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What are the things required to be eligible for a personal loan?

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There is no common standard that is used across lending institutions to be eligible for a personal loan

The criteria varies across different lenders depending upon the borrower’s profile and the relationship with the bank. A few basic requirements and limits that are applicable for most of lenders are outlined below: Minimum age limit: 21 years Maximum age limit: 60 years Employment Type: Salaried/Self-employed professionals/non-professionals Employment Status: Employed/In-business for at least 2 yrs., at least 1 yr. with current employer/business Minimum Income: Rs.4,000 - Rs.20,000 net income p.m. (varies according to area - usually higher in metro cities) Maximum Loan: Amount up to Rs.50 lakhs (based on income, repayment capacity and existing EMIs) Minimum Credit Score: At least 700.

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