Personal Loan Eligibility Calculator

Check Your Eligibility For Personal Loan

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Calculate your Eligibility Filling below details.

Personal Loan Eligibility Calculator

MyMudraFinCorp Personal loan eligibility calculator helps you to determine your personal loan eligibility with different banks and NBFCs. Personal loan calculator is easy and simple to use, all you have to do is provide your basic personal and income details such as your date of birth, your current city of residence, your employer name, monthly salary, details regarding any other ongoing EMI (if any) that you are paying back currently. The calculator will use the information, calculate your loan eligibility and tell you your personal loan eligibility with different Banks and NBFCswith details including-loan amount you are eligible for, tenure of loan, rate of interest and EMI. Click on the ‘Check your eligibility’ button below to know your personal loan eligibility with different lenders.

Personal Loan Eligibility Criteria HDFC Bank, Axis Bank, ICICI Bank & Other Top Banks

Lender Name

Category

Minimum Age (Years)

Maximum Age (Years)

Net Monthly Income (Thousands)

Working Experience

(Years)

Job Stability with current company

Residence Stability

Minimum Credit Bureau Score 

Minimum Eligible Loan Amount (Lakhs)

Maximum Eligible Loan Amount (Lakhs)

Maximum Tenure (Years)

HDFC Bank

Salaried

21

60

15.00- 17.00

2- 3 years

1 month

6 month

700

5.00

50.00

5 years

ICICI Bank

Salaried

23

58

17.5- 25.00

2- 3 years

1 month

1year

700

0.50

40.00

5 years

Yes Bank

Salaried

23

58

25.00

2 years

1 month

2 years

700 

2.00

25.00

5 years

Axis Bank

Salaried

21

58

15.00

1 years

1 month

 6 months

690

0.50

15.00

5 years

Kotak Mahindra Bank

Salaried

21

58

20.00

3 years

1 month

1 year

 700

0.50

15.00

5 years

Bajaj Finserv

Salaried

23

55

35.00

1 years

1 months

1 year 

 700

1.00

25.00

5 years

Fullerton

Salaried

21

58

12.50

1 year

1 month  

1 year

 700

0.50

15.00

5 years

Tata Capital

Salaried

23

58

20.00

2 years

1 month

1 year

 700

0.75

15.00

5 years

Capital First

Salaried

23

58

20.00

2 years

1 month

1 year

 700

0.50

10 .00

5 years

HBD

Salaried

23

60

15.00 - 20.00

1 year

1 month

 1year

 700

0.50

20.00

5 years

SBI Bank

Salaried

23

58

07.50

2 years

1 month

1 year

 700

0.25

15.00

5 years

RBL Bank

Salaried

23

60

25.00

3 years

1 month

 2 years

 700

0.50 

20.00

5 years

IndusInd Bank

Salaried

23

60

25.00

2 years

1 month

1 year

 700

0.50

15.00

5 years

Citibank

Salaried

23

58

75.00

2 years

2 months

1year

 700

2.00

30.00

5 years

IDBI Bank

Salaried

22

65

20.00

1 years  

1 month

 1year

 700

0.50

10.00

5 years

  • Salaried Personal Loan:
    most of the lenders including Banks and NBFCs are lending personal loans to salaried individuals, some of the lenders may not be lending to self-employed business owners. Salaried individuals are most preferred type of borrowers by all the personal loan lenders. Larger the size of the corporate a loan applicant is working with, better would be the interest rate a lender will offer him/her.
  • Minimum age for personal loan from bank:
    Minimum age required by any lender to lend a personal loan varies from 21 years to 23 years, this is considering the maturity and responsibility an individual would take to repay the loan responsibly. At the same time by this age most of the salaried individuals start earning regularly and banks expect a borrower to have a regular source of income.
  • Maximum permissible age for bank personal loan:
    the maximum age to be eligible to apply for a salaried personal loan varies between 58 and 65 years. This age restriction is considering the retirement age of an average Salaried Individual. Generally, lenders extend a personal loan while an individual is employed and have regular sources of income to ensure timely repayment of the loan. Some of the public-sector lenders lends to retired individual as well on the basis of his/her monthly pension income.
  • Net Monthly Income:
    Lenders expect a personal loan applicant to have a fixed monthly income to ensure timely repayment of the loan. The minimum net monthly income required is in the range of Rs. 15, 000 to Rs. 25, 000 excluding SBI and few other PSU banks where the minimum income is as low as Rs. 7, 000/-
  • Minimum working experience for personal loan:
    lenders prefer lending to loan to N applicants with certain working experience, this is to ensure income stability of the borrower.
  • Job Stability:
    most of the banks and NBFCs expect a loan applicant to have at least one salary credit in the current company he/she is employed with, this is needed to verify the employment, income banking etc.
  • Residence Stability:
    If you are residing in a rented premise, most of the lenders expect you to be in the same address for at least last 1 years. If you are residing in a self-owned property or parental owned property than any no of months/years in the current residence is ok for approval of the loan. If it’s less than a year at current rented residence than sanction/rejection of the loan is subject to various internal approval and comfortability of bank with other parameters.
  • Minimum Credit Bureau/CIBIL Score required for Personal loan from Bank:
    most of the lenders expect minimum CIBIL or another Bureauscore of 700. If the score is less than 700, in that case a loan applicant can provide a proper justification for delay in payments of cards or loans to get a personal loan, this kind of decision is in the sole discretion of the bank/NBFC.
  • Minimum Eligible personal loan amount:
    minimum loan amount most of the lenders prefer offering to it’s customers is Rs. 50 thousand but there are several new age and old lenders offering a loan amount as low as Rs. Rs. 10 thousand.
  • Maximum Eligible personal loan amount:
    The maximum personal loan amount goes up to Rs. 50.00 Lacs.
  • Maximum tenure for personal loan:
    it’s up to 5 years (60 months). Its subject to the retirement age of the loan applicant not exceeding the term of the loan.
  • Top Personal Loan Lenders:
    Top personal loan lenders include- HDFC Bank, ICIC Bank, SBI, Axis Bank, Kotak Mahindra Bank, Bajaj Finserve, Fullerton, Tata Capital, RBL, IndusInd Bank, IDBI Bank and Citibank. These banks put together would be having a market share of over 90% of the personal loan business in the country.

Personal Loan Eligibility Calculator- Illustration

With the help of below Illustration, you can check and get an idea how lenders calculate and arrive into your personal loan eligibility. The table shows with different Net salary how a personal loan eligibility gets computed for different tenure of personal loan. For illustration purpose, we have taken a range of Net Salary starting from Rs. 20, 000/ to Rs. 3, 00000/-and interest rate 11.5%, the table also illustrates on what basis your loan amount is decided and up to how much EMI a lender will offer you for personal loan

Net Salary

FOIR

Personal Loan Tenure (Years)

Permissible EMI Amount for Personal Loan (Rs.)

Interest Rate

Personal Loan Eligibility Amount (Rs.)

20000

50 %

5

 10000

 11.5 %

 4.5 Lac

30000

50 %

5

 15000

 11.5 %

 6.75 Lac

40000

50 %

5

 20000

 11.5 %

 9 Lac

50000

50 %

5

 25000

 11.5 %

 11.3 Lac

60000

60 %

5

 36000

 11.5 %

 16.3 Lac

70000

60 %

5

 42000

 11.5 %

 19 Lac

80000

60 %

5

 48000

 11.5 %

 21.5 Lac

90000

60 %

5

 54000

 11.5 %

 24.5 Lac

100000

65 %

5

 65000

 11.5 %

 29.5 Lac

150000

65 %

5

 97500

 11.5 %

 44 Lac

200000

65 %

5

 130000

 11.5 %

 59 Lac

250000

65 %

5

 162500

 11.5 %

 73.5 Lac

300000

65 %

5

 195000

 11.5 %

 88.5 Lac

  • FOIR:
    most of the lenders- Banks & NBFCs in India use Fixed Obligation to Income Ratio (FOIR) as a parameter to compute a personal loan eligibility. It’s basically a percentage of your net monthly income which a lender takes and restrict all your monthly obligations including all the current loan EMIs, Card payments plus EMI of the loan Bank is proposing to sanction. FOIR percentage varies from 40% to 70%, depending on your monthly net salary and other obligations, higher is your net salary higher would be the FOIR percentage. While computing your personal loan eligibility, Banks also look at your existing running loan schedules, if any of the loan is getting over in next 3-6 month, in that case Bank doesn’t consider it under obligation for calculating eligibility. FOIR changes if a borrower is having a home loan or any other income etc.
  • Net Salary:
    It’s the amount which get credited into the bank account of a loan applicant. An employer arrives into Net salary amount of an employee after items like TDS, PF, PT, loan& advances (if any from employer) etc. A lender always compute loan eligibility of an applicant on the basis of Net Salary of the individual.
  • Permissible EMI:
    From the net salary, a bank/NBFC takes out an amount based on FOIR, from that amount it deducts all the other obligations and then it gives you a loan restricting the EMI up to the reaming amount.

Personal Loan Eligibility Criteria for Salaried Borrower

Before applying for a personal loan, you need to make sure that you're eligible for it. Different financial institute follow different eligibility criteria. The criteria common for most banks includes:

Eligibility Criteria Salaried

Details of the category

Salaried Individuals working with India MNCs, MNCs operating in India, Public sector undertakings, Semi Government organizations and private limited companies are eligible to apply for a personal loan with various Banks and NBFCs.

Minimum Eligible Age

21years

Maximum Age

60 years

Eligible Net Monthly Income for salaried

Rs. 17, 000/-

Working Experience

2years

Eligible CIBIL Score

700

Minimum Eligible Loan Amount for salaried

Rs. 50,000/-

Maximum Loan Amount

Rs. 50 lakhs

Valid KYC Required

Valid Pan Card, Aadhaar Card etc

Salary Bank Account

Salary should be credited in a Bank account

Personal Loan Eligibility Criteria for Self-employed Borrower

Eligibility Criteria Self-Employed Borrowers

Details of the category

Self- Employed Business owners into the business of Trading, Manufacturing or in the service industry can apply for a personal loan with Banks and NBFCs

Minimum Eligible Age for Self employed

23 years

Maximum Age

65 years

Eligible Net Monthly Income

  • Rs. 25, 000/-
  • Sales/ Turn over Rs. 40 Lakhs plus.

Working Experience

3 years

Eligible CIBIL Score for self employed

700

Minimum Eligible Loan Amount

Rs. 50,000/-

Maximum Eligible Loan Amount

Rs. 50 lakhs

Factors Affecting your Personal Loan Eligibility

Your personal loan eligibility depends on multiple factors like your age, Income, Residence type, total years of experience at the time of applying for the loan. If you are not meeting all the criteria, then it is up to the bank’s discretion depending on their policy and based on your overall profile they may or may not approve your loan. One or more banks will fund you based on you meeting the below-mentioned criteria

  • Type of employment
    Your loan eligibility depends and is decided on the basis of your type of employment- Salaried (Service) or self-employed (business). If you are salaried, then your loan eligibility is based on your monthly net salary. If you are self-employed, then it’s based on your net annual income, higher is the net monthly income higher will be your loan eligibility, higher income also ensures a better interest rate of your loan.
  • Your Net Monthly Income
    It is the most important factor taken into consideration by any Bank or NBFC when deciding your loan eligibility. Higher your income, higher will be your loan eligibility. Most of the banks and NBFCs will provide you a loan wherein your Personal Loan EMI (Equated Monthly Installment) will be restricted to 60-70% of your net monthly income. Some of the banks and NBFCs will calculate your loan eligibility and provide a loan in multiples of your net monthly salary, which is up to 22 times of it. Minimum net monthly income required is Rs. 17,000/- however, it may vary with different lenders.
  • The organization you work for
    The company you work plays an important role in determining the loan amount for which you will be eligible. Banks and NBFCs will provide you different loan amount eligibility depending on whether you are employed in the government sector, working for a listed or private sector company.
  • Credit Information Score Required (CIBIL Report):
    Credit information score or CIBIL plays a vital role in the bank’s decision making process on your personal loan application. A high score can certainly help you in getting quick sanction and the lowest possible rate of interest on your loan. On the other hand, a low or poor CIBIL score will be a reason for rejection of your loan application. Alternatively, a low CIBIL score may get you a personal loan at a higher interest rate. Generally, 700 or higher CIBIL score is considered a good and clean score and clears your loan eligibility criteria. You must remember that every time you apply for a loan, your credit information score gets reduced by very few points. Consider applying for a loan only if your CIBIL score is higher than 650 points. Many banks/NBFCs may sanction a loan to you without considering a CIBIL score also based on their policy and on your overall profile.
  • Work Experience:
    For Salaried individuals, a bank or NBFC requires you to have minimum 2 years of working experience post completing your formal education and for Self Employed, banks and NBFCs may require you to have a minimum of 2 years of business experience.
  • Residence Type:
    Since personal loan is an unsecured loan, lenders closely monitor the type of residence a loan applicant reside currently-
    • Self-Owned Residence: It is easy to take a personal loan if your residence type is self-owned that is owned by you and/ or your spouse.
    • Parental It is also acceptable if its owned by your parent/s.
    • Rented Residence In case your current residence is rented, banks or NBFCs may ask you to prove that you own a property in the country which might be in another city. This is required to verify your residence stability.
    • In any scenario, banks can take a deviation/call on your residence type based on your overall profile and their risk-taking appetite.

Eligibility Documents Required for Personal Loan

  • Valid KYC Documents are completely required to be eligible to apply for a personal loan with any of the lender in India. KYC Documents includes- identity Proof- PAN Card/Passport/Voter Id/ Driving license.
  • Income Documents Required for Salaried Borrowers- 3 month’s salary slips/certificates, 1 years’ Form 16 (TDS certificate)/ Income Tax Return, 12 Months bank statement of your salary account
  • Income Documents required for Self- Employed Borrowers- CA certified Latest 3 years Income Tax returns and computation of income, balance with Profit and loss account and all the schedules of the balance sheet, 12 month’s bank statements, Company/Business profile.
  • Details of ongoing obligations and recently closed loans- Banks may require few additional documents based on your overall profile. You may be required to submit only self-attested copy of the documents. The original documents may be required only for verification of the copies.