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:
- Your monthly net income
- The EMI amount that you wish to pay as the loan repayment amount
Personal Loan Eligibility
Calculate your personal loan eligibility criteria and apply for a personal loan instantly
You are eligible for a loan amount of
You are eligible for a loan amount of
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 21-65 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
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
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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.
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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.
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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.
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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.
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- What are the Eligibility Criteria for Personal Loan on Finserv MARKETS?
- What is the eligibility of a Bajaj Finance personal loan?
- How Company Status Can Impact Your Personal Loan Eligibility
- Know How Your Age Can Affect Your Personal Loan Eligibility
- What is the Eligibility Criteria for a Bajaj Finserv Personal loan?
Frequently Asked Questions on Personal Loan
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✔️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.
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✔️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.
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✔️Will I have to pay a fee to check my loan eligibility?
No, most of the lenders provide this facility without charging any fee.
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✔️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.
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✔️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.
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✔️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.
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✔️Will I be eligible for a loan if I’m studying?
Personal Loan is generally offered to salaried employees.
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✔️Is there any way to increase my eligibility when applying for a personal loan?
You can increase your eligibility by maintaining a high CIBIL Score, clearing your existing loans and credit card bills, having a steady source of income, avoiding multiple loan applications.
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