks and NBFCs, and other criteria are all explained in the content below. Some of the common eligibility requirements that mostly apply for personal loans of all the banks are given in the below table.
 

Minimum age

21 years

Maximum age

60 years

Minimum Income

Rs.4000- Rs.20000

Employment

Can be salaried, self- employed professionals or non-professionals.

Should be in employed or in business for atleast 2 years.

And should be employed with current employee for atleast 1 year

Credit score

350 - 900 in CIBIL Score

What is Personal Loan Eligibility Calculator?

Personal loan eligibility calculator is provided Online in number of Online sites and also in the bank’s site for the applicants. With Online calculator the applicants can check their eligibility in just few steps from anywhere. Personal Loan Eligibility calculator helps you to understand your Personal loan eligibility depending on your income and repayment capacity. There are several other factors that determine your Personal loan eligibility like your age, financial position, credit history, credit score, other financial liabilities etc. Your eligibility check is just a few steps away. The eligibility calculator of top banks and NBFCs are all explained here so that it is easier for you to decide upon the best loan offered and there is no need to go in search of each banks as aal are listed in this single article.

What are the Information Needed to Calculate Eligibility Using Personal Loan Eligibility Calculator? 

Inorder to calculate your Personal loan eligibility, the eligibility calculator will need a number of input data from the applicant. The information required are listed below:

  • Your Age/Date of Birth
  • Your Occupation (Self-Employed/Salaried)
  • Loan Tenure
  • Net Adjusted Monthly Income
  • Other Income
  • Other EMIs
  • Rate of Interest
  • Loan Amount that is expected
  • Interest rate

How to Check Eligibility through Online?

Every bank and the financial institution that provided Personal Loans has Eligibility Calculator at their official site. The applicants can go to the official site of the bank they wish to avail Personal loan and check their Personal Loan eligibility by providing the necessary Information that is asked for. Personal Loan Eligibility Calculator help one to understand his/her credit worthiness and to know the best loan offered.One can also call customer care of the respective bank and talk to the representatives to know their eligibility. Those finding Online process not comfortable can opt for Offline mode i.e. through customer care. Personal Loan Eligibility check links of top banks and NBFCs are listed and explained below. Do check and be benefited.

SBI Personal Loan Eligibility 

To obtain a personal loan from the SBI, one has to qualify to the eligibility criteria. This is to ensure that the customer could complete the repayment of the loan amount on time. The eligibility for availing personal loan are as follows.

  • Age - One should be minimum 21 years and maximum 58 years to avail a personal loan
  • Income - The loan amount is provided by considering the monthly income of the people. The minimum monthly income must be Rs. 15000 per month to avail of a personal loan.
  • Loan Amount - A loan amount of up to 20 lakh can be availed
  • Loan Tenure - The loan amount can be repaid within a flexible tenure ranging from 6 months to 6 years
  • Stability - Job stability and number of years for the business to be run is an additional point that is taken into consideration at the fixation of the loan. 
  • CIBIL Score - One should qualify a good score and must have correctly paid back the old and existing loans, in order to easily be eligible for a loan sanction.

HDFC Personal Loan Eligibility 

There are certain eligibility criteria fixed by HDFC bank for the Personal Loan Applicants. Eligibility criteria is fixed for both salaried and self-employed individuals. Check below for the basic eligibility criteria

  • Individuals between age 21 to 60 years of age.
  • Salaried doctors, CAs, employees of private and public sector 
  • Minimum of 2 years in job and 1 year with current employer
  • Minimum of Rs. 15,000 net income per month
  • Minimum of Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin

Check the Personal Loan eligibility Online from the given link - HDFC Personal Loan Eligibility Online.

Axis Bank Personal Loan Eligibility 

One should have certain eligibility to obtain the Axis Bank Personal Loan. When the following eligibility criteria is satisfied, the loan amount is easily sanctioned. 

  • The applicant must have regular income so that he/she can repay the amount on time without any difficulty.
  • The loan amount applied for must be minimum Rs.50000 and not exceed Rs.15 lakhs.
  • The applicant must be at least 21 years of age and not more than 60 years.
  • The applicant must have a good credit score.

To apply for Axis Bank Personal Loan, one should keep the following documents ready for easy and quick sanctioning of the loan amount.

  • Identity Proof
  • Address Proof
  • Income Proof
  • Age Proof
  • Bank statements in case of self-employed people
  • Recent photographs
  • PAN Card
  • Aadhar Card
  • Occupation details

Bajaj Finserv Personal Loan Eligibility 

Eligibility Criteria for availing Personal Loan at Bajaj Finserv differs for both Salaried and Self-Employed applicants. Find below the eligibility criteria for personal loan
 

Salaried Applicant

Self-Employed Applicant

Must be between 25 and 58 years of age

Age between 22-55 years

Must be a salaried individual employed with an MNC, public or private company

Business vintage of at least 3 years

Must be a residing citizen of India

Filing of business IT returns for at least past 1 year

 

Previous year’s turnover duly audited by a CA

Click the lInk to check eligibility Online - Bajaj Finserv Eligibility Online
Bajaj Finance requires certain documents to apply for the Personal Loan. Find below the documents required

  • KYC Documents
  • Employee ID - for Salaried Applicant
  • Bank account statements of your salary account, for the previous 3 months - for Salaried Applicant
  • IT Returns of last 1 year - for Self-employed candidates
  • Last One year turn over audited by CA

IIFL Personal Loan Eligibility 

IIFL Personal Loan boasts a cutting edge Eligibility Calculator that not only gives you an estimate of the loan you can avail, but also let you apply online to get instant approval and also upload documents. The basic eligibility criteria are listed below

  • One must be a Salaried Individual.
  • Monthly income should be Rs. 35,000 or more.
  • Age of the applicant must be between 25 to 60 years.
  • Applicant's current address must be in any of these cities: Delhi and NCR, Mumbai including Thane and Vashi, Bengaluru, Pune.
  • Applicant must have at least 6 months of work experience in current organisation.
  • Applicant must have at least 2 years of total work experience.

Check Eligibility Online - IIFL Personal Loan Eligibility Online

An Overview of Personal Loan Eligibility 

There are eligibility criteria for availing the personal loan which slightly varies for different financial institutions. Also the limits of the personal loan vary for salaried people and self-employed people. The applicant must be at least 21 years and the loan maturity time period must be within the applicant’s 58 years of age. The place of residence, type of house must be mentioned to estimate the stability of the applicant.  The applicant must have stayed in the current residence for at least 3 years. The monthly net salary of the applicant, place of organization, experience, number of years in the present organization is all considered at the time of providing the loan. Here are some eligibility criteria that are most common in most of the banks. The eligibility is based on

  • Age of the Applicant
  • Income of the Applicant and Co-applicant
  • Family Details
  • Employment/Business
  • Qualification
  • Professional Experience
  • Past Loan Record
  • Details of Assets
  • Investments

Information on CIBIL Score

Apart from basic eligibility like age, occupation, etc one of the major check the banks puts forward is your CIBIL Score. For availing any kind of loan maintaining a good CIBIL Score is mandatory. Credit Score of 750-900 is considered to be good range and there are chances of instant loan approved by the bank. Lower CIBIL Score doesnt provide you the expected loan amount in worst cases there are higher chances of loan rejection. Lower CIBIL Score means plain rejection of loan. So, it is recommended you have a good CIBIL Score before you apply for Personal loan and that you maintain a good credit score.

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Personal Loans - FAQs

1.

Who is eligible for personal loans?

Any person who is salaried and is above the age of 18 and within 60 - 65 years (maximum age varies with different banks) is eligible for personal loans. 

2.

What is a personal loan?

A loan availed from the bank by an individual for his personal needs is known as a personal loan. Say, if a person wishes to buy his/her favourite gadget, he can avail a personal loan based on his credit score and income

3.

How old should a salaried individual be to avail a personal loan?

Age is one of the most important defining factors of Personal Loan eligibility. In the case of a salaried individual, he/she needs to be between the age of 21 to 61 years. 

4.

How old should a self-employed individual be to avail a personal loan?

Age is one of the most important defining factors of Personal Loan eligibility. In the case of a self-employed individual, he/she needs to be between the age of 21 to 60 years. 

5.

Which bank gives personal loans easily?

If you are looking for urgent personal loans that should be credited to your account within 1-2 days, then you can try contacting HDFC Bank, ICICI Bank, RBL Bank, Tata Capital, Citibank. These are the best options. 



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