Sudden or urgent money requirements can occur at any point of time in one’s life. Although Personal Loans are meant to solve financial issues, such as lack of money and financial crisis, one may also apply for a Personal Loan to fulfill any need which has been pending for some reason. There are a lot of factors that the financial lenders considers before anyone is approved for a Personal Loan. The lenders do not necessarily as for collateral since Personal Loans are unsecured. But this also put a big risk for the lenders as if the borrower is not able to repay one of the EMIs on time, the difficulty for the Lender increases. Precisely because of this reason, the interest rate on Personal Loan is comparatively higher then the other loans.
Disbursal of personal loan solely depends on the repayment capability of the applicant. If the applicant maintains a high credit score (close to 900), the chances of loan approval increases but on the other hand if his/her credit score is not above 750, then getting personal loan becomes a bit challenging. Therefore, the lender should be confident enough with regards to the repayment capability of the applicant before providing the approval and disbursal of requested loan.
Compare Personal Loan Eligibility by Banks
|Banks||Loan Amount||Tenure||Age Limit|
|Axis Bank||Rs. 50,000 to Rs. 15 Lakhs||12-60 Months||21 – 60 Years|
|Bajaj Finserv||Up to Rs. 25 Lakhs||12-60 Months||23 – 55 Years|
|IDFC First Bank||Rs 1 Lakh to Rs 25 Lakhs||12-60 Months||23 – 58 Years|
|CASHe||Rs. 5,000 to Rs. 2 Lakhs||15-180 Days||Above 18 Years|
|Citi Bank||Up to Rs.30,00,000||12-60 Months||Above 18 Years|
|Fullerton India||Up to Rs. 20 Lakhs||Up to 60 Months||Above 18 Years|
|Faircent||Rs. 30,000 to Rs. 10 Lakhs||6 – 36 Months||Above 18 Years|
|HDB Financial Services Ltd||Up to Rs. 20 Lakhs||12-60 Months||21 to 65 Years|
|HDFC Bank||Up to Rs. 40 Lakhs||12-60 Months||21 to 60 Years|
|ICICI Bank||Up to Rs. 20 Lakhs||12-60 Months||23 to 58 Years|
|IIFL||Up to Rs. 25 Lakhs||12-60 Months||25 to 60 Years|
|InCred Finance||Rs. 75,000 to Rs. 15 Lakhs||12-60 Months||Above 18 Years|
|Indiabulls||Rs. 1,000 to Rs. 15 Lakhs||3 – 24 Months||Above 18 Years|
|IndusInd Bank||Rs. 50,000 to Rs. 15 Lakhs||12-60 Months||21 to 60 Years|
|Kotak Mahindra Bank||Rs. 50,000 to Rs. 15 Lakhs||12-60 Months||21 to 58 Years|
|Money View||Rs. 10,000 to Rs. 5 Lakhs||3 – 36 Months||Above 18 Years|
|Oye Loans||Rs. 10,000 to Rs. 1 Lakh||12 Months||Above 18 Years|
|PaySense||Rs. 5,000 to Rs. 2 Lakh||3 – 24 Months||21 to 60 Years|
|RBL Bank||Rs.1 Lakh to Rs.20 Lakhs||12-60 Months||25 to 60 Years|
|Standard Chartered Bank||Rs.1 Lakh to Rs.30 Lakhs||12-60 Months||Above 18 Years|
|Tata Capital||Rs. 75,000 to Rs. 25 Lakhs||12 – 72 months||22 to 58 Years|
|YES Bank||Rs 1 Lakh to Rs 25 Lakhs||12-60 Months||22 to 58 Years|
|Aditya Birla Finance Limited||Rs. 25,000 to Rs.15 Lakhs||6-36 Months||23 to 55 Years|
|SBFC||Up to Rs 10 Lakhs||Up to 60 Months||Above 18 Years|
|State Bank of India||Rs. 25,000 to Rs.15 Lakhs||12-60 Months||Above 18 Years|
|Bank of Baroda||Up to 10 Lakhs||12-60 Months||21 to 60 Years|
|Union Bank of India||Up to 10 Lakhs||12-60 Months||Above 18 Years|
|Bank of Maharashtra||Rs. 1.50 Lakhs||Up to 36 Months||21 to 60 Years|
|Karur Vysya Bank||Up to 10 Lakhs||12-60 Months||Above 18 Years|
|Corporation Bank||Up to 3.50 Lakhs||Up to 60 Months||Above 18 Years|
|Canara Bank||Up to 3 Lakhs||12-60 Months||Above 18 Years|
|Indian Overseas Bank||Up to 5 Lakhs||Up to 60 Months||Up to 60 Years|
|Vijaya Bank||Up to Rs. 10 Lakhs||Up to 60 Months||21 to 58 Years|
|Punjab National Bank||Rs. 50,000 to Rs. 10 Lakhs||Up to 60 Months||Above 18 Years|
|IDBI Bank||Rs. 50,000 to Rs. 10 Lakhs||12-60 Months||21 to 60 Years|
Note: The figures given in the table are indicative and are subject to change at the banks’ or NBFCs’ discretion without prior information.
Facts Checked by the Lenders Before Sanctioning Personal Loan
- 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.
- 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.
- 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.
- 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.
- 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.
Why to use Personal Loan Eligibility Calculator?
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.
How to Use Loan Eligibility Calculator?
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.
Benefits of Personal Loan Eligibility Calculator
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.
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.