BANK NAME
Personal Loan Eligibility Criteria
Personal Loans are an unsecured form of multipurpose credit, which may be used to cover a number of personal expenses. You can acquire a personal loan by qualifying with preset eligibility criteria, which are minimal. The basic eligibility criteria are as follows.
- Credit Score
This is the most crucial eligibility factor. A credit score of 700 or above is typically considered a good score for personal loans. The better your credit score, the higher your chances of getting a loan online.
- Income
People with higher incomes are more eligible for a higher loan amount than those who have low incomes.
- Employment
Employees of listed companies, Central and State Governments, and public sector undertakings are eligible for a higher amount.
- Work continuity
You should be a long-term employee of your current organisation. In case you are self-employed, the continuity of business and income is the most critical
- Age of the borrower
The minimum age requirement is 21 years. Banks have their criteria for deciding the maximum age limit. In most cases, your age at the end of the repayment period should not exceed 65 years.
- Loan amount
Applying for a loan amount that you can service comfortably makes you more eligible for a personal loan and improves your chances of approval.
| Occupation | Salaried employees, self-employed professionals, self-employed non-professionals, and business owners |
| Age | Minimum 21 years at loan application and maximum 65 years at loan maturity |
| Monthly income | 15,000 |
| Job/business continuity | 1 years continuous job or 3 years continuity in business |
| ITR or GST | Last 2 years IT returns |
| Credit score | 700 & above |
What's the Personal Loan Eligibility for Salaried Employees?
If you are a salaried employee, you can avail a Personal Loan if you fulfil the following eligibility criteria.
- You should be a Resident Citizen of India
- Your age should be between 21 to 68 years
- You should be an employee of a Private Limited Company, Public Limited Company, or an MNC, or Government Sector which may be a Public Sector Undertaking, or a Central or Local Body
- Your work experience should be from 1 to 3 years and above
- Your minimum Credit Score should be 750
- Your salary should be Rs. 15,000 for a Non-Metro City, and Rs 20,000 for a Metro City
Other Charges
- Apart from personal loan interest rates, there are several other fees and charges that have to be paid and may be classified as under.
- General Charges
- Miscellaneous Charges
- Foreclosure Charges
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