How Can I Get a Personal Loan from My Bank?


  • How can you get a personal loan from a bank?
  • A personal loan is approved based on your income, credit score, and even documentation

A personal loan is an amount you borrow from a bank for your financial needs. These loans can be used for any purpose of the borrower. Personal loans are convenient because they are unsecured and do not need collateral against them. Secondly, you can pay off the loan in monthly payments. But how will you get this loan? Are there any eligibility criteria to get them? Yes, lenders place some conditions which you need to meet before grabbing a personal loan from them. Let’s read this post to know all such conditions.

Apply Personal Loan @ 10.75%* Rate

So, What are the Criteria You Need to Fulfill?

These include your income, credit score, work experience, etc. Let’s read on all these criteria in detail.


Your monthly salary or annual income is taken into account by the bank to know whether you are eligible for the loan or not. What is the minimum income required for a personal loan? You can get a personal loan even if your income is INR 10,00,00. However, the required salary criteria can vary from lender to lender. The lender checks how much does the proposed EMI account of your net monthly income. Most likely, the loan amount will be decided in a way that the proposed EMI and other obligations, if any, are within 50% of your in-hand income. However, the EMI to NMI ratio criterion can vary based on the income slab you are and the extent of obligations you are already servicing.

Work Experience

If you are a salaried individual and works in an MNC or any public or private sector company, the bank will check your work experience. Usually, the minimum experience of 2-3 years is required for a personal loan. Plus, the lender wants at least a year of employment with the current organization.

People Also Look For  How to Manage Multiple Personal Loan EMI Payments?

Residency in the current state

The applicant would get a personal loan only if he/she has spent at least one year in the current residence. Why is it important? Because when the applicant has a record of frequent change in his residence then it will be difficult for the bank to lend money to him/her with no security.

Credit Score

Your past payment records such as loan EMIs, credit card bills, etc, build your credit score. And if this score is below 750 then it becomes difficult for you to get quick approval. Why does a credit score matter? It matters because the score is the representation of your loan and credit card payment behaviour and if it is low that means the individual has a default history or has not paid his loan on time, creating a bad image of yours when applying for a fresh loan.


After you know the personal loan eligibility of the personal loan, check out the documents you may require while applying for the loan.

ID Proof

  • Aadhaar Card
  • PAN Card
  • Driving Licence
  • Passport
  • Voter ID Card

You can submit any of the above ID proof documents

Income Documents

  • Salary Slip
  • Salary Certificate
  • Income Tax Return Report
  • Bank Statement
  • TDS certificate
  • Form 16

Address Proof

  • Aadhaar Card
  • Passport
  • Driving Licence
  • Electricity Bill
  • Water Bill
  • Gas Bill

You can submit any of these address proofs.

How to Apply for a Personal Loan?

You can apply for the loan online by mentioning the required details and submitting the application form afterward. The bank executive will come to collect your documents. You can even visit the nearest bank branch and apply for a personal loan. At the branch, you need to ask for a personal loan application form and fill all the details. Submit the form along with your documents including passport size photographs to the concerned bank official.

People Also Look For  Can I Hide My Loan History in My CIBIL Report?

What Happens After You Apply for a Personal Loan?

Once the bank receives your loan request and the documents, you may have to wait for at least 2-3 days for the bank approval. Because the bank will verify your details and check whether the proofs are real or fake. After a successful verification, the bank approves your loan and you’ll be notified via an email, or by an SMS on your registered number. After that, the loan is sanctioned and disbursed to your bank account.

People Also Look For

Comments are closed.

Personal Loan Interest Rates December 2023
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates December 2023
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%