Check Personal Loan Eligibility

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5,00,000
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3,00,000
Loan Eligibility

Maximum Loan Eligibility = 27,93,000/-

Your Loan Eligibility By Bank

Bank Name Eligibility
Standard Chartered Bank Standard Chartered Bank 27,93,000/-
Tata Capital Tata Capital 25,06,000/-

Personal Loan Eligibility Criteria

Personal Loan is mostly taken by borrower during emergencies or to meet certain needs and wants. It is up to the borrower to decide the type of loan that is required. However, it is essential to understand if all criteria id met for applying a loan. Personal loan money can be used for any purpose instead of the case of home loan, automobile loan, which are used for specific purpose. Irrespective of your occupation or profession, there is always a need to check eligibility before approaching banks and it is all available through online just few clicks away.

Methods of Calculating Personal Loan Eligibility

Generally personal loan in calculated in two ways, one is Multiplier Method and the other is FOIR (Fixed Obligation Income Ratio). Multiplier is the simplest method using a formula- Loan Eligibility = (Your Net Salary) x (a number from 9 to 18). This depends on the company you r occupation is, its stability, growth and turnover. The other method of FOIR depends on the monthly installment expected to be paid as compared to the net income of the individual. If there are outstanding debts of upto 50-75% of your salary, you are eligible. If the already more than 75% of debt, there is less chance of being eligible an even if it does, only less amount for long period will be sanctioned.

Factors Deciding Loan Eligibility

Lenders look for many criteria before sanctioning any loan for its customers. Few never missed factors are here.

  • Age Criteria: The younger you are, there is more probability. General guideline followed by most banks for personal loan for salaried employees is they must be between 21 to 60 years aged. However for self-employed it is between 25 to 65 years.
  • Employment Stability: This is a very crucial aspect for personal loan consideration. Unless you are salaried and employed for more than 2 years in the current profession or if self-employed minimum 5 years of total tenure of earnings, you will not be considered as eligible.
  • Credit Rating: Apart from your company’s performance, individual credit rating holds a lot of value. Having good credit rating increases the probability of getting loan with more flexible option on tenure, amount, EMI and interest rates. In case of any default payment records, huge outstanding loan, fraudulent track records, the banks has every right to cancel the loan or charge higher interest rate.
  • Financial Situation: It’s not always about the present, the past financial records will also have a great call on deciding whether you are eligible for a personal loan or not. Having good financial records is the key, will eradicate rating issues and will increase the total amount eligibility.
  • Employer: The employer with whom the applicant is working with is the best way to gauge the credibility of the applicant. Being a part of reputed and high turnover companies is an asset when it comes to applying for personal loan.

Eligibility Criteria for Salaried and Self-Employed Applicants

Eligible Criteria Salaried Self-Employed Professionals
Age(Min-Max) 21-60 25-60
Income 1,80,000 1,00,000
City Mumbai, Delhi, Bangalore, Chennai and Hyderabad All over India
Co-applicant Not mandatory Mandatory
Employment Fulltime with at least 2 years of experience Atleast 5 years of earning turnover
Documents Required Bank Account Statement/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Credit Card Bill/ Employers letter certifying current mailing address/Passport(Valid)- provided the passport address is present address mentioned in application form / Existing Registered House Lease/ Government I-card with photo Bank Account Statement/ Latest Electricity Bill/ Latest Telephone Bill/ Latest Credit Card Bill/ Employers letter certifying current mailing address/Passport(Valid)
CIBIL Required (350-900) Required

Why was My Personal Loan Application Declined?

Specific Eligibility Criteria of Top Personal Loan Providers

The top 5 banks that offer loan in India are HDFC, ICICI, Axis, Citibank and Capital First. Loan eligibility criteria for each of these vary accordingly various factors. Here is a brief description of the same.

HDFC Personal Loan Eligibility:

HDFC offers personal loan to those who approach with a financial needs. It has fast approval processes with minimal and easy documentation. The list for the same is here:

Documents Required:

  • Identity proof (passport, driving license or voter ID card)
  • Address proof (ration card, electricity bill, telephone bill, passport or rental agreement)
  • Latest 3 month’s bank statement or at least 6 months passbook of bank
  • Recent salary slips

Eligibility:

  • Aged between 21-60 years
  • Minimum 2 years of total work-experience with at least 1 year tenure with current employer
  • Minimum Rs.12,000/- per month and net income should be Rs.15,000 if located at Delhi, Bangalore, Cochin, Chennai, Mumbai, Ahmedabad and Calcutta.

ICICI Personal Loan Eligibility:

This bank offers competitive pricing and also maintains transparent process. It is possible to get personal with just 2 days from this bank if you have all necessary documentation and if you meet all criteria.

Documents Required:

  • 2 passport size photographs
  • Identity proof: (passport, voters ID, driving license or pan card).
  • Address proof: (lease agreement, less than 3 months old utility bill or passport).
  • last 3 months’ Bank statements
  • Latest 3 months’ salary slips

Eligibility:

  • Aged between 26-60 years
  • Minimum 2 years of total work
  • Minimum Rs.17,000/- per month and net income should be Rs.20,000 if located at Pune, Bangalore, Chennai, Hyderabad and Calcutta

Axis Personal Loan Eligibility:

This bank offers fast service with less interest rate. It has very transparent and flexible in its eligibility criteria.

Documents Required:

  • 2 passport size photographs
  • Identity proof: (passport, voters ID, driving license or pan card).
  • Address proof: (lease agreement, less than 3 months old utility bill or passport).
  • Last 3 months’ Bank statements
  • Latest 3 months’ salary slips

Eligibility:

  • Aged between 21-60 years
  • Maximum limit 15 lakhs
  • Minimum Rs.15,000/- per month net income

Citibank Personal Loan Eligibility:

One of the best banks for loan, it has good scrutiny and offers loan for genuine applicants.

Documents Required:

  • No guarantor required
  • Identity proof: (passport, voters ID, driving license or pan card).
  • Address proof: (lease agreement, less than 3 months old utility bill or passport).
  • last 3 months’ Bank statements
  • Latest 3 months’ salary slips

Eligibility:

  • Aged between 26-60 years
  • Minimum Rs.30,000/- per month net income

Capital First Personal Loan Eligibility:

First bank rated for pretty good service and offer great options to its customers.

Documents Required:

  • Relationship proof
  • Identity proof: Passport, Voters ID, Driving License or Pan Card.
  • Address Proof: Lease Agreement, Less Than 3 Months Old Utility Bill Or Passport.
  • Last 3 months’ bank statements
  • Latest 3 months’ salary slips

Eligibility:

  • Aged between 21-60 years.
  • Minimum Rs. 15,000/- per month net income.

Bajaj Finance Personal Loan Eligibility Criteria

It is the fair call for personal loan as the interest offered is depending upon the credit score & income of individual. The processing of the loan is quite quick & the amount will be disburse at soonest. Smart option of online application is also available.

Documents Required:

  • Filled application form for personal loan
  • 2 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof: Valid identity proof (passport/ voter’s ID/ driving license/ PAN card/ Aadhar card)
  • Address Proof: Valid address proof (latest utility bill/ ration card/passport)
  • Documents of income: last 3 month’s pay slip & bank statement & last 2 years form 16 in case of salaried applicants. 6 months bank statement & business proof in case of self-employed professionals.

Eligibility:

  • The age of applicant should be of at least 25 years. The maximum limit of the age is 60 years.
  • The monthly income of the applicant should be 40,000 & above.
  • The applicant should have at least 2 years of work experience.
  • The CIBIL Score should exceed 750.

IndusInd Bank Personal Loan Eligibility Criteria

The interest rate from this bank is very competitive. Documentation is quite simple & the process of the loan very flexible & transparent. If you are looking forward to transfer the loan of other bank to this than it does help you have money on the interest that you are paying.

Documents Required:

  • Identity Proof: Valid identity proof (passport/ voter’s ID/ driving license/ PAN card/ Aadhar card)
  • Address Proof: Valid address proof (latest utility bill/ ration card/passport)
  • Document of income: Salary slip of last 3 months, 6 months bank statement, form 16 of current year & the offer letter of current employer in case of salaried person. In case of self-employed income tax return & profit & loss & balance sheet of last 2 years, last 6 months bank statement & business proof.
  • Business Proof for Self-employed Professionals: Additional proof for self-employed required are (sole proprietorship declaration/ partnership form).

Eligibility:

  • Minimum age of applicant should be 21 years in case of salaried & 25 years in case of self-employed professionals. Maximum age limit is 60 years in case of salaried & 65 years in case of self employed professionals.
  • Minimum monthly income of the applicant should be at least 30,000 in case of salaried & 40,000 in case of self-employed.
  • Minimum two years of work experience is required in case of salaried. In case of self-employed minimum 4 years of work experience is required.

Kotak Mahindra Bank Personal Loan Eligibility Criteria

Kotak Mahindra is non-banking financial institute registered in India. It is one of the fastest processing personal loan available in India. The loan processing can take as low as 72 hours of time for approval & disbursement of the amount. The bank has flexible loan payment for salaried as well as self-employed persons. Services offered to the customers are up to the mark.

Documents Required:

  • Copy of filled application form for personal loan
  • 1 passport size photo
  • Copy of income tax PAN card
  • Identity Proof: Valid identity proof (passport/ voter’s ID/ driving license/ PAN card/ Aadhar card)
  • Address Proof: Valid address proof (latest utility bill/ ration card/passport)
  • Document of income: Salary slip of last 3 months, 6 months bank statement, form 16 of current year & the offer letter of current employer in case of salaried person. In case of self-employed income tax return & profit & loss & balance sheet of last 2 years, last 6 months bank statement & business proof.
  • Business Proof for Self-employed Professionals: Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof.

Eligibility:

  • The applicant should be a resident of India.
  • Minimum age of the applicant should be at least 21 years. Maximum age limit is 58 years.
  • The applicant should have minimum monthly income of INR 30,000.
  • The applicant should be a graduate at least.
  • Applicant should have at least 2 years of work experience.
  • The applicant should be the resident of the city at least for one year.

Standard Chartered Bank Personal Loan Eligibility Criteria

If you want a bank that can offer you amazing customer services than this is the place for you. The standard chartered bank was established in 1800 so, they have amazing customer services that can enlighten you. It the universal bank which is popular not only amongst the individual but even the business houses too.

Documents Required:

  • Filled up loan application form
  • 1 Passport Size Photo
  • Copy of Income Tax PAN
  • Identity Proof: Valid identity proof (passport/ voter’s ID/ driving license/ PAN card/ Aadhar card)
  • Address Proof: Valid address proof (latest utility bill/ ration card/passport)
  • Documents of Income : Last 3 month’s pay slip & bank statement & last 2 years form 16

Eligibility:

  • Minimum age of the applicant should be at least 21 years. Maximum age limit is 58 years
  • In case of salaried employees applicant should have at least 3 years of work experience with minimum 3 months with current employer. In case of self-employed the business should at least be 3 years old.
  • The CIBIL Score should exceed 750.

TATA Capital Personal Loan Eligibility Criteria

TATA capital is trusted name when it comes to non-banking financial institutes in India. They have loans design differently for different customer. The company offers personal loan as per the requirement of the customer & the interest rate offered is also quite reasonable.

Documents Required:

  • Copy of filled application form for personal loan
  • 1 passport size photo
  • Copy of income tax PAN card
  • Identity Proof: Valid identity proof (passport/ voter’s ID/ driving license/ PAN card/ Aadhar card)
  • Address Proof: Valid address proof (latest utility bill/ ration card/passport)
  • Document of income: Salary slip of last 3 months, 6 months bank statement, form 16 of current year & the offer letter of current employer in case of salaried person. In case of self-employed income tax return & profit & loss & balance sheet of last 2 years, last 6 months bank statement & business proof.
  • Business Proof for Self-employed Professionals: Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof.

Eligibility:

  • Minimum age of the applicant should be at least 21 years. Maximum age limit is 58 years.
  • The applicant should have minimum monthly income of 30,000.
  • The applicant should be a graduate at least.
  • Applicant should have at least 2 years of work experience.

It is also essential to keep in mind; every bank branch manager has discretionary power to decide the eligibility despite of any eligibility criteria.

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