Personal Loan Eligibility Calculator

Highlights

  • 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 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 -10.75%

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.)

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…

ParticularsSalariedSelf employed
Minimum Age21 Years24 Years
Maximum Age58 Years65 Years
Minimum Income₹ 15,000-20,000(monthly)₹1,00,000(annual)
Work Experience1/2 Years2/3 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). 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 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 loan in India. So, what are you waiting for? Know more about the banks below.

Personal Loan Eligibility HDFC

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

ParticularsDetails
Age21-60 Years
Minimum Monthly Income₹15,000/₹20,000
Applicant TypeSalaried doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
Work Experience2 Years
Job Stability with Current Employer1 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.

ParticularsSalariedSelf employed ProfessionalSelf employed Non Professional
Age23-58 Years25-65 Years28-65 Years
Minimum Income/Turnover₹17,500/₹20,000/₹25,000 (monthly)₹ 15 Lakh (annual)₹40 Lakh (annual)
Total Years in Job/ Business Stability2 Years3 Years5 Years
Years in Current Residence1 YearNANA
Existing Relationship with the BankNAMinimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as requiredMinimum 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.

ParticularsDetails
Age23-58 Years
Applicant TypeMust 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:

ParticularsSalariedPensioners
DetailsEmployees 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 bankCentral & State Government Pensioners, Defense Pensioners,
Net Monthly Income₹5,000NA
AgeNAShould not be more than 76 years of age

Axis Bank Personal Loan Eligibility

The personal loan eligibility at Axis Bank is as follows:

ParticularsDetails
Age21-60 Years
Net Monthly Income₹15,000
Applicant TypeSalaried 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:

ParticularsDetails
Age21-58 Years
Net Monthly Income₹20,000
Applicant TypeAll Indian residents who are employees of either MNCs, Public and Private limited companies
Minimum Educational QualificationGraduate
Years in City1 Year
Total Work Experience1 Year

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.

HDFC Personal Loan Eligibility Calculator

If you want to know how much loan amount you can exactly avail from HDFC Personal Loan, 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.

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.

Personal Loan Eligibility Calculator Axis Bank

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.

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Personal Loan Interest Rates October 2018
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.50%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank11.50% - 14.50%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates October 2018
State Bank of India/SBI8.70% - 9.25%
HDFC8.80% - 9.60%
Bank of Baroda8.55% - 9.55%
LIC Housing8.70% - 9.05%
PNB Housing Finance9.00% - 13.00%
ICICI Bank8.85% - 9.10%
Axis Bank8.80% - 9.05%
Citibank8.90% - 9.65%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 10.00%
EMI Calculator