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How do Lenders Decide Personal Loan Eligibility?

The number of personal loan accounts in India during the third quarter of 2019 stood at 7.3 million, double that of Q3 2018. A corresponding 28% increase in personal loan balances was also observed. The growth was higher in semi-urban and rural areas (31.5%) as compared to metro cities (25.8%).

However, personal loan eligibility criteria may differ from one lender to another, and a borrower is required to comply with them. This is more so, since personal loans come with no collateral and hence fall in the category of unsecured loans. If you are wondering about how to apply for a personal loan, take a look at the few parameters below which are used to evaluate your profile and disburse the loan amount.

A Steady Job

If you are employed with a company and are receiving a regular monthly salary, it will be easier to get a personal loan. Even those who are self-employed and can generate income consistently are preferred. A stable and steady source of money assures the financial institution that you will be able to repay the loan in time without defaulting on it.

A Good Credit History

This is one of the important factors for personal loan eligibility on Bajaj Markets. It is a detailed report with information on your debt accounts, amount of outstanding debt payable as well as repayments in the past towards loans or credit cards. All of these together are used to arrive at your credit score which is a reflection of your ability to repay loans on time. The higher the credit score, the more are your chances of securing a personal loan. So the next time you are thinking about how to apply for a personal loan, check that your CIBIL score is 600 or above.

Past Repayments

A financial institution will take a close look at how prompt you have been with repaying your loans in the past. If you have delayed making payments or defaulted on them, it gives a bad impression of your credit management skills. This could bring down your chances of securing a personal loan and even land you a rejection if the lender is not satisfied with how you have managed credit in the last few years.

Work Experience

The number of years you have been employed is also a personal loan eligibility criteria when applying to a lender. A steady employment of at least one to two years will make you eligible to apply for a personal loan by private and public banks, whereas fintech companies consider those with as less as 6 months experience as well. Those working with a reputed multinational or government firms as well as public sector undertakings for a long duration are considered more creditworthy as compared to others. This ups their chances of securing a loan approval.

Your Age

Individuals between 21-65 years of age are qualified for personal loan on Bajaj Markets. Most other lenders also have similar age limits with minor variations.

Your Income

How much you earn per month is not only a personal loan eligibility criteria for application purposes, it also determines the amount banks will be comfortable lending you, should the loan be approved. Salary requirements may vary according to where you reside for personal loans available on Bajaj Markets. Different financial companies may have their own rules and income limits for giving out loans.

Employer Category

Depending on their risk profile, companies are also classified into categories ranging from A to D. A person working with a company in category A might find it relatively easier to get a loan approval as compared to one working with a D category company for instance. Those employed with unlisted companies may find it harder to secure a personal loan.


Those are some of the factors to keep in mind to qualify for a loan. The personal loan eligibility on Bajaj Markets is simple and straightforward. You need to be a resident Indian with a regular salary between 21 to 65 years to apply. You can also use the personal loan eligibility calculator to know your eligibility. Just enter your net monthly income and the monthly EMI you are comfortable paying. Simple!


If you are thinking how to apply for a personal loan on Bajaj Markets, you will be glad to know that the entire process is online which makes it time saving, convenient, hassle-free with minimal documentation. Just log online and fill your personal and loan details. Upload a few necessary documents and your loan is proved within minutes. Loan amount up to a maximum of ₹ 25 Lakhs is transferred to your account in no time!


Personal loans available on Bajaj Markets come with no hidden charges, flexibility to repay, no collateral, instant approval as well as customized offers. There is no third party involved assuring you of complete transparency. What’s more you even get a financial fitness report to help you stay on track with your goals as well as personalized insurance plans to offer added protection. So avail a personal loan today and give wings to your dreams!

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