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Personal Loan issuers in India

Personal Loan Eligibility Criteria at Leading Banks in India

State Bank of India Personal Loans Eligibility

Interest rate

Starting from 9.60% per annum

Loan Amount

Up to Rs. 20 Lakhs

Income Eligibility

Rs. 15,000 per month

Age Eligibility 

Minimum of 21 years, and up to 58 years at the time of loan maturity

Repayment Tenure

Up to 72 months

ICICI Bank Personal Loans Eligibility

Loan Amount 

Rs. 50,000 – Rs. 2 Lakhs

Interest Rate

10.5% to 19% per annum

Repayment Tenure

12 months – 72 months

Personal Loan Interest Rates

10.5% to 19% per annum

Loan Processing Charges 

Up to 2.25% of loan amount + GST

Prepayment Charges

5% on principal outstanding + GST

Additional Interest on late payment

24% per annum

Loan Cancellation Charges

Rs. 3000 + GST

EMI Bounce Charges

Rs. 400 per bounce + GST

HDFC Bank Personal Loans Eligibility

Interest rate

Starting from 10.50% to 21.00% p.a 

Loan Amount

Up to Rs. 40 Lakhs

Income Eligibility

Rs. 25,000 per month for HDFC Bank Salary Account Holders

Rs. 50,000 per month for non-HDFC Bank Salary Account holders

Age Eligibility 

Minimum of 21 years and up to 60 years 

Repayment Tenure

Up to 60 months

Axis Bank Personal Loans Eligibility

Interest rate

Starting from 12% - 21% p.a

Loan Amount

Up to Rs. 15 Lakhs

Income Eligibility

Rs. 15,000 per month

Age Eligibility

Minimum of 21 years and up to 60 years

Repayment Tenure

Up to 60 months

Citibank Personal Loans Eligibility

Interest rate

Starting from 10.99% - 18.99% p.a

Loan Amount

Up to Rs. 30 Lakhs

Income Eligibility

Determined on a case by case basis

Age Eligibility

Minimum of 18 years and up to 60 years

Repayment Tenure

Up to 60 months

Eligibility For Personal Loan From Other Leading Banks


Eligible Loan Amount

Minimum Eligible Income

Eligible Age 

Bajaj Finserv

Up to Rs. 25 Lakh

Rs. 25,000 per month

23 to 55 Years

Bank of Maharashtra

Up to Rs. 10 Lakhs

Rs. 3 lakh per annum

21 to 60 Years

Canara Bank

Up to Rs. 5 Lakh

On a case by case basis

Above 18 Years

Fullerton India

Up to Rs. 40 Lakh

Rs. 20,000 per month

21 – 60 Years

IDFC First Bank

Rs 1 Lakh to Rs 25 Lakh

Rs. 20,000 per month

23 to 58 Years


Rs. 50,000 - Rs. 10 Lakhs

Rs. 25,000 per month

21 to 60 Years


Up to Rs. 25 Lakh

Rs. 35,000 per month

25 to 60 Years


Rs. 1,000 to Rs. 15 Lakh

Rs. 25,000 per month

Above 18 Years

Indian Overseas Bank

Up to Rs. 5 Lakh

Over Rs. 5,000 per month

Up to 60 Years

IndusInd Bank

Rs. 50,000 to Rs. 15 Lakh

Rs. 25,000 per month (net)

21 to 60 Years

Kotak Mahindra Bank

Rs. 50,000 to Rs. 15 Lakh

Rs. 20,000 per month (net)

21 to 58 Years

Money View

Rs. 10,000 to Rs. 5 Lakh

Rs. 13,500 per month

Above 18 Years

Punjab National Bank

Rs. 50,000 to Rs. 10 Lakh

Rs. 10,000 per month

Above 18 Years

RBL Bank

Rs.1 Lakh to Rs. 20 Lakh

Rs. 20,000 per month

25 to 60 Years

Standard Chartered Bank

Rs.1 Lakh to Rs. 30 Lakh

Over Rs. 22,000 per month

21 to 60 Years

Tata Capital

Rs. 75,000 to Rs. 25 Lakh

Rs. 15,000 per month

22 to 58 Years

Union Bank of India

Up to 10 Lakh

Rs. 15,000 per month

Above 18 Years

YES Bank

Rs 1 Lakh to Rs 40 Lakh

On a case by case basis

22 to 58 Years

What is the eligibility criteria for a personal loan?

A Personal Loan may be a short term commitment, however, banks do conduct a thorough scrutiny of the eligibility criteria to make sure that the loan doesn’t turn bad. Here are some of the factors that help banks in determining your personal loan eligibility:

Credit Score

Your credit score and credit report are the most important factors in determining whether or not your personal loan will be approved. The RBI has given permission to four credit rating agencies, or credit bureaus, to issue credit reports and ratings. They compile and maintain records of all the credit-related transactions in collaboration with banks, credit card firms, and other structured lenders.

The bureaus submit monthly reports from these lenders on all of your credit transactions. This includes information on your EMI and credit card payments (including any late or missed payments), balance due, any changes to your total credit cap, and any other relevant information.

Based on all of this data, a complex mathematical formula is used to calculate your credit score. The score is a measure of your past and current credit conduct that prospective lenders may use to get a sense of your creditworthiness. If you have a good track record of making all of your payments on time and in full, your score would tend to be high. If you have a history of missing payments or overusing credit, it can have a negative impact on your credit score.

Employment Type and Employer

Someone with a history of regularly changing employment may not be readily eligible for a personal loan because it means that during the loan term he/she may not have a steady or predictable income and may not be able to make regular payments. Being in a job for at least a year before you apply for a personal loan is probably a smart idea.

Your employment is also taken into account during the loan approval process. Since personal loan borrowers do not have any assets to pledge as collateral, lenders must guarantee that you will have a consistent monthly income over the term of the loan, allowing you to make timely payments. That is why they are concerned about your employment situation. They'll look at whether you've had consistent employment and whether you've been in the same place for a long time.


Another important factor to remember is the average income. Since there is no collateral, the banks want to know that you have a respectable income (from salary and other sources) that will enable you to make your monthly repayments. Having a handsome salary with low liabilities (other debts) makes you be accepted for a personal loan.

Your EMI payment history is also of interest

Lenders will examine your credit report to see whether you have a history of financial stability and prompt EMI payments. They are more likely to consider your loan request favourably if they see that you have made regular payments and fulfilled your debt obligations.

What is a personal loan?

A personal loan is financial aid sought out by individuals looking for funds to meet their personal needs. The most distinguishing feature of a personal loan is that it can be used for any of your personal needs without any restriction on the end-use.

There are various types of loans like home loans, car loans, education loans, farm loans, equipment loans, etc. But these loans are restricted by the end use of the loan amount. However, a personal loan doesn’t have this restriction. This feature allows individuals to use loan funds to meet a variety of purposes like wedding expenses, vacation plans, home renovations, higher education, etc. In fact, many individuals seek a personal loan to pay off some of their high expense loans like credit card bills.

This flexibility in the end-use and instant accessibility of personal loan makes it the most sought after loan product in the market.

Personal Loan Snapshot

Minimum and Maximum Age

  • 21 Years - 65 Years
  • Some banks urge on a minimum age of 23 years

Loan Amount

  • Upto Rs. 50 Lakhs 
  • Eligibility is based on your net monthly income. 
  • It is mostly fixed at 10-27 times the net monthly income. 
  • Many banks offer only a maximum loan amount of up to Rs. 25 Lakhs

Net Monthly Income

  • Min. Rs. 10,000 (For Semi-Urban & Rural areas) and Rs. 15,000 (For Metro areas)
  • Note: Income criteria are bank-specific and some banks may list a higher minimum income requirement for personal loans
  • For salaried individuals, income proof is necessary to establish stable and timely income

Employment Type

  • Both salaried and self-employed individuals are eligible
  • Salaried individuals of reputed organizations have an advantage owing to their job security and income stability
  • Self-employed professionals like doctors and chartered accounts can get a higher loan amount due to their higher-income inflow

Existing debts and liabilities

  • Existing debts and liabilities will affect your loan amount and interest rate
  • Your existing EMIs will decrease your income to debt ratio which in turn results in unfavourable conditions for your personal loan

Minimum Work Experience

  • Salaried individuals should have been employed for at least 2 years out of which the last 1 years should be with the current organization
  • For self-employed individuals, the enterprise should have been running for at least 3 years out of which the last 2 consecutive years should have been profit-making years

Credit Score for Personal Loan

  • A minimum of 650 & above
  • 750+ is considered optimal

How do banks determine the personal loan amount I am eligible for?

The maximum personal loan amount that a borrower is eligible for is mainly determined by their ability to repay the loan. The following are the two key methods that banks use to assess the maximum amount of personal loan that you are eligible for:

Fixed Income to Obligation Ratio (FOIR) Method – The FOIR approach specifically considers the applicant's cumulative monthly payments required to service current unpaid debt. If an applicant's FOIR reaches 50% of his or her take-home pay, the personal loan application will be denied, or the loan sum sanctioned may be less than what you need.

Net Monthly Income Method – Some lenders use a multiplier based on the applicant's net monthly income (NMI) to determine the maximum loan sum. In such situations, the amount of a personal loan that is available can be up to 30 times the applicant's NMI. If the loan sum requested reaches this limit, the application will not be considered eligible for an unsecured personal loan.

How can I improve my personal loan eligibility?

You can take a few simple measures to improve your Personal Loan eligibility: 

  • To get a sense of your credit status, check your credit score on a regular basis. Make an effort to boost your credit score. That is possible if you pay all of your EMIs and credit card bills on time. You can still pay off any debts you have if you have any money left over. You will get any errors or inaccurate entries on your credit report corrected by contacting the credit bureau.
  • Make an attempt to lower the 'Income to Debt Ratio.' Close some long-term loans that are depleting your cash flow on a monthly basis. If you have some extra cash lying around, put it to good use by paying off these loans. When you have less debt, you are more likely to qualify for better personal loans.
  • Submit all necessary documentation that the lender requests. Make a list of the documents you'll need to have ready before submitting your application. It is crucial for a faster loan process. Make certain that all of your records are genuine.
  • Include a co-applicant who is also a working person. When their earnings are factored into the application, the borrower has a higher repayment capacity. Rejection rates are lower, and you could be eligible for a larger loan amount.
  • Avoid frequent job changes; creditworthiness will suffer as a result of frequent job changes. Even if you have good reasons for changing jobs, the lender can look at it differently when processing your loan application.

What are the documents needed to apply for a personal loan?

The basic documents remain the same for any kind of personal loan. However, there might be slight variations in the income documents required for salaried and self-employed individuals:

Salaried Individuals: 

  • Income Proof: Latest Income Tax Return, Bank Account Statement of last 6 months, Latest month Salary Slip
  • 2-passport size photographs
  • KYC Documents: Proof of Identity & Proof of Address

Self-employed Individuals: 

  • KYC Documents: Proof of Identity / Address proof / DOB proof
  • Address Proof: Leave and License Agreement / Utility Bill (not more than 3 months old) / Passport
  • Income proof: Audited financials for the last two years
  • Latest 6 Months Bank statement
  • Office address proof
  • Proof of residence or office ownership
  • Proof of continuity of business

Personal Loan Customer Care

In case of any queries regarding a bank personal loan – be it application process, eligibility criteria, loan approval or loan dispersal can be obtained through Personal Loan Customer Care toll-free number

Personal Loan Eligibility Calculator

If you still have questions regarding your eligibility for a personal loan, you can use the Personal Loan Eligibility Calculator to find out. Most lenders have this eligibility calculator on their website for the convenience of the borrowers.

These are the inputs required for a Personal Loan eligibility calculator: 

  • Your Name
  • Monthly Net Income
  • Total years of work experience
  • Your age
  • Your existing EMIs
  • Required repayment tenure

Once you enter these details, the calculator will calculate the personal loan amount you shall be eligible for. This calculator allows you to determine your eligibility before applying for the loan so that you set correct expectations on your application and don’t get rejected.

What are the benefits of opting for a personal loan?

Quick processing and fast disbursal – Personal Loans are processed and sanctioned within hours. These days, the application can be submitted with a single click on the bank’s website and most lenders process your loan within 24 hours and the amount is disbursed into your account instantly. This allows you to take care of any emergency needs.

No restriction on end-use -  This must be one of the best advantages of personal loans. Unlike other loans where the end usage is predetermined, personal loans give you free hand with how to utilize the loan amount. This allows borrowers to consume personal loans for many personal needs like that dream wedding, the long-awaited vacation, the much needed upskilling course or for that comfy recliner lounge set for the living room.

Very less documentation - Personal loans are mostly processed based on your income. Therefore, lenders do not ask for much documentation for loan processing. Furthermore, if you are an existing customer of the bank, you may get a personal loan with nil documentation.

Repayment tenure – Personal loans are neither short term loans nor long term loans. You can get a comfortable repayment tenure of up to 60 months to repay your loan. This allows for sufficient planning of your monthly cash flow and budgeting.

Nil collateral – Personal loans are unsecured loans meaning, you don’t have to submit any collateral or guarantee to get them.

Fully transparent loan process – Personal loan process is highly transparent. The fees and other charges are clearly mentioned beforehand for you to decide. Moreover, many of the lenders provide online account access to your personal loan account so that you can keep tabs on your loan account anytime anywhere.

FAQs – Personal Loan Eligibility

1. What can you use the personal loan amount for?

There are no restrictions on how the money from the personal loan should be used. Borrowers may use their personal loan funds for a variety of purposes, including weddings, medical emergencies, higher education, holiday planning, and home repairs.

2. How much loan amount can I get under a personal loan?

Personal loan amounts range from Rs. 50,000 up to Rs. 50 lakhs. The loan amount is determined based on factors like your age, income, credit score and job type.

3. What is the maximum repayment tenure I can get for my personal loan?

Personal loans come with a maximum tenure of 84 months.

4. What is the ideal credit score required to get a personal loan?

There is no fixed credit score to get a personal loan. However, lenders prefer applicants with a minimum credit score above 750 is ideal for a personal loan.

5. My credit score is 650, can I get a personal loan?

You may have a chance of being approved by some lenders, but it is a low score. They will be willing to look at other factors that may influence your repayment prospects in the future, such as the stability of your employment, your annual revenue, and the size of your other liabilities. Your application has a chance of being approved if they believe that, based on other factors, you have the ability to fulfil your repayment obligations. However, if you want to apply for a personal loan, you should strive for a score of 750 or higher.

6. Is it possible for me to get a personal loan during Covid-19?

Despite the fact that the Covid-19 pandemic has had a negative impact on the economy, personal loans remain the most popular loan product. During this crisis, banks have changed their business models to meet the increased demand for personal loans. The whole application process is now done online. To broaden the customer base, qualifying requirements such as minimum salary have been relaxed slightly. Overall, personal loan demand has increased dramatically as a result of the pandemic, and banks have responded by introducing a number of steps to approve personal loans for qualified applicants.

7. What are the repayment options on a personal loan?

You can repay your personal loan through monthly EMIs over the tenure of the loan. Most banks do allow part payments and pre-closure of your personal loan once you have completed 12 EMIs.

8. How long does it take to get approved for a personal loan?

While most lenders process your personal loan within 24 hours, nowadays, with the advent of digital tools, personal loans are being processed within a few hours and the amount is disbursed into your account within minutes.

9. Can I get a personal loan if my salary is less than Rs. 15,000?

Though income is a major criterion to apply for a personal loan, there are a few private-sector lenders who offer personal loans for low-income individuals. You may have to convince the lender that you will be able to make timely repayments on the loan. Some of them are:

  • Axis Bank
  • Bajaj Finserv
  • SBI Xpress Credit
  • HDB Financial Services
  • IDBI Bank

10. What is the minimum salary required to get a personal loan?

The minimum salary fixed by most lenders is Rs. 20,000 while a few private-sector lenders may give you a personal loan even with a salary of Rs. 15,000.

11. Can I get a personal loan with a low CIBIL™ score?

Even if your CIBIL™ score is as low as 650, you may be able to get a personal loan. It is not impossible, even though it is challenging. It is subject to the bank's discretion. However, if you apply for a personal loan with a low credit score, you may be given unfavourable terms in terms of interest rates, loan amount, and other loan benefits.

12. What is the minimum credit score required for HDFC Bank Personal Loan?

While a score of 750 and above is ideal, people with lower CIBIL™ score can also be eligible for a personal loan. As the risk for individuals with a lower score is higher, the interest rate is relatively high and the loan amount could be lower opposed to those with a high CIBIL™ score.

13. What is the quickest way to get an Rs.50k loan?

Applying for a Personal Loan is the fastest way to get an Rs. 50,000 loan. They're fast and don't require any kind of collateral.

14. Is there a minimum amount of work experience needed to apply for SBI Personal Loans?

Yeah, you must have worked at your current job for at least a year to be eligible for SBI Personal Loans.

15. Is it necessary for me to be a current customer of the bank in order to apply for a personal loan?

No, you don't have to be a bank customer to apply for one of their personal loans.

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