Personal Loan Eligibility Calculator helps you compute the eligible amount you can avail through the personal loan without affecting your monthly finances. Your eligibility is determined by several factors and criteria such as age, income, employer, credit history, other financial liabilities, etc. Assess your personal loan eligibility now! The general requirements are given below:
Personal Loan Eligibility |
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Age Limit |
21 – 68 years |
Minimum Monthly Income |
₹10,000 and above |
Credit Score |
Above 750 |
Maximum EMI |
Up to 65% of Income |
Personal Loan Partners |
Eligibility Criteria |
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If you are interested in applying for a personal loan, please follow below steps to check your personal loan eligibility.
Open personal loan eligibility calculator
Select whether you are “Salaried” or “Self-Employed”
Decide “Net Monthly Income” and “Monthly EMI” using the slider.
Your eligible personal loan amount will be displayed
To determine your eligibility for a personal loan, you need to submit your employment type, net income, monthly EMI. Your repayment capability is determined by the sum of your income and obligations. If your current responsibilities are manageable, you may be eligible for a higher loan amount. If your previous liabilities are bigger, your loan eligibility may be reduced.
If you are a salaried individual with a monthly income of ₹25,000 (assuming an EMI payment of ₹3,000), you will be eligible to receive a loan of ₹4.62 Lakhs. While as a self-employed individual with a monthly income of ₹25,000 with the same EMI payment, you will be eligible for a loan of ₹4.23 Lakhs.
The salary necessary for salaried workers to get a personal loan is more than ₹15,000. A self-employed person, on the other hand, must have a consistent monthly income in order to qualify for a personal loan.
Determining your eligibility while applying for a personal loan helps you identify the kind of loans you are eligible for. This will, thus, help you apply for the right kind of loan.
No, most of the lenders provide this facility without charging any fee.
Your residence indicates your ability to repay the loan. If you live in a rented house, then a certain portion of your income will go in paying the rent, reducing your disposable income.
Your place of work or organisation represents your job stability, your income and hence your repayment capacity. The reputed your organisation, more are your chances of getting the loan.
Your credit history indicates your creditworthiness and if you are a responsible borrower or not, who paid his/her past payment dues on time. A poor repayment record might lead you into paying a higher interest rate or even rejection of your loan application.
A personal loan is generally offered to working (salaried/self-employed) individuals.
You can increase your eligibility by maintaining a high Credit Score, clearing your existing loan dues and credit card bills, having a steady source of income, and avoiding multiple loan applications.
To be eligible for a personal loan application, you must be at least 21 years old and no older than 60 years old. If you are not in this age bracket, your personal loan application may be rejected.
Borrowers from all income levels have consistently taken personal loans. A personal loan qualifying criteria begins with a monthly salary of ₹15,000. This is due to the fact that obtaining a personal loan needs a minimum income of ₹15,000. With a minimal salary slab, the eligibility requirements are reduced, allowing all persons with low earnings to benefit from personal loans.