Every individual at some point in life faces a financial crunch where they will need more funds to fulfill the requirements. It can be for any need like travelling, renovation, marriage expenses, medical emergency, education, vehicle, consumer durable goods and so on. It is for this reason that banks provide Personal Loans. In case you are planning to Apply for a Personal Loan, you must fulfill the eligibility criteria set by the lender. If you meet the lender's requirements, your loan will be approved easily.
|Provider||Maximum Loan Amount & Tenure||Minimum Work Experience|
|HDFC Bank||40 Lakhs for 60 Months||2 years|
|SBI||20 Lakhs for 60 Months||1 year|
|ICICI Bank||25 Lakhs for 72 Months||2 years|
|Citibank||30 Lakhs for 60 Months||1 year|
|Axis Bank||15 Lakhs for 60 Months||1 year|
|Bajaj Finserv||25 Lakhs for 60 Months||1 year|
|IndusInd Bank||15 Lakhs for 60 Months||2 years|
|Bank of Baroda||10 Lakhs for 60 Months||1 year|
|Yes Bank||40 Lakhs for 60 Months||2 years|
|PNB||15 Lakhs for 84 Months||2 years|
|IDFC FIRST Bank||25 Lakhs for 60 Months||2 years|
|Standard Chartered Bank||50 Lakhs for 60 Months||1 year|
|Tata Capital||25 Lakhs for 72 Months||1 year|
|Indian Overseas Bank||5 Lakhs for 60 Months||1 year|
|Federal Bank||25 Lakhs for 48 Months||3 years|
|Fullerton India||25 Lakhs for 60 Months||1 year|
|Kotak Mahindra Bank||20 Lakhs for 60 Months||1 year|
|RBL Bank||20 Lakhs for 60 Months||3 years|
|IIFL Finance||25 Lakhs for 36 Months||2 years|
|IDBI Bank||5 Lakhs for 60 Months||1 year|
|Canara Bank||3 Lakhs for 60 Months||3 years|
|HDB Financial||20 Lakhs for 60 Months||1 year|
You may be eligible for Personal Loan from one or more banks in India if you meet the following eligibility conditions:
There are two ways of calculating the Personal Loan eligibility:
The eligibility criteria for availing Personal Loans vary from bank to bank. There are a few common guidelines which the majority of the lenders follow when it comes to approving a Personal Loan.
The basic variables that determine an individuals' eligibility for applying a Personal Loan are:
The documents to be submitted while applying for Personal Loans are as below:
More about Personal Loan Document Required
|Personal Loan Interest Rates by Banks|
Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years.
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Loan eligibility for salaried employees depends on various factors like:
Nowadays many lenders have a free online Personal Loan Eligibility Calculator on their website, using which you can check your eligibility. You can also check the eligibility criteria of different banks on MyMoneyMantra before applying for a loan.
The minimum age limit for a person to apply for a Personal Loan should be 21 years. Maximum age can be up to 60 years (for salaried employees) and 65 years (for self-employed) at the time of loan maturity.
The person's monthly income to get a Personal Loan should be at least 20,000. A few banks give loans to individuals with a salary less than that of 25,000. Banks follow a different limit to calculate the ratio of your fixed obligations to your monthly income. For instance, if your monthly income is 30,000, then the bank calculates your eligibility such that fixed obligations do not exceed more than 50% of your income.
And in case, your income is more than 40,000 per month, then banks will allow higher fixed obligations to income ratio of around 65%, which means that your fixed expenses can be up to 65% of your income to be eligible for a Personal Loan from a bank. Higher the income, better are the chances to get a high Personal Loan amount.
Yes, the company profile affects your Personal Loan eligibility. A good company profile along with a high salary increases your eligibility to get a Personal Loan at low interest rate. There are a few banks that offer loans to non-categorized company employees but at a higher interest rate.
In case you are already paying a monthly EMI for any existing loan then your eligibility for the new loan that you have applied will be comparatively low.
You can improve the eligibility for a Personal Loan by following the below steps:
Transfer your existing loans to a lower rate of interest in order to reduce your existing EMI and also to get a new loan of a higher amount.