Personal Loan Eligibility Calculator

Personal Loan Rates 2017 13377 views

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 are actually eligible to avail from a lender. The tool which is available online can give you fast and accurate results,which would be very hard to calculate manually. 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 I get on my 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 -10.99%

Monthly EMI- ₹2,174

Now let’s make a reverse calculation on his monthly saving of ₹30,000, considering ₹2,174 to pay a loan of ₹1 lakh. So, the calculation of personal loan will be:

₹ 1 lakh x 30,000/2174 = ₹13.80 lakhs (approx.)

Personal loan eligibility amount – ₹13.80 lakhs (approx.)

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…

CriteriaDetails
Minimum Age21 Years
Maximum Age58 Years
Minimum Income₹ 5,000
Employment TypeSalaried/Self-employed Professionals Non-Professionals
Work ExperienceAt least 2 Years of work experience with a minimum of 1 Year in present organization
Maximum Loan AmountUp to ₹ 30 lakhs
Credit Score350-900

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). The banks do consider the monthly expenses, savings, other financial liabilities, etc 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 to default on a loan.

Personal Loan Eligibility in Top 5 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 loan in India.

SBI Personal Loan Eligibility

The personal loan eligibility for SBI is as follows:

  • Salaried employees (Central and State Government, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute, Selected Corporates)
  • Minimum Net Monthly Income of ₹5,000/-
  • Maximum age at the maturity of the loan is 76 years.

HDFC Personal Loan Eligibility

The eligibility criteria for a personal loan from HDFC is as follows:

  • Minimum age of an applicant should be 21 years
  • Maximum age of an applicant should be 60 years
  • Minimum 2 years of work experience with at least 1 year in the present organization
  • Minimum Net Monthly Income of ₹ 15,000 and 20,000 respectively.

ICICI Bank Personal Loan Eligibility

The eligibility criteria for taking a personal loan from ICICI Bank is different for salaried and self-employed individuals.

For Salaried Individual

  • Age between 23 years to 58 years
  • Salaried individuals with minimum monthly income ₹17,500 (₹ 25,000 for applicants residing in Mumbai & Delhi; ₹ 20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)
  • 2 years of work experience
  • 1 year stay at present residence

For Self-employed Individuals and Professionals

  • Age between 28 years and 65 years (minimum age of 25 years for Doctors)
  • Minimum turnover of ₹ 40 lakhs for non-professionals and ₹ 15 lakhs for professionals
  • Minimum profit of ₹ 2 lakh after tax for proprietorship and self-employed individuals as per audited financials
  • Minimum profit of ₹ 1 lakh after tax for non-professionals as per audited financials
  • At least 5 years of experience in current business (3 years for Doctors)
  • Minimum 1 year liability relationship (current/savings account) with the bank OR Asset relationship with the bank (loan) either live or closed in the last 36 months (3 years)

Axis Bank Personal Loan Eligibility

The personal loan eligibility at Axis Bank is as follows:

  • Salaried employees (Doctors, Employees of Public and private limited companies, Public and private limited companies, Government sector employees including Public Sector Undertakings and central and local bodies)
  • Minimum age of 21 years
  • Maximum age of 60 years
  • Minimum Net Monthly Income of ₹ 15,000/-

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 of ₹25,000/-
  • The individual must be a graduate
  • Living in the present city from at least 1 year
  • Minimum 2 years of work experience

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 is most likely helps 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 is variable depending upon the banks. 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 the borrower’s who have no other running loan. Since 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 in offering the loan. 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 the banks/NBFCs is very important to get the credit smoothly. It increases the chances of a borrower to get the higher loan amount at low-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.

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