Personal Loan Eligibility Calculator

Age	Minimum- 21 years Maximum- 60 years
Employment Type	Salaried/Self-employed professionals/non-professionals
Stability	Salaried: Employed for at least 2 years with current employer Self-Employed: It should be at least 5 years
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)

1. Age Limit: Applying young for personal loan has been always beneficial, as the lender determines that you have many earning years ahead to repay your loan. There is also an increase in the probability of getting personal loan at lower interest rates. Age bracket that is accepted by several banks for salaried employees is between 21 to 60 years. However, for self-employed or business professionals it ranges between 25 to 65 years.
2. Employment Stability: This factor is highly considered by lenders before sanctioning personal loan. To meet the eligibility requirement, you need to be salaried and employed for more than 2 years in your current job. If you are self-employed then the minimum tenure should be at least 5 years. However, for employees this factor majorly depends on their net salary and current company.
3. Credit Score: Credit score or credit report holds an important stance in getting you a personal loan at lower interest rates. Maintaining a good credit score increases the probability of getting loan with added multiple negotiating options those are related to tenure, loan amount, EMI (Equated Monthly Instalment) and interest rates. If in case your lender(s) finds you at risk with any default payment records, huge outstanding loan, or fraudulent track records, thereafter lenders have every right to cancel your personal loan application or might charge higher interest rates to lower their risk.
4. Financial History: Your past financial records do make an impact on your loan application. Better your financial health is, increased are your chances of availing personal loan. Maintaining respectable financial history will eliminate existing rating issues and will help to increase the total amount eligibility. If in case you had not been maintaining sound repayment history, your lender will out-rightly deny your loan request, as this practice will hamper your creditworthiness, as well as your credit score.
5. Employer’s Reliability: Working with a renowned and reputed organisation always helps you in getting best available personal loans at lower interest rates. As lenders can easily judge and decide on the credibility of the applicant. Being a resource of any reputed company is an asset when it comes to applying for any personal loan.

Some of the key features of personal loan eligibility calculator are mentioned below:

1) It clarifies the various aggregation of loan repayments, and provides broad concept on the loan to be approached based on your repayment capabilities.

2) It provides a calculation of the amount of interest to be paid, how to save interest on loan, thus helping you to efficiently plan out your yearly finance.

3) If the calculator is filled with all the personal details, loan amount, existing EMIs, etc. It immediately informs you on your personal loan eligibility, being positive or negative.

You are primarily required to submit a few personal details in the calculator, such as date of birth, residing city, company’s name, net salary, email address and mobile number.

Step 1: Collecting Details

To easily calculate your bank loan eligibility, you would need to provide details regarding:

• Net monthly income
• Existing EMI liability
• Rate of Interest
• Loan Tenure

Step 2: Calculating Eligibility

With the sliders given in each section, adjust the respective values in the eligibility calculator tool. You can even enter the information manually into the text boxes provided on the side of each heading.

Once you submit the figures, the online bank loan eligibility tool automatically calculates your eligibility for the requested loan amount and tenure.

The following are some of the key benefits of using the calculator provided by Paisabazaar:

Feasible Loan Amount Identification: With Paisabazaar’s calculator for loan eligibility, applicants can easily calculate the exact amount they are eligible to get as loan from the numerous banks. The eligibility to get the loan is based on various factors, including your employment status, net salary, loan tenure, and many other.

Quick and Easy: Within couple of minutes you can get your loan eligibility status. To get the results, you just need details regarding net monthly income, existing EMIs, rate of interest, and loan tenure.

Reliable Results: The loan eligibility calculator is specially designed by the experts in order to calculate eligibility to get loan and it provides accurate results that can be used as actionable information by you.

Easy Comparison: If you are perplexed between the loan offerings of two different lenders, you can easily compare between the two on the basis of key criteria, such as maximum loan amount, applicable interest rate, tenure, as well as processing fees and additional benefits, if any.

Time Saving: With speedy results and the easy procedure of determining eligibility, Paisabazaar’s eligibility calculator simply eliminates the time taking process of contacting a particular bank in order to check loan eligibility.

Therefore, before applying for personal loan from any lender, its always recommended to check related details from Paisabazaar’s Personal Loan Eligibility Calculator to gain a good insight and have better understanding of your loan requirements by comparing them with various lenders operating in the financial market.

1. HDFC Bank:
   • Salaried Doctors, CA’s employees of Private as well as public sector undertakings including Central, State and Local bodies.
   • Individuals in the age group of 21-60 years.
   • Individuals who have been employed for at least 2 years and a minimum of 1 year with the current employer.
   • Individuals with a minimum earning of Rs 15,000 net income per month and Rs 20,000 in Mumbai, Cochin, Bengaluru, Chennai, Pune, Kolkata and Ahmedabad.
2. ICICI Bank:
   
   For Salaried Individuals:

   Criteria	Salaried Employees
   Age	23-65 years
   Net Salary* (T&C Apply)	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 and Kolkata
   Total Years in the Profession	2 years
   Years in Current residence	1 year

   *The minimum salary requirement will differ depending on the profile of the Applicant.

   Criteria	Self Employed
   Age	28 years and 25 years for doctors. Maximum age – 65 years
   Business stability	Should be in current business for at least 5 years and minimum 3 years for doctors
   Exisiting Relationship with ICICI Bank	Minimum 1 year liability relationship or asset relationship either live or closed in the ladt 36 months; repayment track as required

3. Axis Bank:
   • Salaried employees
   • Salaried Doctors
   • Employees of private and public sector industries
   • Government sector employees including Public Sector Undertakings with Central and Local Bodies
   • Age bracket for individuals who wish to apply for a Personal Loan 21-60 years.
   • Net monthly income should be Rs 15,000
4. Bank of Baroda:
   • Employess of Central or State govt, Public / joint sector undertakings with a minimum continuous service for 1 year.
   • Employees of Proprietorship, Partnership firms, Private Ltd companies
   • Insurance Agents – doing business for minimum of at least 2 years
   • Self Employed Professionals with minimum 1 year of stable business
   • Self Employed Business persons with minimum of 1 year stability in business.
5. CANARA Bank:
   • Confirmed Employees of reputed PSUs and Joint Stock companies
   • Central / State government officials
   • Employee salary account has to be maintained with the Bank
   • Minimum Net take home salary should not be less than Rs 10,000 per month whichever is higher after meeting the proposed Loan Instalments.
6. State Bank of India (SBI):
   

   Loan Type	Age	Employment Type	Min. Monthly Income	Min. Loan Amount	Max. Loan Amount
   Xpress Credit Personal Loan	21-58 years	Employees working with Central/State Governments/ Quasi Government Bodies, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute, Select Rated Corporates	Rs. 5000	For Term Loan: Rs. 25,000 For Overdraft: Rs. 5 Lacs	For Term Loan: Rs. Up to 15 Lacs For Overdraft: Up to Rs. 15 Lacs
   SBI Pension Loan	Not more than 76 years	Pensioners	–	Rs. 25,000	Up to 14 Lacs
   SBI Xpress Bandhan	21-58 years	Employees working with Central/State Governments/ Defence Establishments, Quasi Government Bodies, PSUs, Educational Institutions of National Repute, Select Rated Corporates.	Rs. 50,000	For Term Loan: Rs. 25,000 For Overdraft: Rs. 5 Lacs	For Term Loan: Up to 15 Lacs For Overdraft: Up to Rs. 15 Lacs

Ques. How banks calculate personal loan eligibility in India?

Ans. The banks usually start with looking at the Income Slips . it will calculate the monthly income by adding the salary, Interest Rates, rental, etc. These details are taken from the Submitted Bank Statement. With this, the amount that is saved by the individuals is calculated. The Banks carry a standard saving percentage. Post this, all the EMIs and the repayment capability is tracked and calculated.

Ques. What is the personal loan eligibility for self-employed engineer?

Ans. The personal loan eligibility criteria varies from Bank to Bank for self-employed as well as salaried employees.

Ques. What is the personal loan eligibility for a doctor?

Ans. Personal loan eligibility varies for self-employed as well as salaried employees.

Ques. How can I meet the personal loan eligibility for chartered accountants if my credit score is poor?

Ans. The eligibility criteria is not based only on the credit score. There are multiple factors on which the Personal Loan Eligibility criteria is set. Income details, Bank statements, Age, Past credit history etc, everything is taken into consideration for all Loan Applicant. So, in this situation it is better to contact the Bank since the criteria varies from bank to bank.