Life is full of surprises for everyone. Many circumstances are favorable as well as unfavorable, but people have to cope with whatever situations they face. Some people face financial issues which make them give up on their dreams, desires and aspirations. They are unable to get access to most of the fundamental requirements of life like education, marriage, housing, business, etc.
That is where personal loan eligibility becomes essential. It is an unsecured loan that banks and NBFCs offer to an eligible person. It is vital to be aware of the loan eligibility criteria as it helps quicken and simplify the loan application and approval process. Each bank has separate criteria for loans which include income, age, employment type, credit score, job status, etc. The criteria vary between lenders based on the loan borrower’s profile and relationship with the bank.
The general requirements for the eligibility for personal loan include:
Minimum age limit: 21 – 28 years
Maximum age limit: 58 – 68 years
Type of employment: Salaried, Business owner, Self-employed professional, Retired, Student & Homemaker
Employment status: Employed/In-business for at least 2 – 5 years
Minimum net income per month: INR 5,000 and above
Work experience: 1 – 3 years and beyond
Credit score: CIBIL Score of 750 and above
Maximum EMI: Up to 65% of the income earned
Loan borrowers can also use the personal loan eligibility calculator that is available on websites of banks and lenders or even third party sites which deal with finance. Given below are the steps to check the eligibility:
- Visit the banking or third party website
- Click on ‘Personal Loan’ option
- Select the city of residence and the residence type
- Enter the age and date of birth and click on the ‘Continue’ option
- Select the type of employment
- Enter the company or organisation concerned. Business owners can select the ‘Own a Business’ option and click on the ‘Continue’ button
- Select the month and year of joining the workplace along with total work experience
- Enter the monthly salary and the salary bank account
- Enter the total EMIs if applicable
- Enter personal contact details like Name, Email ID, and Contact Information. All this is entirely secured. Click on the ‘View Free Offers’ option.
- On the redirected page, view all the details of the lenders, along with the schemes offered by them.
By checking the personal loan eligibility, the individual can select the loan that suits the requirements and apply for it. It is safer to check the interest rates offered by different banks and lending institutions before finalizing on the lender.
All About Bank And Loans in India 