Personal Loan Eligibility Calculator

ELIGIBILITY CRITERIA

  • Below are the basic personal loan eligibility criteria:
  • Age of the applicant should be between 21-60 Years
  • Salaried individual with a minimum income of Rs 15,000.
  • Salary bracket would again depend on the city you live in and the company you work for. Eg. If you are in a Metro the salary requirement will be higher than non-metro and again if you are working in a top MNC the salary requirement would be lesser than one working with a start-up. So best eligibility for personal loan would depend a lot on where you work.
  • Should be staying in the city for at least 1 Year
  • Total work experience should be at least 2 Years
  • You would require basic documentation such as your address proof, identity proof, latest bank statements etc

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Eligibility Criteria

Since personal loans are unsecured in nature, you need not mortgage nor do you require a guarantor to avail the loan. Interest rate varies from 11.99% to 28.00% based on your personal loan eligibility. Loan amount can be from 50,000 to 20 lakhs, Tenures ranging from one year to 5 years. Documentation will be simpler as this is an unsecured loan. Loans have to be repaid through EMI option with repayment choices like ECS, AD or PDC.

Some banks will give you the flexibility to pre-close the loan without any additional charges. Most banks have a pre-closure charge in the 4%-5% range.

Though availing a personal loan is simple, there are a few points that one should keep in mind before proceeding. The more information you have will help you avail the lowest interest rate based on eligibility.

  • Explore multiple options– Do not go ahead with the first personal loan offer that comes your way. Using our platform you can explore different options based on your eligibility which will help you make an informed decision.
  • Do not focus only on the interest rate– While the personal loan interest rate is important, please do note the processing fee as well as the pre-closure charges that would be applicable by a particular Bank or NBFC. In case you propose to pre-close your loan, choosing a bank which has no pre-closure charges would make more sense, even though the interest rate might be a little higher. Currently Axis Bank and Bajaj Finserv do not have any pre-closure charges, provided the loan has been serviced for certain tenure.
  • Do not borrow personal loan for investmentsas this could backfire.
  • Calculate your repayment potential before taking a loan. Though you might be eligible for a higher loan amount but are not sure if you could pay the existing projected EMIs, please reconsider taking a smaller amount. A default or delayed EMI payment could affect your CIBIL score, which will hamper the possibility of you getting loans in the future. You can always check on the EMIs that you would have to pay using our EMI calculator.

There are multiple banks which offer a personal loan such as HDFC Bank, ICICI Bank, Kotak Bank, Axis bank and so one. There are also multiple NBFC’s such as Bajaj Finserv ,Fullerton, Tata Capital, etc which offer unsecured personal loans, but be sure where you stand having the best eligibility for personal loan.