Personal Loan Eligibility Calculator

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

Personal Loan Partners	Eligibility Criteria
Bajaj Finance Limited	The applicant must be a salaried individual employed with an MNC, public or private company She/he must be an Indian resident Their age must be between 25 and 58 years
Fullerton India	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
Axis Bank	The applicant must be an Indian resident and a salaried individual The age of the applicant must be between 21 and 60 years The minimum net monthly income of the applicant must be ₹25,000 per month The applicant must have a total work experience of at least 3 years
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)
SBFC Finance Pvt Ltd	The applicant must be a salaried professional The age of the applicant must be between 22 and 55 years       Note: Max age 58 years at the time of maturity Minimum net monthly income is ₹30,000 If age is above 40 years then minimum net monthly income is ₹50,000 The applicant must have a minimum work experience of 1 year (minimum 6 months with current employer) CIBIL score above 700 is required
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
EarlySalary	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	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.

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.

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. 

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.