Personal Loan Apply83023 views
- Know your personal loan eligibility in a hassle-free manner
- Check here the personal loan eligibility of top banks
Don’t know how lenders calculate your personal loan eligibility? Want to know the same? Let me tell you my friend, you are at a right place! Have you heard about Personal Loan Eligibility Calculator, well if not, we give you many reasons to know the same.
This magical tool allows you to know your personal loan eligibility in the best way. After taking into account your Income, Savings and Monthly Expenses/Expenditure, this device fetches the results and lets you know how much loan amount you can get from a lender. The tool, which is available online, can give you fast and accurate results, which otherwise would be very hard to calculate. Let’s just have a better understanding of the same, with the help of an example below.
Assume Raman Dixit is working in a reputed organization and earns a net monthly income of ₹60,000/-. Now, after meeting all his financial liabilities, he saves around 40%-50% (₹24,000- ₹30,000/-) of his monthly salary. The borrower would think how much personal loan can he get on his salary?
Now, here the bank will assume that he is saving 50% of his monthly income i.e. ₹ 30,000. The saving can be used to repay the loan amount in the form of monthly EMIs. So, his personal loan eligibility can be calculated as follows:
Required Loan Amount-₹1 lakh
Loan Tenure- 5 years
Rate of Interest -10.75%
Monthly EMI- ₹2,162
Now let’s make a reverse calculation on his monthly saving of ₹30,000, considering ₹2,162 to pay a loan of ₹1 lakh. So, the calculation of personal loan will be:
₹ 1 lakh x 30,000/2162 = ₹13.87 lakhs (approx.)
Personal loan eligibility amount – ₹13.87 lakhs (approx.)
Table of Contents
- 1 Personal Loan Eligibility Criteria
- 2 How Much Personal Loan Can I Get on My Salary?
- 3 Personal Loan Eligibility Criteria of Top Banks
- 3.1 Personal Loan Eligibility HDFC
- 3.2 ICICI Bank Personal Loan Eligibility
- 3.3 Bajaj Finserv Personal Loan Eligibility
- 3.4 SBI Personal Loan Eligibility
- 3.5 Axis Bank Personal Loan Eligibility
- 3.6 Kotak Mahindra Bank Personal Loan Eligibility
- 3.7 Canara Bank Personal Loan Eligibility
- 3.8 Factors Affecting Personal Loan Eligibility
Personal Loan Eligibility Criteria
Now knowing the personal loan eligibility is no more a hassle as all you need to do is just read the table below. That’s Right! The eligibility criteria is subject to change from one lender to another, but for your better understanding, we have mentioned below the general criteria for availing a personal loan. So take a look…
|Minimum Age||21 Years||24 Years|
|Maximum Age||58 Years||65 Years|
|Minimum Income||₹ 15,000-20,000(monthly)||₹1,00,000(annual)|
|Work Experience||1/2 Years||2/3 Years|
How Much Personal Loan Can I Get on My Salary?
While availing a personal loan people generally ask this question. So, if you are also interested to know the answer of the same, just read the page further.
Well, the personal loan eligibility mostly depends on your monthly income. While calculating the eligibility, the lenders generally follow a thumb rule. They make sure that a borrower has enough money in-hand to repay his loan via equated monthly installments (EMIs). Banks do consider the monthly expenses, savings and financial liabilities of a borrower before giving him/her the loan.
Now, let’s say if your salary is less than ₹15,000 and you don’t have other financial liabilities, the bank might consider to give you a loan as repayment is easy to manage here. But, for example, if someone has the monthly expenses of around ₹3,000-₹4,000 to manage from his monthly income of₹12,000. In that case, it seems hard for a lender to give away the loan as there are high chances that the borrower might default on the payment.
Personal Loan Eligibility Criteria of Top Banks
Eager to know the personal loan eligibility of your favorite lender? If yes, all you need to do is just take a look at the page below. We know, at times it is difficult to make a choice as far as selecting the best lender is concerned. That is why, we are here to help, allowing you to know the eligibility of top banks offering personal loans in India. So, what are you waiting for? Know more about the banks below.
Personal Loan Eligibility HDFC
If you want to know how much loan amount you can exactly avail from HDFC Bank, all you need to do is just use an eligibility calculator online. Yes, this smart and magical online tool lets you know the exact loan amount you can actually avail from a lender based on your eligibility. This device takes into account many factors such as loan amount, income and monthly expenses and soon after feeding the same does the calculation hence lets you know the exact loan amount you are eligible to avail so that you can take a calculative decision. This is the reason why this online tool has been widely used by many borrowers so as to have more clarity regarding the exact loan amount. This magical device is fast and reliable hence is preferred by many borrowers to have a smooth and calculative loan journey.
The eligibility criteria to avail a personal loan from HDFC is as follows:
|Minimum Monthly Income||₹15,000/₹20,000|
|Applicant Type||Salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies|
|Work Experience||2 Years|
|Job Stability with Current Employer||1 Year|
ICICI Bank Personal Loan Eligibility
The eligibility criteria for taking a personal loan from ICICI Bank is different for salaried and self-employed individuals.
|Particulars||Salaried||Self employed Professional||Self employed Non Professional|
|Age||23-58 Years||25-65 Years||28-65 Years|
|Minimum Income/Turnover||₹17,500/₹20,000/₹25,000 (monthly)||₹ 15 Lakh (annual)||₹40 Lakh (annual)|
|Total Years in Job/ Business Stability||2 Years||3 Years||5 Years|
|Years in Current Residence||1 Year||NA||NA|
|Existing Relationship with the Bank||NA||Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required||Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required|
Bajaj Finserv Personal Loan Eligibility
In order to know the eligibility criteria, read the points mentioned below.
|Applicant Type||Must be a salaried individual employed with an MNC, Public and Private|
|Minimum Monthly Income||₹27,000/₹32,000/₹37,000|
SBI Personal Loan Eligibility
The personal loan eligibility for SBI is as follows:
|Details||Employees of Central & State Government, Quasi-Government, Central PSUs,Profit Making State PSUs,Educational Institute of National Repute, Corporates who do or do not have business relationship with the bank||Central & State Government Pensioners, Defense Pensioners,|
|Net Monthly Income||₹5,000||NA|
|Age||NA||Should not be more than 76 years of age|
Axis Bank Personal Loan Eligibility
Want to apply for a personal loan in Axis Bank but don’t know the exact loan amount you can avail from a lender? Well, all you need to know about a personal loan eligibility calculator which is exclusively available online. Yes, it is one such magical tool that does the exact and accurate calculations and lets you know the exact loan amount you can avail from a lender based on your eligibility. The device takes into the account-loan amount, income and other monthly expenses hence give you the values in the least time frame, letting you know the exact loan amount you can avail from a lender. This is the reason why most of the people prefer to use this online tool to enjoy a hassle-free journey as it helps them in taking a calculative decision.
The personal loan eligibility at Axis Bank is as follows:
|Net Monthly Income||₹15,000|
|Applicant Type||Salaried Employees/Doctors|
Kotak Mahindra Bank Personal Loan Eligibility
To avail the personal loan from Kotak Mahindra Bank, you must match the criteria as mentioned below:
|Net Monthly Income||₹20,000|
|Applicant Type||All Indian residents who are employees of either MNCs, Public and Private limited companies|
|Minimum Educational Qualification||Graduate|
|Years in City||1 Year|
|Total Work Experience||1 Year|
Canara Bank Personal Loan Eligibility
In order to apply for a Canara Bank personal loan, it is important that you need to fulfill the eligibility criteria set by the bank. Though different banks have different criteria hence it would be advisable to know the same. Talking about Canara Bank eligibility, there are various factors on which a lender decide whether to give away the loan or not. The lender judges an applicant on factors like age, income, job stability, work experience, relationship with a lender and so on and then decides his/her eligibility. If an applicant meets the same, it would be a hassle-free journey for him/her to avail the loan from Canara Bank.
Factors Affecting Personal Loan Eligibility
Here are some of the main factors that affect the personal loan eligibility of the borrower:
Monthly Income:A regular and good source of income is one of the most important factors that affect your personal loan eligibility. A good in-hand monthly income would most likely help you in getting a higher loan amount, hence increases your loan amount eligibility.
Age: Just like any other loan, a personal loan borrower must fulfill the age criteria which can vary from one bank to another. Majorly, the age criteria for a loan borrower is between the age of 21-58 years. However, some lenders have the upper limit of 65 years as well.
Monthly Expenses:To get a personal loan, monthly expenses like investments and other responsibilities of the borrower are considered by the banks. If the monthly expenses are higher, getting high loan amount can be hard, which ultimately decreases your loan amount eligibility.
Any Other Loan: Banks often find it easier to lend money to borrowers who have no other running loan. The reason being the repayment capacity of the borrower is higher as he/she does not have any other financial liability to look after.
Credit History:The credit history of the applicant is most important for lenders while they evaluate the candidature for personal loans. The better you credit history is, the good CIBIL you have, which automatically helps in availing you the maximum loan amount. So, always try to maintain a good CIBIL score, i.e. 750 or above out of 900 to increase your loan eligibility.
Job Stability: A good job stability is another important factor when it comes to a personal loan. A person who has good working experience with a minimum of 2-3 years can get a hassle-free loan.
Relationship with the Bank:Maintaining a healthy relationship with banks/NBFCs is very important to get the credit smoothly. It increases the possibility of getting a higher loan amount at lower interest rates.
Category of Your Employer:If a borrower is working in an MNC or the employer comes under fortune 100 companies, this thing adds to the reputation of a borrower and ultimately helps in boosting the loan eligibility.