Personal Loan Apply Online103436 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 are at the right place! Have you heard about Personal Loan Eligibility Calculator? 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. Let’s consider an example to understand it better.
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. How much loan can Raman get?
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, the bank will calculate his personal loan eligibility by the following method.
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 the 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 Personal Loan Eligibility in November 2020
- 3 Personal Loan Eligibility Criteria of Top Banks
- 4 How Much Personal Loan Can I Get on My Salary?
- 5 Factors Affecting Personal Loan Eligibility
Personal Loan Eligibility Criteria
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, however, 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…
|Eligibility Criteria||For Salaried||For Self-employed|
|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|
Personal Loan Eligibility in November 2020
The COVID-19 pandemic has affected all including the loan disbursal channels. The lockdown is imposed and has thus made it impossible for banks to carry out customer visits. These visits are a part of the bank’s KYC process for loans such as personal loans. But all hopes are not dashed yet! Lenders like HDFC Bank are providing personal loans to individuals maintaining a salary or savings account with them. Your total relationship value with the lender could also influence the loan eligibility.
Will a Fresh Personal Loan Continue to be Offered to Salary/Savings Account holders If the Lockdown Sustains?
Maybe not! Restricting the fresh personal loan to just salary or savings account holders means restricting the business as far as lenders are concerned. As it’s an easy loan available without any collateral, the applications tend to be on the higher side. Plus, it was only a personal loan that registered some growth last fiscal, else the overall credit growth remained weak. The credit growth fell sharply to 6.1% in FY 2019-20 from the highs of FY 2018-19. But, if the lockdown continues, the personal loan disbursals will come down rapidly. This is what lenders and even the policymakers such as the Reserve Bank of India (RBI) will like to avoid. So, there’s a loud call for a complete digital offering i.e. contactless personal loans. Everything will be online from submitting the basic details to uploading the documents. Once all done, the lender will do the customary credit check and most likely approve the case for individuals with a credit score of 700-750 and beyond.
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 choose the best lender. 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
You can use the HDFC Personal Loan Eligibility Calculator to know the estimated loan. This device takes into account factors such as the loan amount, income and monthly expenses to compute the loan amount. This will only help you make a calculative decision. This is the reason why many borrowers use this online tool to calculate the loan amount. This magical device is fast and reliable and hence many use it to ensure a smooth and calculative loan journey.
The eligibility criteria to avail a personal loan from HDFC is as follows:
|Minimum Age||21 Years|
|Maximum Age||60 Years|
|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
Salaried and self-employed individuals have different eligibility criteria to meet when it comes to taking a personal loan from ICICI Bank.
|Eligibility Criteria||For Salaried||For Self employed Professional||For Self employed Non Professional|
|Minimum Age||23 Years||25 Years||28 Years|
|Maximum Age||58 Years||65 Years||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.
|Minimum Age||23 Years|
|Maximum Age||58 Years|
|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:
|Eligibility Criteria||For Salaried||For Pensioners|
|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 Limit||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 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, to give you the values in the least time frame. This is the reason why most of the people prefer this online tool to enjoy a hassle-free journey.
The personal loan eligibility at Axis Bank is as follows:
|Minimum Age||21 Years|
|Maximum Age||60 Years|
|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:
|Minimum Age||21 Years|
|Maximum Age||58 Years|
|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
You must meet the Canara Bank personal loan eligibility criteria before applying for a loan. it is important that you fulfill the eligibility criteria set by the bank. Talking about Canara Bank eligibility, there are various factors based on which the public lender decides whether to give the loan or not. The lender judges an applicant on factors like age, income, job stability, work experience, banking relationship and so on before deciding his/her loan eligibility.
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, 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 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.
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.
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: Banks consider monthly expenses, investments and other responsibilities of the borrower to ascertain the loan eligibility. Higher monthly expenses and existing debt obligations can make it hard for lenders to sanction a greater loan amount.
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 candidates for personal loans. The better your credit history is, the better CIBIL you have, which automatically helps you get more loan. 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 loan easily. 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, it will add to the reputation of a borrower and ultimately helps in boosting his/her loan eligibility.