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State Bank of India Personal Loans Eligibility
Starting from 9.60% per annum
Up to Rs. 20 Lakhs
Rs. 15,000 per month
Minimum of 21 years, and up to 58 years at the time of loan maturity
Up to 72 months
ICICI Bank Personal Loans Eligibility
Rs. 50,000 – Rs. 2 Lakhs
10.5% to 19% per annum
12 months – 72 months
Personal Loan Interest Rates
Loan Processing Charges
Up to 2.25% of loan amount + GST
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
Starting from 10.50% to 21.00% p.a
Up to Rs. 40 Lakhs
Rs. 25,000 per month for HDFC Bank Salary Account Holders
Rs. 50,000 per month for non-HDFC Bank Salary Account holders
Minimum of 21 years and up to 60 years
Up to 60 months
Axis Bank Personal Loans Eligibility
Starting from 12% - 21% p.a
Up to Rs. 15 Lakhs
Minimum of 21 years and up to 60 years
Citibank Personal Loans Eligibility
Starting from 10.99% - 18.99% p.a
Up to Rs. 30 Lakhs
Determined on a case by case basis
Minimum of 18 years and up to 60 years
Eligible Loan Amount
Minimum Eligible Income
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
Up to Rs. 5 Lakh
On a case by case basis
Above 18 Years
Up to Rs. 40 Lakh
Rs. 20,000 per month
21 – 60 Years
IDFC First Bank
Rs 1 Lakh to Rs 25 Lakh
23 to 58 Years
Rs. 50,000 - Rs. 10 Lakhs
Rs. 35,000 per month
25 to 60 Years
Rs. 1,000 to Rs. 15 Lakh
Indian Overseas Bank
Over Rs. 5,000 per month
Up to 60 Years
Rs. 50,000 to Rs. 15 Lakh
Rs. 25,000 per month (net)
Kotak Mahindra Bank
Rs. 20,000 per month (net)
21 to 58 Years
Rs. 10,000 to Rs. 5 Lakh
Rs. 13,500 per month
Punjab National Bank
Rs. 50,000 to Rs. 10 Lakh
Rs. 10,000 per month
Rs.1 Lakh to Rs. 20 Lakh
Standard Chartered Bank
Rs.1 Lakh to Rs. 30 Lakh
Over Rs. 22,000 per month
Rs. 75,000 to Rs. 25 Lakh
22 to 58 Years
Union Bank of India
Up to 10 Lakh
Rs 1 Lakh to Rs 40 Lakh
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:
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.
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.
Minimum and Maximum Age
Net Monthly Income
Existing debts and liabilities
Minimum Work Experience
Credit Score for Personal Loan
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.
You can take a few simple measures to improve your Personal Loan eligibility:
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:
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
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:
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.
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.
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:
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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Andhra Bank Personal Loan Eligibility
Axis Bank Personal Loan Eligibility
Bandhan Bank Personal Loan Eligibility
Bank Of Baroda Personal Loan Eligibility
Bank Of Maharashtra Personal Loan Eligibility
Canara Bank Personal Loan Eligibility
Central Bank Of India Personal Loan Eligibility
Citibank Personal Loan Eligibility
Corporation Bank Personal Loan Eligibility
DCB Bank Personal Loan Eligibility
Deutsche Bank Personal Loan Eligibility
Dhanlaxmi Bank Personal Loan Eligibility
Federal Bank Personal Loan Eligibility
HDFC Bank Personal Loan Eligibility
ICICI Bank Personal Loan Eligibility
IDBI Bank Personal Loan Eligibility
Indian Bank Personal Loan Eligibility
Indian Overseas Bank Personal Loan Eligibility
IndusInd Bank Personal Loan Eligibility
Jammu Kashmir Bank Personal Loan Eligibility
Karnataka Bank Personal Loan Eligibility
Karur Vysya Bank Personal Loan Eligibility
Oriental Bank Of Commerce Personal Loan Eligibility
Punjab National Bank Personal Loan Eligibility
Punjab Sind Bank Personal Loan Eligibility
RBL Bank Personal Loan Eligibility
SBI Personal Loan Eligibility
South Indian Bank Personal Loan Eligibility
SVC Bank Personal Loan Eligibility
Tamilnad Mercantile Bank Personal Loan Eligibility
UCO Bank Personal Loan Eligibility
Union Bank Of India Personal Loan Eligibility
Vijaya Bank Personal Loan Eligibility
YES Bank Personal Loan Eligibility
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