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 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.)

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 CriteriaFor SalariedFor Self-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

Apply Personal Loan @ 9.20%* ROI

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.

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:

Eligibility CriteriaDetails
Minimum Age21 Years
Maximum Age60 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

Salaried and self-employed individuals have different eligibility criteria to meet when it comes to taking a personal loan from ICICI Bank.

Eligibility CriteriaFor SalariedFor Self employed ProfessionalFor Self employed Non Professional
Minimum Age23 Years25 Years28 Years
Maximum Age58 Years65 Years65 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.

Eligibility CriteriaDetails
Minimum Age23 Years
Maximum Age58 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:

Eligibility CriteriaFor SalariedFor Pensioners
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
Age LimitNAShould 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:

Eligibility CriteriaDetails
Minimum Age21 Years
Maximum Age60 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:

Eligibility CriteriaDetails
Minimum Age21 Years
Maximum Age58 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

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.

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 obliagtions 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 good 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.

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    Fullerton India14.00% - 33.00%
    HDFC Bank10.75% - 21.45%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank10.99% - 18.00%
    Tata Capital10.99% - 18.00%