Criteria
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Salaried
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Self Employed
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Who is Eligible
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People in permanent service in public or private sector.
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Self-employed Business - men, doctors, engineers, dentists, architects, CA, CS, consultants, lawyers
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Loan Amount
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Determined by income, current debt, age, retirement age, number of co-borrowers, maximum loan to value, etc.
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Determined by income, current debt, age, retirement age, number of co-borrowers, maximum loan to value, etc.
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Borrower Age at Time of Sanction
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Between 21 and 60 (or age of requirement, if lower)
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Between 21 and 65
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Borrower Age at Time of Maturity
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Upto 60 (or age of requirement, if lower)
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Upto 65
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CIBIL Score, Credit History
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Typically, a clean CIBIL record with a score above 700 is desirable
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Typically, a clean CIBIL record with a score above 700 is desirable
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Minimum Income
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Some banks specify minimum income to be eligible for loans
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Some banks specify minimum income to be eligible for loans
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Employment Track Record
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Typical requirement of at least 2 years in permanent employment and at least 1 year in current organization, but this varies on a case to case and bank to bank basis.
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At least 2 years in the same profession with ITR filed
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Balance Transfer
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Minimum 12-18 months’ track record of regular repayment of existing loan
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Minimum 12-18 months’ track record of regular repayment of existing loan
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