What is My Personal Loan Eligibility?

The eligibility criteria for personal loans are almost the same for all banks. You should be between 21 and 60 years of age, have a stable income, and be employed for two years or more. However, these might vary. It is thus better that you visit your bank’s branch or official website once and look for the criteria before applying for a personal loan. Since I know what is personal loan eligibility in HDFC, let me share their requirements next.

What is the Eligibility Criteria for Personal Loan?

HDFC has a set of criteria to apply for a personal loan, and they are:

• The applicant must be from private limited companies and employees from public sector undertakings, including central, state, and local bodies.

• The applicant must be between 21 and 60 years of age.

• The individual must have had a job of at least 2 years and be employed with the current employer for at least a year.

• He or she must have a minimum income of Rs 25,000 per month.

Most of the banks have the same set of criteria, but I will still suggest you enquire about the requirements before applying for a personal loan.

The loan eligibility personal loan depends on where you are opting for the loan. Tripti has rightly mentioned the basic criteria. I had availed of a personal loan from SBI so let me share the requirements needed there to avail a personal loan.

For Personal Loan Eligibility What Requirements to be Met in SBI?

Let me start with the personal loan age eligibility in SBI. To avail a personal loan in this bank, you will have to be

• Between 21 and 58 years of age

• The applicant must have a salary account with SBI

• The minimum salary the applicant needs to have is Rs 15,000

• The EMI/NMI ratio should be less than 50%.

You can visit

to learn more about the eligibility criteria and apply for a personal loan there. Just note that the eligibility criteria are different for different banks. If you want to avail a personal loan from any other bank, it’s better to visit the bank’s official website or a branch and learn the exact details from there.

What are the Factors that Affect the Eligibility of a Personal Loan?

Several factors does affect the eligibility of a personal loan for an individual and they are:

• Credit Score: 

A higher credit score helps to get the loan disbursed easily. On the other hand, a lower credit score affects the credibility of the borrower and can largely affect the loan approval process.

• Income: 

Regular income and stability improve eligibility for a personal loan.

• Debt-to-Income Ratio: 

Lower ratios indicate better repayment capacity and help in getting the loan disbursed within a short time.

• Employment History: 

Stable employment enhances eligibility and assures the lender of your capacity to pay the EMIs on time. 

• Loan Amount: 

Smaller loan amounts may have lower eligibility requirements and thus can affect an individual’s loan disbursement process

• Existing Debt: 

High existing debt may reduce eligibility and affect their approval for a new loan.

Collateral: Secured loans may have different eligibility criteria.

• Age:

   

Older applicants may face stricter eligibility criteria than younger ones.

• Loan Purpose: 

Some lenders may have specific criteria based on the loan's purpose. You can visit your bank and check about this point. 

• Financial History: 

Positive financial behaviour improves eligibility and negative behaviours hamper the loan disbursing process.

I hope this information on loan eligibility personal loan and the affecting factors was helpful. 

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Hi,

To know your personal loan eligibility, you need to check your personal loan eligibility. For that, you can use a personal loan eligibility calculator. These calculators are available online and can help you get a rough estimate of your eligibility based on your credit score, income, and other factors.

Here are some general eligibility criteria for personal loans in India:

• Age: You must be between 21 and 60 years of age.

• Employment: You must be employed with a public or private limited company or an MNC.

• Income: You must have a minimum monthly income of ₹25,000.

• Credit score: You must have a good credit score of at least 700.

Once you have a general idea of your eligibility, you can contact a lender to apply for a personal loan. The lender will then assess your eligibility based on their own criteria, which may vary from lender to lender.