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Personal loan eligibility calculator is an online tool to assess the loan eligibility of the prospective borrowers based on their age, interest rate, monthly income, loan tenure and the existing EMIs. It predicts your loan eligibility, thereby, helping you to plan your EMIs within your budget.
Below-mentioned are the features of Paisabazaar’s Personal Loan Eligibility Calculator:
The personal loan eligibility depends on the below-mentioned factors:
Applicants having a credit score of 760 and above usually have higher chances of getting their loans approved at lower interest rates. The lenders fetch the credit report from the credit bureaus and assess the credit profile of the applicant. Only the creditworthy applicants with a strong repayment history and a healthy credit score are considered eligible for personal loans.
Salaried individuals employed with government sectors and reputed private companies are eligible for availing personal loans. Among the salaried, the employees of government sectors have higher chances of getting their loans approved due to job stability and income consistency.
Lenders offer personal loans to self-employed professionals and non-professionals also. However, they carry comparatively lower chances of personal loan approval due to job and income instability.
Applicants having their EMIs within 50 - 55% of their net monthly income, including the existing EMIs and EMIs of the proposed personal loan are generally eligible for personal loans.
The eligible minimum monthly income required to avail personal loans is usually Rs. 15,000. However, the income requirement might vary from lender to lender.
The minimum age of the applicant at the time of loan application should be 18 years and the maximum age at the time of loan maturity should be 60 years or the retirement age, whichever is higher.
The minimum monthly income requirement varies from lender to lender. However, the standard eligible income required to avail personal loan is Rs. 15,000. Applicants provide their recent salary slips for the last 6 months to the lender to assess their repayment capacity. If their EMI is below 55% of their net monthly income, including the existing EMI and EMI of the proposed personal loan, they are considered eligible to avail personal loans.
Also Check: How Much Personal Loan Can I Get Based on My Salary
Applicants should check their CIBIL score to assess their loan eligibility before loan application. This helps them check their creditworthiness before the lender does, and improve their credit score, if required. Checking your own credit score for information purpose is considered as soft enquiry and it does not affect your credit score.
Prospective borrowers can check their credit score for free through Paisabazaar app without affecting their CIBIL score in the following steps:
Avail Personal Loan for
All Your Needs
Avail Personal Loan for
All Your Needs
You can improve your eligibility in the following ways if your loan gets rejected:
| Eligibility Criteria | Salaried | Self-employed |
|---|---|---|
| Age | The age range is 18 - 60 years. | The age range is 21 - 65 years. |
| Job Profile and Income | Stable job and consistent income. | Unstable job and income. |
| Approval Chances | Higher chances of loan approval. | Approval chances are comparatively lower. |
| Work Experience | Should have a minimum work experience of 1 year. | Should have a minimum business vintage of 3 years. |
| Monthly Income | Minimum monthly income should be Rs. 15,000. | Minimum annual income should be Rs. 15 lakh. |
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HDFC BANK
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Tata CapitalAvail Personal Loan for
All Your Needs
Avail Personal Loan for
All Your Needs
The minimum salary required to avail a personal loan is Rs. 15,000 per month for many lenders.
Checking your personal loan eligibility is considered a soft enquiry and does not affect your CIBIL score.
Applicants having a CIBIL score of 760 and above usually have higher chances of getting their loans approved.
The personal loan eligibility is calculated after factoring in the age, monthly income, job profile, employer’s profile, EMI.NMI ratio and credit score of the applicants.
FOIR is you Fixed Obligation to Income Ratio that determines how much of your net monthly income goes towards your existing debts. A FOIR above 55% negatively impacts your loan eligibility and reduces your chances of loan approval.
Yes you can improve your loan eligibility by identifying the reasons affecting your loan eligibility and working on them.
Yes, personal loan eligibility is different for salaried and self-employed applicants. Salary and credit score requirements vary majorly for both categories.
If your personal loan is rejected, you need to identify the reason for rejection and work on improving the same before applying for a new one.
Yes, you can get a personal loan with zero CIBIL history. However, such applicants may be offered higher interest rates and lower loan amount.
Individuals below 21 years of age are not eligible to apply for personal loans. Also, the age on loan maturity should be within 60-65 years.
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Smooth & hassle-free loan approval experience
Exceptional guidance throughout the process
Very helpful and easy to reach
Reliable help when i needed it most
Committed support that made everything easy
My Trust in Paisabazaar has Increased
Best Place for Taking Loans
Easy loan approval with good guidance
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Paisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
Address: Paisabazaar Marketing & Consulting Pvt. Ltd. 135 P, Sector 44, Gurugram (HR) 122001
Get up to ₹50 Lakhs starting at 9.98%*
Get up to ₹50 Lakhs starting at 9.98%*
Disclaimer: The results are indicative, based on your inputs and internal assumptions, and do not constitute a loan offer or approval. Final eligibility and terms depend on lender evaluation and policies. Please verify details independently before making any financial decision.
Disclaimer: The results are indicative, based on your inputs and internal assumptions, and do not constitute a loan offer or approval. Final eligibility and terms depend on lender evaluation and policies. Please verify details independently before making any financial decision.
Get up to ₹50 Lakhs starting at 9.98%
