Personal Loan Eligibility Criteria
Personal loan eligibility criteria vary for salaried individuals and self-employed individuals. The eligibility is computed based on a multiplier of net income earned. That is, the loan you get will be a multiple of the net income available after meeting other loan obligations.
The following are the broad parameters considered before calculating eligibility for personal loans.
Personal loan eligibility criteria for salaried individuals
Personal loan eligibility criteria for salaried individuals include parameters like monthly fixed income and years of experience in the profession. The table below details the requirements
Criteria | Salaried Professionals |
Age | Minimum of 22 years
Maximum 60 years by loan maturity |
Occupation | Salaried individuals |
Income | Minimum Rs. 20,000 per month |
Years in the current profession | Two years |
Personal loan eligibility criteria for self-employed individuals
The eligibility criteria for self-employed individuals is similar to salaried professionals and considers parameters of their average monthly income, professional or non-professional income, and years of experience in the current profession. The table below has some of the criteria considered
Criteria | Self-Employed Individuals |
Age | Minimum of 22 years
Maximum 60 years by loan maturity |
Occupation | Self-employed |
Income | Minimum Rs. 20,000 per month |
Years in the current profession | |
Using our personal loan eligibility calculator, you can calculate the amount of personal loans you are eligible to apply for instantly. Input your birth date, net salary, extent of other EMIs or monthly loan obligations, and monthly credit card payments. The personal loan eligibility calculator will show the amount you are eligible to apply for immediately.
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