Use Loan Eligibility Calculator to check ✔ Loan Amount ✔ EMI Per Month ✔ Eligibility Criteria. Personal Loan eligibility calculator helps you to calculate eligibility for personal loan. It is simple tool Personal loan eligibility criteria required to apply for a Personal Loan depends on Bank and NBFC’s.
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Personal Loan Eligibility Calculator
Eligibility calculator inform you of the loan amount that you are eligible for. Loan eligibility depends on some factors such as income of applicant, company category, job profile, ITR, residence type, CIBIL record, etc.
Eligibility calculation for personal loan
If your net take home salary is Rs. 20,000 then as per eligibility calculation you are eligible to pay emi up to 12,000 per month. if you have any other obligation like, you already pay home loan emi of Rs. 8,000 per month then as per calculation now you are eligible to pay emi up to Rs. 4,000 per month.
Important factors for personal loan eligibility
- Higher the income and the more stable increases the eligibility.
- Repayment capacity of applicant, increase or decrease the eligibility.
- Existing EMIs, existing loan obligations, reduce the eligibility.
- Credit score also plays an important role in loan eligibility.
Note: Each bank has its own eligibility criteria for income/salary, age, employment type, credit score, job status, banking etc.
Methods of Calculating Personal Loan Eligibility
Personal loan eligibility can be calculated in two ways:
- Multiplier Method – Under Multiplier Method the Banks provide a simple multiplier on the Monthly Net Take Home Salary to calculate the Loan Amount Eligibility of a customer. The multiplier of up to 20 depending upon your profile,, company category, monthly net income etc).
- FOIR (Fixed Obligation to Income Ratio) – Under the FOIR Method the maximum EMI that most of the Bank/NBFCs offer to a customer up to 60% of their net take home salary. If existing obligations or credit card outstanding are also taken into consideration to calculate the final loan eligibility.
Basic Eligibility Criteria For Personal Loan
|Age Limit||Minimum 21 years can go up to 65 years|
|Loan Amount||Up to 30 lac|
|Maximum EMI as percent of Income||60%|
|Employment Type||Salaried/Self-employed professionals/non-professionals|
|Employment Status||Employed/In-business for at least 2 yrs., at least 1 yr. with current employer/business|
Top Banks Personal Loan Eligibility
Bajaj Personal Loan Eligibility
The primary personal loan eligibility criteria required to apply for a Personal Loan from Bajaj Finserv is that you should be a salaried professional between 25-58 years of age. In order to read about documents that would be required and to check eligibility criteria for Personal Loan in detail, please click here.
ICICI Bank Personal Loan Eligibility
|Age||23 years – 58 years.|
|Net Salary||Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)|
|Total years in job/profession||2 Years|
|Years in current residence||1 Year|
|Age||28 years (self employed individuals) and 25 years (for doctors); Maximum age – 65 years|
|Minimum Turnover||Rs. 40 lakh for non-professionals; Rs. 15 lac for professionals; as per audited financials|
|Minimum Profit After Tax||Rs. 2 lac for Proprietorship Firm/Self employed Individuals and Rs. 1 lac for non-professionals as per audited financials|
|Business Stability||In current business for at least 5 years and minimum 3 years for doctors|
|Existing relationship with ICICI Bank||Minimum 1 year liability relationship (current or savings account) or Asset relationship (loan) either live or closed in the last 36 months; repayment track as required|
The minimum salary requirement will differ depending on the profile (Type of employer, having relationship with ICICI Bank etc.) of the customer.
HDFC Personal Loan Eligibility
The eligibility criteria for personal loan in HDFC Bank apply to both salaried and self-employed individuals.
- Salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
- Individuals between 21 and 60 years of age
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Those who earn a minimum of Rs. 15,000 net income per month (Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)
Axis Bank Personal Loan Eligibility
- Salaried Employees
- Salaried doctors
- Employees of Public and private limited companies
- Public and private limited companies
- Government sector employees including Public Sector Undertakings and central and local bodies
- Minimum age of 21 years
- Maximum age of 60 years at loan maturity
- Minimum net monthly income – Rs. 15,000
IIFL Personal Loan Eligibility
- One must be a Salaried Individual.
- Monthly income should be Rs. 35,000 or more.
- Age of the applicant must be between 25 to 60 years.
- Applicant’s current address must be in any of these cities: Delhi and NCR, Mumbai including Thane and Vashi, Bengaluru, Pune.
- Applicant must have at least 6 months of work experience in current organisation.
- Applicant must have at least 2 years of total work experience.