✓ Calculate your personal loan eligibility and avail quick Loan up of to 50 Lakhs ✓ Minimum Documentation! Apply Now

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

Age Limit

21 – 68 years

Minimum Monthly Income

₹10,000 and above

Credit Score

Above 750

Maximum EMI

Up to 65% of Income

Check Your Personal Loan Eligibility

Net Monthly Income
Monthly EMI

You are eligible for a loan amount of up to

0

Personal Loan Eligibility Criteria

Personal Loan Partners

Eligibility Criteria

 

SMFG India Credit

  • The applicant’s age must be between 21 and 60 years

  • She/He must be a salaried individual working at a private limited company or public sector enterprise

 

PaySense

  • The age of the applicant must be between 21 and 60 years

  • The minimum net monthly income of the applicant must be ₹20,001 if they’re residing in a tier-1 city and ₹18,001 if they’re residing in a tier-2 city

 

 

 

Muthoot Finance

  • The applicant must be a salaried employee working in a Public Sector Unit or any reputed organization

  • The age of the applicant must be between 23 and 60 years

  • If residing in a metro city, the minimum net monthly income of the applicant must be between ₹20,000 and ₹30,000 (subject to the employer)

  • If residing in a non-metro city, the minimum net monthly income of the applicant must be between ₹15,000 and ₹25,000 (subject to the employer)

 

CASHe

  • The age of the applicant must be between 21 and 39 years

  • The applicant must be a salaried individual with a minimum net monthly salary of ₹12,000

  • The applicant must be a smartphone user

 

 

Fibe

  • The applicant must be between 21 and 55 years of age.

  • The applicant must be a salaried individual with a net monthly salary of at least Rs. 18,000, if living in a Tier 1 City and Rs. 15,000, if living in Tier 2 city. (applicable for tenure 3 months, 6 months).

  • The applicant must be a salaried individual with a net monthly salary of Rs. 25,000 at least, if living in a Tier 1 City and Rs. 22,000, if living in Tier 2 city. (applicable for tenure 12 months, 18 months, 24 months).

 

 

YES BANK

  • The age of the applicant must be between 22 and 60 years.

  • The applicant must be a salaried individual working in Public /Private/Limited/Govt. companies.

  • The applicant must have a net monthly salary of Rs. 20,000, if residing in a Tier 1 City and Rs. 15,000, if living in Tier 2 or Tier 3 city.

 

 

KreditBee

  • The applicant must be above 21 years.

  • The minimum net monthly salary of the applicant must be Rs. 10,000.

  • The applicant’s Aadhaar Card must be linked to his/her mobile number.

 

InCred

  • The age of the applicant must be between 21 and 55 years.

  • The applicant must be a salaried individual with a monthly income ranging from Rs. 15,000 to Rs. 50,000.

 

mPokket

  • The applicant must be above 18 years.

  • The minimum net monthly salary of the applicant must be Rs. 9,000.

 

IIFL Finance

  • The age of the applicant must be between 19 and 60 years

  • The minimum net monthly salary of the applicant must be Rs. 15,000.

 

Upwards

  • The age of the applicant must be between 21 and 55 years

  • The minimum net monthly salary of the applicant must be Rs. 20,000.

  • Minimum 2 years of work experience.

L&T Finance

  • The applicant must be a citizen of India.
  • The age of the applicant must be between 23 to 57 years.

Olyv

  • Applicants must be salaried individuals

  • Applicants must be between the age of 24 and 45

  • Applicants must earn a monthly income should be above ₹20,000

Finnable

  • The applicant needs to be a salaried employee

  • The applicant must be between the age of 21 and 60 years

  • The applicant must have been in continuous employment for at least 1 year (a minimum of 6 months with current employer)

  • The applicant must have a monthly income of ₹20,000 if residing in Tier 1 cities and ₹15,000 if you live in Tier 2 cities

Kotak Mahindra Bank


  • The applicant must be employed with an MNC, public limited company, or private limited company.

  • The age of the applicant must be between 21 years and 60 years.

  • The applicant must have a work experience of at least 1 year.

  • The applicant must be a graduate.

Privo

  • The applicant must be between 21 and 57 years.

  • The applicant have a minimum monthly income of Rs. 20,000.

  • The applicant have a minimum CIBIL Score of 700

  • The applicant must be an Android user

moneyview

  • The applicant must be a salaried or self-employed individual.

  • The applicant must be between 21 and 57 years.

  • The minimum net monthly salary of the applicant must be Rs. 13500.

  • The applicant must have salary/income should be credited to your bank account.

Features of Personal Loan Eligibility Calculator

A personal loan eligibility calculator has the following features:

  • Can Help You Avoid Loan Rejection

A personal loan eligibility calculator can reveal how much credit you're qualified for. This calculator will give you the outcome based on your income and obligations.

Thus, if you are not qualified for the loan amount that you need, it is advised that you do not apply for the loan as it may be denied. A loan rejection might have serious consequences for your credit record. As a result, a personal loan eligibility calculator may assist you in protecting your credit record.

  • Can Help You Plan Your Budget

Using this calculator to estimate your EMI amount helps planning the monthly budget much easier.

  • May Assist in Comparing Different Lenders

A personal loan eligibility calculator can help you examine your eligibility with numerous lenders. As a result, you'll know which lender will grant you a loan and what the interest rate will be. After that, you may evaluate the lenders and choose the most suitable one.

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How To Check Personal Loan Eligibility?

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

Factors That Affect Your Personal Loan Eligibility Criteria

Before checking your personal loan eligibility, there are certain factors that you need to keep in mind. These factors or variables tend to have a nominal-to-significant impact on your loan eligibility. 

  • Annual Income: Remuneration from economic activities, such as salary from a job or running a business, play a crucial factor in determining your personal loan eligibility. After looking at the total amount you earn annually, your lender will be able to determine your maximum loan-bearing capacity.

  • Type of Residence: The kind of house that you live in also plays a factor in your loan eligibility. The lender will ask if you live in a rented or owned apartment to understand your financial obligations.

  • City of Residence: The higher your standard of living, the greater are the expenses of an individual. Lenders tend to take note of your place of residence to develop a risk profile for you before proceeding with the personal loan application.

  • Your Company/Organisation: Your employer plays a critical factor in your personal loan eligibility as well. In addition, the reputation of your company is taken into consideration too while assessing your creditworthiness. Moreover, your time at the organisation also helps the lender understand your job stability.

  • Current Debt-to-Income Ratio: It is important for you as well as the lending partner to know about your current credit obligations while assessing your loan eligibility. This helps the lender understand whether you can manage yet another loan or not.

  • Credit Rating/Credit Score: The credit history or CIBIL score is indicative of your behaviour towards your financial obligations and also serves as a testimony to your financial management skills. Irregular loan repayments or not honouring or delaying other repayments tend to negatively reflect in your credit score. Such activities tend to lower your credit score and your creditworthiness at large.

  • Relationship With the Bank: If you have a salary or savings account with the bank, then there are higher chances of you getting a personal loan at attractive interest rates. In such cases, you need not necessarily check your personal loan eligibility as they have records of all of your salaries coming in. 

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How is Personal Loan Eligibility Calculated

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.

How to Improve Personal Loan Eligibility?

To qualify for a loan, you must 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, i.e. one who has paid all their past dues on time. On the other hand, a score below 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 Existing Loans and Credit Card Bills: Before applying for a personal loan, make sure that you reduce your 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% of your income.

  • Include all 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 is important for you to showcase all of your income besides your salary to build a better case for yourself.

  • 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 are seen as credit-hungry. Ensure that the lender has minimum eligibility criteria to make the loan process much easier. Compare your available options wisely and make a final decision.

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FAQs on Personal Loan Eligibility

How much loan can I get if my salary is ₹25,000?

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.

What is the minimum salary required for a personal loan?

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.

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.

Will I have to pay a fee to check my personal 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, reducing your disposable income.

How does my place of work determine my eligibility?

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.

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?

A personal loan is generally offered to working (salaried/self-employed) individuals.

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 loan dues and credit card bills, having a steady source of income, and avoiding multiple loan applications.

Who is not eligible for a personal loan?

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.

Can I get a personal loan with a ₹15,000 salary?

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.

 

What is a personal loan eligibility calculator?

It is a tool that helps individuals estimate the loan amount that they are eligible to borrow. This calculation is based on factors like age, income, credit score, and existing liabilities.

How does an applicant’s income affect their personal loan eligibility?

An applicant's income directly impacts their personal loan eligibility, as a higher income can result in a higher loan amount being sanctioned.

What are the benefits of using a personal loan eligibility calculator?

Using a personal loan eligibility calculator helps with the quick and accurate assessment of loan eligibility. This enables individuals to plan and apply for loans that suit their financial capabilities.

What is the minimum and maximum age requirement for getting a personal loan?

The minimum and maximum age requirement for getting a personal loan is usually 21 and 65 years, respectively. However, this may vary from one lender to another.

How does my current debt status affect my eligibility?

Lenders generally assess the borrower's debt-to-income (DTI) ratio to determine their ability to manage additional debt repayments. Thus, a lower DTI ratio may improve your eligibility.

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