As the personal loan does not require any collateral from the borrower, banks and NBFCs want the applicant to be completely eligible for the loan in terms of repaying ability till the end. They want to be assured that you are a worthy and reliable customer. The following eligibility criteria could be checked to grant you the personal loan.
Credit score: A good credit score always a winner in the loan application. It is a clear proof of your past payment record.
Income: The loan amount and your repaying capacity largely depends on the income you obtain per month. Both salaried and self-employed individuals need to have a certain income limit set by the bank to be qualified for the loan.
Employer & Employment: Employees working in certain companies are eligible for a loan without much credit check. Some organisations are called delisted companies to which the banks are reluctant to provide a loan, fearing defaults or late payments. The applicant also should be working with the current employer at least for the past 6 months. However, this could vary from banks to banks.
These are the main criteria; however, you must also have all the documents ready without any errors on it.