Personal Loan Eligibility Calculator
Personal loan as the name suggests is the loan that can be availed for any personal reason. The amount borrowed can be repaid in easy EMIs within the given tenure. It can be availed for education, marriage, home renovation or any other thing. The bank or lender will not ask for the reason for availing the same.
Personal Loan Eligibility Calculator
Personal loan can be availed by both salaried and self employed and here are the requirements:
Minimum- 21 years
Maximum- 60 years
|Employment Type||Salaried/Self-employed professionals/non-professionals|
|Stability||Employed/In-business for at least 2 years, at least 1 years with current employer/business|
|Income||Rs.4,000 – Rs.20,000 net income per month|
|Maximum Loan Amount||Up to Rs.50 lakhs (Based on income, repayment capacity and existing EMIs)|
How do banks calculate personal loan eligibility?
Most banks have an inbuilt personal loan eligibility calculator on their official website. The fields mentioned on the field are used as parameters for calculating your eligibility for the loan. If you are looking for a personal loan from a particular bank, you can open their eligibility calculator and enter the following details to check your eligibility.
- D.O.B/ Age
- Employment Type
- Work Experience
These details may vary from bank to bank and few may ask for additional details such as your contact details, the company you are employed with, the relationship you share with the bank and also EMIs you are currently paying and will continue to pay per month.
Banks use the information entered in the above mentioned fields while calculating your eligibility. To know whether or not you are eligible for a personal loan, you need to consider the following
- If your age falls in the age bracket specified by the bank. The minimum age requirement is usually close to 21-23 years and the maximum age permissible at the completion of loan tenure is 65-70 years.
- You should know and clearly state, where do you stand in the financial sphere by specifying your expenses, assets and liabilities. Your eligibility is decided on the basis of the fact that there are not many claims on your disposable income, because that may make your ability for loan servicing difficult.
- Also analyze the EMIs you are liable to pay currently on your outstanding loans. Whether or not you will be able to manage your EMI payments in future timely depends on your current obligations. You need to analyze your EMIs, so that your ability to bear the burden of additional debt cannot be questioned.
Your credit score and credit history plays a vital role in determining your loan eligibility. Hence before applying for a personal loan, you must check whether or not your credit score is in the acceptable bracket for the bank to approve your personal loan.
Having stated these factors, it may still seem difficult to choose a suitable loan option which comes with the desired amount, tenure and interest. To make it easy and transparent for you, Paisabazaar offers an inbuilt personal loan eligibility calculator which you can use to decide a suitable loan option for you. To calculate your eligibility using the loan eligibility calculator you need to follow the steps mentioned below:
- Move the slider or numerically enter your net monthly income
- The next field is of existing EMI that you are currently paying. Move the slider or enter manually the amount you are paying per month as EMIs for other credit you have taken
- In the next two fields enter the desired interest rate and suitable repayment tenure in months.
- Once you have entered all the details, the tool will display the loan amount you are eligible for and also quotations of various loan options from different banks and financial institutions so as to help you decide the most suitable loan option for you
What is a minimum personal loan amount that I can take?
The minimum amount offered as personal loan is different for different banks. Public sector major SBI has kept the minimum amount for metro cities or urban areas at Rs. 25,000. However, it is Rs. 10,000 for semi-urban areas and rural areas. Private sector players such as Axis bank and ICICI bank have kept the minimum amount at Rs. 50,000.
Advantages of using Personal Loan Eligibility Calculator
Accuracy: Eligibility calculator shows you accurate results within seconds, and lets you know the loan amount you are eligible for. This makes sure that you don’t overestimate or underestimate your eligibility.
Saves Time: This tool performs calculation in seconds and thus saves your precious time and saves you from the hassle of multiple calculations. It lets you arrive at desirable results.
Helps in budget estimation: Since the tool takes into consideration both your income and the EMIs you are currently paying, it helps you in budget estimation and enables you to plan your budget accordingly.
Easy comparisons: It lets you compare various offers in hand by calculating the loan amount you are eligible for. Also, inbuilt personal loan eligibility calculators offered on various bank sites can help you compare your options and choose the most suitable one.
Personal Loan Eligibility of Top Indian Banks
Personal loan can be availed at reasonable interest rates from the top banks in India such as SBI, HDFC, ICICI, and Axis bank if you fulfill their personal loan eligibility requirements. At Paisabazaar.com, you can compare the personal loan offered by the top banks in India in one go and select the loan that fits in your budget.
HDFC Personal Loan Eligibility
HDFC personal loan offers features such as quick loan disbursal, low interest rates, online loan requests and low prepayment charges where prepayment charges are waived off after 36 months from taking the loan.
|Age||21-60 years||25-65 Years|
|Monthly Income||Rs. 12,000- 15,000||Rs 60000 p.a. taxable income for Doctors and CAs. Rs 100,000 p.a. taxable income for Engineers, MBA Consultants, Architects, CS.|
|Loan Amount||Rs 25000 to Rs, 15,00,000||Rs 15,00,000 Maximum|
|Tenure||12 Months to 60 Months||12 Months to 36 Months|
|Interest Rate||15.75 to 20%||14.5 to 15%|
HDFC Personal Loan is offered with full transparency and special offers for Women Employees.
|Age of Applicant||Min-21 years ; Max-60 years.|
|No. of years in employment||2 years & above|
|Current Experience||1 year & above|
|Net Monthly Income||Rs. 15,000/- & above (cat-A companies) Rs. 20,000/- & above (non-listed companies)|
SBI Personal Loan Eligibility
State Bank of India offers different types of personal loan such as Xpress Credit, SBI Saral, SBI Pension loan for pensioners and SBI Festival loan. Low interest rates and high quantum of loan makes SBI Personal Loan a good choice to opt for.
|Age||21–58 years||21–65 years|
|Minimum Income||Rs 5000||Rs 7000|
|Job Experience||2 years||
State Bank of India offers maximum loan of up to Rs 15 lakh with flexible repayment options ranging from 12 to 60 months. You can increase the loan amount by making your spouse the co-borrower and there are no prepayment charges.
|Eligibility Criteria||Loan Amount|
|Resident Indian National||
2.50 lakhs in Non-Metros
5 lakhs in Metros
Upto 10 lakhs where salaried account or current account is with SBI
It is determined by your repayment capacity.
Minimum Income:Rs.24,000/- in metro and urban centres
Rs.10,000/- in rural/semi-urban centres
Maximum Loan Amount:12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of Rs.10 lacs in all centres
ICICI Personal Loan Eligibility
Direct credit of the loan amount through Fund Transfer (FT), simple documentation and quick processing are some features of ICICI personal loan.
ICICI Personal Loan Eligibility Criteria for Salaried:
|Age||23 years – 58 years.|
|Net Salary||Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)|
|Total years in job/profession||2 Years|
|Years in current residence||1 Year|
ICICI Personal Loan Eligibility Criteria for Self-Employed:
|Age||28 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years|
|Minimum Turnover||Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials|
|Minimum Profit After Tax||Rs. 2 lac for Proprietorship Firm/Self employed Individuals and Rs. 1 lac for non-professionals as per audited financials|
|Business Stability||In current business for at least 5 years and minimum 3 years for doctors|
|Existing relationship with ICICI Bank||Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required|
Axis Bank Personal Loan Eligibility
|Age||21–58 years||24–65 years|
|Income/ profit||Rs 15,000 per month||Rs 2 lac per annum|
|Loan amount||Rs 15 lacs||Rs 20 lacs for Self Employed doctors|
If you are a salaried or self-employed individual having a minimum income of Rs. 7500 per month, and your age is within the specified age bracket of 21-58 years, then you are eligible for SBI personal loan. Also, another important criterion is that the ratio of your net monthly income to equate monthly installment should not exceed 50%.
Are you eligible for an HFDC personal loan?
If you are a salaried employee having a minimum income of Rs. 12,000 (Rs. 15,000 for people living in Mumbai, Delhi, Kolkata, Chennai, Bangalore, Pune, Hyderabad, Ahmedabad, Cochin), you are eligible for a personal loan from HDFC. You must be within the permissible age bracket of 21-60 years and also have a minimum 2 years of job experience with 1 year in the current organization to be eligible.
Are you eligible for an ICICI personal loan?
If you are a salaried individual between 23-58 years of age or you are a self employed individual above 28 years of age and but less than 65 years old, and meet the necessary income criteria then you are eligible for an ICICI personal loan.
- Salaried individuals should have a net monthly income of Rs. 17,500 per month. (The minimum income should be Rs. 20,000 if you are a resident of Chennai, Hyderabad, Bangalore, Pune and Kolkata and it is Rs. 25,000 for residents of Mumbai and Delhi)
Self-employed professionals should have a minimum turnover of Rs. 15 lakhs (the limit is Rs. 40 lakhs for non-professionals). Also as per audited financials a minimum profit of Rs. 1 lakh (for non-professionals) after tax deduction should be shown (Rs. 2 lakhs for self-employed individuals or proprietorship firms).