Personal Loan Eligibility Calculator

Check Your Personal Loan Eligibility

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

Factors Affecting Personal Loan Eligibility

The following factors affect your eligibility when seeking a personal loan:

Age: 

You must be between 21 to 63 years of age.

Nationality:

Only Indian citizens can apply for a personal loan.

Job stability:

You must be an employee at an MNC, or a private or public limited company with a minimum work experience of 2-3 years.

Credit history:

Lending institutions use your credit score to assess your creditworthiness as a borrower. It has an impact on the loan amount, period of credit, interest rate, and terms that you are offered on the line of credit.

Tips for Salaried Person to Check Eligibility

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

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.

1. 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.

2. 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.

3. 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.

4. 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.