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Check Your Personal Loan Eligibility

Calculate your personal loan eligibility criteria and apply for a personal loan instantly

Personal Loan Eligibility Calculator

The Personal Loan Eligibility Calculator is one of the easiest ways to calculate your personal loan eligibility. You just have to enter your net income and the Equated Monthly Installments (EMI) amount that you wish to pay.

Today, most banks/NBFCs provide the Calculator on their websites, so that the borrowers can instantly check their eligibility.  

You can easily use the Personal Loan Eligibility Calculator by providing information in two fields mentioned below:

  1. Your monthly net income
  2. The EMI amount that you wish to pay as the loan repayment amount

Check out our Personal Loan Interest Rate and charges

Personal Loan Eligibility for Salaried

As a salaried employee, you can avail of a Personal Loan provided you fulfill the required eligibility criteria. Here’s the personal loan eligibility criteria:

  • The age of the applicant must be between 21-60 years.
  • If you are an Indian resident, then you will be eligible for a Personal Loan.
  • You should be an employee at MNC, private or a public limited company with a work experience of at least 2 years.

Personal Loan Eligibility for Self-employed

  • You must be an Indian resident.
  • The age of the applicant must be between 22-65 years.
  • The applicant should have a business vintage of at least 4 years.

Know the details about personal loan for self employed.

Personal Loan Eligibility for NRIs

The applicant, if salaried, must be employed in the company he is working in currently, for at least one year.

  • The self-employed applicant, must have at least 3 years of business vintage.
  • Depending on the lender, you might require a co-guarantor while applying for the loan.

Personal Loan Eligibility for Pensioners/Govt Employees

  • The applicant must be under the age of 76 years.
  • The applicant’s pension should be drawn by any of the lender’s branches.
  • The pensioner must have a third-party guarantee

Factors that Affect Personal Loan Eligibility

  • Income

    Your income plays a major role in your personal loan eligibility. Higher the income, higher are chances of you getting a Personal Loan at low interest rate.

  • Credit & Payment History

    Banks/NBFCs always consider the borrower’s credit profile while sanctioning a loan. If you have a poor repayment history, then banks may reject your loan application or provide you a loan but at a higher rate of interest. Good CIBIL score has helped in increasing your chances of getting a loan.

  • Relationship with your Bank

    If you are having a salary account or savings account with the bank, then there are higher chances that you can get a Personal Loan at attractive interest rates.

  • Negotiation skills

    If you maintain a good relationship with your bank, you can negotiate on interest rates, fees, etc. You can also ask, if you can enjoy special offers or benefits, when availing the Personal Loan. Depending on your negotiation skills, you might get a Personal Loan at a very good interest rate.

How to Improve Personal Loan Eligibility

To qualify for a loan, you are required to meet the online personal loan eligibility criteria. The following are a few pointers to increase your chances of availing a loan.

Maintain a high Credit Score

Generally, a CIBIL Score of 750 and above displays you as a responsible borrower, who paid their past payment dues on time. On the other hand, a lower score of 750 suggests that you have a substandard repayment record. This might lead you into paying a higher interest rate or even rejection of your loan application.

Clear your existing loans and credit card bills

Before applying for a personal loan, make sure that you reduce your existing outstanding debt as this will balance out your debt-to-income ratio. If you have multiple loans to repay, ensure that the combined EMIs does not exceed 50 percent of your income.

Include all your sources of income

Your income is one of the most important aspects of qualifying for a personal loan eligibility criteria. Your source of income is what assesses your ability to repay the loan amount. So, it's important for you to showcase all of your income besides your salary.

Avoid multiple loan applications

When you apply for a personal loan, lenders run a check with the credit bureau to assess your default risk. Such inquiries are considered hard inquiries and are listed in your CIBIL report. Thus, when you apply for multiple loans simultaneously you might be seen as credit hungry.

Ensure that the bank you apply for a personal loan has minimum eligibility criteria to make the loan process much easier. Compare your available options wisely and make a final decision.

Frequently Asked Questions on Personal Loan

  • ✔️Why is determining my eligibility so important while applying 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.

  • ✔️How can I check my eligibility for an unsecured loan?

    You can check your eligibility using an eligibility calculator present on the online portal or website of the lender.

  • ✔️Will I have to pay a fee to check my loan eligibility?

    No, most of the lenders provide this facility without charging any fee.

  • ✔️How does my type of residence impact my eligibility?

    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, while that might be saved if you live in your own house.

  • ✔️How does my place of work determine my eligibility?

    Your place of work or organization represents your job stability, your income and hence your repayment capacity. The reputed your organization, more are your chances of getting the loan.

  • ✔️How does my credit history affect my eligibility for a personal 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.

  • ✔️Will I be eligible for a loan if I’m studying?

    Personal Loan is generally offered to salaried employees.

  • ✔️Is there any way to increase my eligibility when applying for a personal loan?

    You can increase your eligibility by maintaining a high Credit Score, clearing your existing loans and credit card bills, having a steady source of income, avoiding multiple loan applications.

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