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Check Your Personal Loan Eligibility Instantly

Find out how much you can borrow from top lenders without impacting your credit score. Use our personal loan eligibility calculator and get personalized insights based on your income, credit score, and other factors.

Personal Loan Eligibility Criteria

Eligibility Factor	Minimum Requirement	Impact on Loan Eligibility
Income	₹25,000/month (salaried individuals)	Higher income increases eligibility and the amount you can borrow.
Credit Score	700+ (recommended)	A higher score may result in better interest rates and loan terms.
Employment Status	Salaried individuals with a minimum of 1 year at the current job	Stable employment enhances approval chances.
Age	21 to 60 years	Applicants within this age range are eligible.
Fixed Obligations to Income Ratio (FOIR)	40%-50%	A lower FOIR indicates fewer existing EMIs and improves loan eligibility.

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Eligibility Criteria by Lender

Loan Criteria

Minimum Credit Score

700

Income Requirement

₹25,000/month

Maximum Loan Tenure

Up to 5 years

HDFC Loan Eligibility

Minimum Credit Score

720

Income Requirement

₹20,000/month

Maximum Loan Tenure

Up to 7 years

AXIS Loan Eligibility

Minimum Credit Score

700

Income Requirement

₹25,000/month

Maximum Loan Tenure

up to 5 years

SBI Loan Eligibility

Minimum Credit Score

680

Income Requirement

₹25,000/month

Maximum Loan Tenure

Up to 6 years

ICICI Loan Eligibility

Understanding Your Eligibility for a Personal Loan

Personal loan eligibility is determined by a range of factors, including your income, credit score, existing debt, and employment status. Lenders assess these criteria to ensure you can repay the loan comfortably without over-leveraging yourself. By checking your eligibility beforehand, you can avoid the risk of rejection and increase your chances of securing the loan amount you need.

Income: Lenders typically require a minimum monthly income of ₹25,000 for salaried individuals. The higher your income, the more likely you are to qualify for a larger loan.

Credit Score: Your credit score is a key factor in determining loan approval and interest rates. A score above 700 generally leads to faster approval and more favorable loan terms.

Fixed Obligations to Income Ratio (FOIR): This ratio compares your fixed monthly obligations (existing EMIs, rent, etc.) to your income. A lower FOIR means fewer financial commitments, making you more eligible for a higher loan amount.

Employment Status: Both salaried and self-employed individuals can apply for personal loans. However, salaried applicants generally have an easier time qualifying, while self-employed individuals may need to provide more documentation proving business stability.

Age: This ratio compares your fixed monthly obligations (existing EMIs, rent, etc.) to your income. A lower FOIR means fewer financial commitments, making you more eligible for a higher loan amount.

Use Our Eligibility Calculator to Get Personalized Results

Using our personal loan eligibility calculator, you can instantly assess how much you can borrow based on your financial profile. The calculator considers your income, current EMIs, credit score, and more to give you a personalized result. This helps you understand your borrowing capacity before submitting an official loan application.

If you don’t meet the eligibility criteria or want to increase your chances of approval, here are some tips:

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Eligible Loan Amount

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Improve Your Loan Eligibility

If you don’t meet the eligibility criteria or want to increase your chances of approval, here are some tips:

1. Improve Your Credit Score: Pay down existing debt, avoid late payments, and limit new credit applications to improve your score.

2. Consolidate Existing Loans: If your current debt is too high, consider consolidating your loans to reduce your EMI burden.

3. Add a Co-Applicant: Adding a co-applicant, such as a spouse, with a higher income or better credit score can increase your eligibility.

4. Opt for a Longer Tenure: Choosing a longer repayment tenure can reduce your monthly EMI, making it easier to qualify for a larger loan amount.

Frequently Asked Questions (FAQs)

What are the general eligibility criteria for a Personal Loan?

The general eligibility criteria for a Personal Loan typically include factors such as age (usually 21 to 60 years), a stable income source, a minimum work experience of 1-2 years, a good credit score, and a residence within the lender's serviceable area.

How does the lender determine my eligibility for a Personal Loan?

Each lender has their own set of criteria, but common factors they assess include your credit score, monthly income, current debt obligations, employment status, and loan repayment history. Some lenders may also consider your relationship with them and existing accounts.

What is the minimum income required to be eligible for a Personal Loan?

The minimum income requirement varies by lender but generally falls between ₹15,000 to ₹30,000 per month, depending on the type of loan, your employment, and your location. Lenders may have different criteria for salaried and self-employed individuals.

Can I apply for a Personal Loan if I have an existing loan?

Yes, you can still apply for a Personal Loan even if you have an existing loan. However, lenders will assess your debt-to-income ratio to ensure you can comfortably manage the additional financial responsibility. You may also be eligible for a Top-Up Loan to consolidate your existing loans.

What is the minimum income required to be eligible for a Personal Loan?

Are there any age restrictions for personal loan eligibility?

Yes, lenders usually set age limits for Personal Loan eligibility. Generally, you should be at least 21 years old at the time of applying and not older than 60 years at the time of loan maturity. Some lenders may have flexibility with these age requirements based on other factors.

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