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Personal Loan Eligibility Criteria of Different Lenders

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Highlights

  • Knowing the eligibility criteria can help ensure a successful personal loan application
  • Read the post below to know about the eligibility criteria set by different lenders for a personal loan

You can borrow a personal loan from a bank or a non-banking finance company (NBFC) if you meet their eligibility requirements. And the criteria may vary from lender to lender. The criteria pertain to age, income, residence, etc. Since eligibility is the first step towards a personal loan, we have made it a point to explain the eligibility criteria of different lenders in this post. Reading the same will help you get a feel of what lenders expect from you. So, let’s read!

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State Bank of India (SBI)

To borrow a personal loan from SBI, your monthly income should not be less than INR 15,000. If you are salaried and have a regular income then you are suitable for this loan as every individual who works in central, state, PSU, educational institute or corporates can get this loan.

The bank sets the loan amount in a way that the proposed EMI remains less than 50% of your net monthly income. So, it will be easy for you to manage the EMI payment with all your monthly expenditures like bill payments, rent, purchases, etc. But for the EMI to be less than 50% of your income, it is also needed that the interest rate is reasonably low. The interest rate depends on your credit score and income. SBI offers negotiable interest rates to the customers if their credit score ranges 750 or above.

HDFC Bank

If your age is between 21 to 60 years then you can get an HDFC personal loan. It is the foremost factor to approve the loan. Applicants with a job experience of 2 years working in central, state, PSU, or any private company can borrow loans from HDFC Bank. If you have a salary account in HDFC and earn a minimum monthly income of INR 25,000, you could be eligible for the loan. Otherwise, your income should be INR 50,000 or more to get the HDFC personal loan. HDFC Bank charges an interest rate that ranges from 10.75% - 21.30% per annum.

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ICICI Bank

Both salaried and self-employed can get a personal loan from ICICI Bank if they meet the following criteria.

Age: Your age should be 23 to 58 years old if you are salaried and 28 to 65 years old if you are self-employed. Doctors can get the personal loan after attaining a minimum age of 25 years.

Income: Self-employed can borrow the loan if their business turnover is INR 40 lakh. And the salaried can get the loan if the income is as follows.

StateMonthly Salary (In INR)
Delhi, Mumbai25,000
Chennai, Hyderabad, Bangalore, Pune & Kolkata20,000
others17,500

Experience: If you are salaried then you should have a minimum 2 years of experience in the current job profession. And self-employed need business stability of 5 years to get a personal loan from ICICI Bank. Doctors can avail the loan with a minimum experience of 3 years in practice.

Bank of Baroda

You can get a personal loan from Bank of Baroda if you are salaried or self-employed. And with a minimum of 1-year job and business experience, you can get the loan amount. Bank of Baroda provides you a loan that ranges from INR 5 to 10 lakh at an interest rate of 10.10% - 15.10% per annum. And the age of the applicant should be a minimum of 21 years to apply for the loan.

IndusInd Bank

To get a personal loan from IndusInd Bank you need to have a regular income. And both salaried and self-employed can get the loan. You just need to look at the eligibility before you apply to get an instant loan without any fault in your application.

  • Age should be 21 to 60 years if you are salaried and 25 to 65 years if you are self-employed.
  • Salaried can get the loan with a minimum income of INR 25,000 per month. And self-employed should earn an annual income of INR 4.8 lakh after their tax payment.
  • A minimum 2 years of experience in the job can get you the personal loan from IndusInd Bank. Whereas, if you are self-employed, you need 4 to 5 years experience post qualification.
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You can have your personal loan if you meet the IndusInd bank personal loan eligibility criteria.

Axis Bank

Salaried individuals with a monthly income of INR 15,000 and above can get the Axis bank personal loan. If you are working in MNC, government, PSU or local bodies, you can get a personal loan.

Axis Bank provides personal loans to the applicant who comes under the age bracket of 21 to 60 years. Because above 60 years there is less scope for an individual to earn a high income as he/she enters in a retirement period. The bank charges an effective interest rate of 15.50% - 24.00% per annum.

Kotak Mahindra Bank

To borrow a loan from Kotak Mahindra Bank, you need to meet its eligibility criteria. Look at the below pointers and know about them in detail.

  • Age: Your age should be 21 to 58 years to get a personal loan from Kotak Mahindra Bank
  • Income: And the monthly income should not be less than INR 20,000.
  • Experience: With a one year experience in the current job, you can apply for the personal loan
  • Qualification: You must have a graduate degree only then you will be able to borrow funds from the bank.
  • Residence: The user needs to submit the current residence proof and must have spent at least one year in the state.

If you meet the criteria then you are eligible and can borrow a personal loan from Kotak Mahindra Bank that charges an interest rate of 10.99% - 20.99% per annum.

Fullerton India

You can have a personal loan from Fullerton India if you are salaried or self-employed and aged between 21 to 60 years. If you are residing in Delhi or Mumbai, your monthly income should be INR 25,000, otherwise, your income should be INR 20,000 to get the loan. The bank calculates the EMI taking 65% of monthly income into consideration. With a minimum experience of 1 year and 6months in the current job, you can apply for the loan. But before that, you should check your credit score. It should be a minimum of 750 to get a Fullerton India personal loan.

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Personal Loan Interest Rates July 2020
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.49%
IndusInd Bank11.25%
Kotak Bank10.99% - 20.99%
RBL17.50% - 24.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates July 2020
Axis Bank7.75% - 8.55%
Bank of Baroda6.85% - 7.85%
Citibank8.20%
HDFC6.95% - 8.00%
ICICI Bank7.45% - 8.55%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank7.40% - 9.70%
LIC Housing7.40% - 8.85%
Piramal Capital & Housing Finance9.00% - 9.10%
PNB Housing Finance8.60% - 9.45%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI6.95% - 7.60%
Tata Capital9.20% - 9.35%