Eligibility Criteria of the Top 10 Personal Loan Providers

Eligibility Criteria of the Top 10 Personal Loan Providers

Getting a Personal Loan, is now easier than ever before, thanks to minimal documentation, and the alternative to apply for the loan online! That being said, almost all Personal Loan Providers in India have a set of eligibility criteria that you must adhere to, in order for you to get your loan application approved promptly.

Of course, you can ask your chosen lender to lay out the criteria for you, but it is always recommended for you to have this information beforehand. Not only will it save you from any last minute hassles to meet the criteria, but will also assure you a swift approval by diminishing the chances of rejection of loan application due to incomplete documentation to the largest extent possible. 

 

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To begin with, each of the below-mentioned loan providers would need an Identity Proof, via a government-issued ID such as a Driving Licence, an Aadhaar Card, a Ration Card, or a Passport, and so on. They will also need you to furnish a Government Issued Address Proof. Since this aspect is common to all lenders, we wouldn’t be mentioning it time and again, and will instead focus on what’s distinct.

Here are the Top Personal Loan Providers across the nation, and the eligibility criteria that they need you to meet!

State Bank of India

When it comes to acquiring a State Bank of India Personal Loan, you can take your pick from one of the four alternatives offered by the bank, namely:

  • Xpress Credit Personal Loan
  • Pension Loan
  • SaralPersonal Loan
  • Festive Season Loan

For your Personal Loan application to be approved by the bank, you need a minimum work experience of at least two years, regardless of your chosen field of work.

If you are a salaried individual, you must:

  • Be 21 to 58 years of age
  • Have a minimum monthly income of Rs. 15,000
  • Have a Salary Account with SBI
  • Furnish your latest salary slip with form 16
  • Give your bank statements of the past three months

If, on the other hand, you are a business owner or a self-employed professional, you should:

  • Be 21 to 65 years of age
  • Have a minimum net revenue of Rs. 2 Lakhs per annum
  • Have a Business Account with SBI
  • Furnish your Income Report with form 16
  • Offer the bank statements of the last three months

ICICI Bank

ICICI Bank Personal Loan is known for its reasonably low interest rates, starting from 10.75% per annum, that too on a reducing balance.

If you are a salaried individual, then you should be able to meet the following criteria to qualify for the ICICI Bank Personal Loan:

  • Be 23 to 58 years of age
  • Have a minimum monthly income of Rs. 25,000 if you are a resident of Mumbai or Delhi, and that of Rs. 17,500, if you reside in any other city, town or village.

  • Have a minimum work experience of 2 years, with at least one year of tenure with your current employer.

  • Have a CIBIL Score of 700+
  • Furnish salary slip for past three months, with form 16
  • Give your bank statements of the past three months

If you are a business owner or a self-employed individual, you must –

  • Be 25 to 65 years of age
  • Have a minimum annual profit of Rs. 2 Lakhs
  • Have at least five years of experience in the current business
  • Have a CIBIL Score of 700+
  • Furnish the Income Report for the past 6 months
  • Give your bank statements of the past 3 months

HDFC Bank

If you are looking forward to getting approval on your HDFC Personal Loan application, you can brace yourself, since you will get the added benefit of an accident cover, along with your loan amount.

If you are a salaried individual, here’s what you need to get the HDFC Bank Personal Loan, with the maximum loan amount of Rs. 25 Lakhs:

  • You must be 21 to 60 years of age
  • You must have a minimum monthly income of Rs. 15,000 if you reside in any of the 4 metro cities or Hyderabad, Cochin, Pune or Ahmedabad. If you live in any other city, town or village, your minimum monthly salary must be Rs. 12,000.

  • You must have a minimum work experience of 2 years, with at least 1 year of tenure with your current employer.

  • You should have a CIBIL Score of 750+
  • You must furnish your latest salary slip, with form 16
  • Give your bank statements of the past 3 months

If you are a business owner or a self-employed individual, you can get a maximum loan amount of Rs. 15 Lakhs, if you comply with the following criteria:

  • You must be 25 to 65 years of age
  • You must have a minimum annual income of Rs. 1 Lakh
  • You must have a minimum work experience of 5 years, in your current business
  • You should have a CIBIL Score of 750+
  • You must furnish your Income Report, with form 16
  • Give your bank statements of the past 3 months

Kotak Mahindra Bank

As compared to other lenders in this list, there is one aspect that makes Kotak Mahindra Personal Loans stand out, i.e. the need for the Personal Loan applicant to have a Graduate Degree. Apart from this, the eligibility criteria are more or less similar to its counterparts.

To be eligible for a Kotak Mahindra Personal Loan, as a salaried individual you must:

  • Be 21 to 58 years of age
  • Have a minimum monthly income of Rs. 20,000
  • Have a minimum work experience of 1 year
  • Furnish payslips for last 3 months
  • Offer your 3-month bank statement

To be eligible for a Kotak Mahindra Personal Loan, as a business owner or self-employed professional, you must –

  • Be 21 to 58 years of age
  • Have a minimum annual income of Rs. 2 Lakhs
  • Have been in your current business for at least for 1 year
  • Furnish ITR for past 2 years
  • Offer your 3-month bank statement

Axis Bank

Axis Bank Personal Loans are increasingly becoming popular amongst the masses thanks to some incredible features such as minimal processing fee and zero prepayment penalty.

If you are a salaried individual, you must fulfil the following criteria:

  • Be 21 to 60 years of age
  • Have a minimum monthly income of Rs. 15,000
  • Furnish payslips for last 3 months
  • Offer your 3-month bank statement

If you are a business owner or self-employed professional, you must:

  • Be 24 to 65 years of age
  • Have a minimum annual income of Rs. 2 Lakhs
  • Furnish ITR for last 2 years
  • Offer your 3-month bank statement

In addition to the above, you will also be required to offer a proof for signature verification when applying for Axis Bank Personal Loan. 

Citibank Personal Loan

If you are a salaried individual and enjoy working with a reputable organisation, Citibank Personal Loan can prove to be your best bet, as the interest rates start from as low as 10.99% per annum. However, to acquire the loan, you must:

  • Be 23 to 60 years of age
  • Have a minimum monthly income of Rs. 25,000
  • Furnish payslips for last 3 months
  • Offer proof of Employment Period

If you are a business owner or self-employed professional, you must:

  • Be 23 to 65 years of age
  • Have a minimum annual income of Rs. 2 lakh
  • Furnish ITR for last 2 years
  • Offer proof of Business/Practice Period

Bajaj Finserv

If you are a salaried individual, looking for some additional funds in the quickest and most efficient manner possible, Bajaj Finserv Personal Loan is probably the best alternative for you. The financial service provider ensures quick approval and promises loan disbursal in as little as 48 hours. Want to know, what it will take to qualify for this loan? Well, here it is:

  • You must be 25 to 55 years of age
  • You should have a minimum monthly income from Rs. 30,000 to Rs. 40,000 based on the city of your residence.

  • You must furnish payslips for the last 2 months
  • You should offer your 3-month bank statement

Bank of Baroda

You can easily obtain a loan ranging from as little as Rs. 20,000 to as much as Rs. 10 Lakhs from Bank of Baroda, provided that you meet the eligibility criteria. 

If you are a salaried individual, you must:

  • Be 21 to 60 years of age
  • Have a minimum work experience of 1 year
  • Furnish payslips for last 3 months
  • Offer your 6-month bank statement

If you are a business owner or self-employed professional, you must:

  • Be 21 to 65 years of age
  • Have been in the current business for at least 1 year
  • Furnish ITR for last 2 years
  • Offer your 6-month bank statement

Standard Chartered Bank

When it comes to getting a quick online Personal Loan, Standard Chartered Bank appears to be the first choice of many. This can be attributed to the high maximum loan amount of Rs. 30 Lakhs, as well as the low interest rate of 10.99%.

To get the Standard Chartered Personal Loan as a salaried individual, you must:

  • Be 21 to 58 years of age
  • Have a minimum monthly income of Rs. 22,000
  • Have a minimum work experience of 1 year
  • Furnish your latest payslip
  • Offer your 3-month bank statement

To get the Standard Chartered Personal Loan as a business owner or self-employed professional, you must:

  • Be 21 to 58 years of age
  • Have a minimum annual income of Rs. 2 Lakhs
  • Have been in the current business for at least 1 year
  • Furnish your Income Report
  • Offer your 3-month bank statement

Tata Capital

Yet another top Personal Loan Provider in India, Tata Capital offers the loan for up to 6 years. In order to be eligible for a loan amount of up to Rs. 25 Lakhs as a salaried individual, you should:

  • Be 21 to 58 years of age
  • Have a minimum monthly income of Rs. 20,000
  • Have a minimum work experience of 2 years
  • Furnish your payslip for the last three months
  • Offer your 3-month bank statement

As a business owner or self-employed professional, in order to qualify for the Tata Capital Personal Loan of Rs. 25 Lakhs, you must:

  • Be 25 to 65 years of age
  • Have a minimum annual income of Rs. 2 Lakhs
  • Have been in the current business for at least 3 years
  • Furnish your ITR for the last 2 years
  • Offer your 6-month bank statement

We hope that you are now aware of the different eligibility criteria, along with some other nuances pertaining to the most sought-after Personal Loan Providers in India! So, what are you waiting for? Choose the lender that best suits your needs, and apply for a Personal Loan right away!

 

Also Read: 5 Tips to Find the Right Personal Loan Provider in India

 

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 70+ Banks and NBFCs. We have served 2 million+ happy customers since 1989.

Talk to our Loan Specialists toll-free at 18001034004to know more about our products and offers.

 

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