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Personal loan Eligibility Calculator

Personal loan eligibility refers to the qualifications and conditions an individual must meet to be considered for a personal loan from a financial institution or lender. It typically involves what lenders use to evaluate a borrower’s creditworthiness

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Personal Loan Eligibility for Top Lenders in 2024

LenderEligible Loan AmountMinimum Eligible IncomeEligible AgeMin Credit Score
HDFC BankUp to Rs.40 LakhRs. 25,000 per month21-55 years750
Axis BankUp to Rs.50 LakhRs. 15,000 per month21-55 years750
ICICI BankUp to Rs.50 LakhRs. 30,000 per month23-55 years750
BOB BankUp to Rs.25 LakhRs. 25,000 per month21-55 years750
SBI BankUp to Rs.25 LakhRs. 25,000 per month21-60 years750
IndusInd BankUp to Rs.25 LakhRs. 25,000 per month21-55 years750
Yes BankUp to Rs.25 LakhRs. 25,000 per month21-5550
Standard Chartered BankUp to Rs.25 LakhRs. 50,000 per month21-55 years750
IDFC First BankUp to Rs.50 LakhOn a case by case basis23-55750
Kotak Mahindra BankUp to Rs.20 LakhRs. 25,000 per month21-55750
Bandhan BankUp to Rs.10 LakhRs. 15,000 per month21-55 years750
Punjab National BankUp to Rs.15 LakhRs. 25,000 per month21-55 years750

here is a table summarizing the eligibility criteria for the NBFCs lenders:

LenderEligible Loan AmountMinimum Eligible IncomeEligible AgeMinimum Credit Score
Tata CapitalUp to Rs.10 LakhRs. 25,000 per month21-55 years750
InCredUp to Rs.10 LakhRs. 25,000 per month21-55 years700
FinnableUp to Rs.5 LakhRs. 15,000 per month21-55 years650
Aditya BirlaUp to Rs.15 LakhRs. 25,000 per month21-55 years750
PaySenseUp to Rs.5 LakhRs. 15,000 per month21-55 years650
PoonawallaUp to Rs.10 LakhRs. 25,000 per month21-55 years750
SMFG India Credit (Fullerton)Up to Rs.10 LakhRs. 20,000 per month21-55 years700
LendingKartUp to Rs.10 LakhRs. 25,000 per month21-55 years700
Axis FinanceUp to Rs.20 LakhRs. 35,000 per month21-55 years750
Mahindra FinanceUp to Rs.15 LakhRs. 25,000 per month21-55 years750
Bajaj FinanceUp to Rs.25 LakhRs. 25,000 per month21-55 years750
L&T financeUp to Rs.15 LakhRs. 25,000 per month21-55 years750

Minimum Personal Loan Eligibility Criteria in India

Feature Minimum Eligibility
Age 21 years to 60 years (depending on the lender)
Citizenship Indian citizen
Employment Salaried or self-employed
Income Starting Rs.15,000 (Minimum income threshold set by the lender)
Credit Score Good credit score (typically above 700)
Employment Stability Minimum employment tenure (usually 1 year)
Documentation Identity proof, address proof, income proof, bank statements

How to Check Personal Loan Eligibility?

  • Visit the Lender’s Website

The first step in checking your personal loan eligibility is to visit the official website of the bank or financial institution from which you intend to apply for the loan.

  • Navigate to the Personal Loans Section

Once on the website, locate the section related to personal loans. This section typically contains information about the types of personal loans offered, their features, and the eligibility criteria.

  • Review the Eligibility Criteria

Carefully read through the eligibility criteria provided by the lender. Take note of the specific requirements related to age, employment status, minimum income, credit score, employment stability, documentation, existing loans, residency status, and any other criteria mentioned.

  • Use Online Eligibility Calculators

Many banks offer online tools or calculators that allow you to input your details to check your eligibility for a personal loan. These calculators provide an estimate of the loan amount you may be eligible for based on your financial information.

  • Contact Customer Support for Clarifications

If you have any doubts or need clarification on specific eligibility criteria, consider reaching out to the customer support of the bank or financial institution. They can provide guidance and address any questions you may have.

Additional Factors Affecting Personal Loan Eligibility

In addition to the baseline criteria outlined above, lenders may consider several other factors when evaluating your personal loan eligibility:

Debt-to-Income Ratio (DTI): This metric represents the percentage of your gross monthly income allocated towards debt obligations, including existing loans, credit card balances, and housing expenses. Lenders typically prefer a DTI of 43% or lower, indicating that your debt burden is manageable.

Employment Stability: A stable employment history demonstrates your ability to generate consistent income, making you a less risky borrower. Lenders generally prefer applicants who have been employed with their current employer for at least two years.

Credit History: Your credit history provides lenders with insights into your past borrowing behavior and repayment habits. A good credit history, typically reflected in a credit score of 750 or above, indicates a responsible financial approach.

Enhancing Your Chances of Personal Loan Approval

If you aspire to secure a personal loan, consider these strategies to improve your chances of approval:

Credit Score Improvement: Check your credit report and address any discrepancies or delinquencies. Timely payments and responsible credit management can significantly enhance your credit score.

Reduce Debt Burden: Take steps to lower your overall debt obligations, thereby improving your DTI ratio. This may involve consolidating debts or paying down existing loans.

Employment Stability: Maintain a consistent employment history and avoid frequent job changes, demonstrating your financial stability to lenders.

Strong Co-signer: If your credit profile is relatively weak, consider enlisting a co-signer with a strong credit history. This can significantly increase your chances of loan approval.

Remember, personal loan eligibility criteria can vary among lenders. It is always advisable to compare interest rates, terms, and eligibility requirements from multiple lenders before making a decision.

Common Myths and truths About Personal Loan Eligibility

Myth 1: A High Income Guarantees Approval


While having a higher income can increase your eligibility for a larger loan amount, it does not guarantee approval. Lenders consider various factors, including your credit score, existing debts, and repayment capacity. It’s possible to have a high income but a low credit score, which can impact your eligibility.

Myth 2: A Perfect Credit Score is Mandatory


While a good credit score is beneficial, it’s not the sole determinant of loan eligibility. Some lenders offer personal loans to individuals with lower credit scores, albeit with higher interest rates. It’s essential to explore options tailored to different credit profiles.

Myth 3: Salaried Individuals Have an Advantage Over Self-Employed


Both salaried individuals and self-employed professionals can qualify for personal loans. Lenders have specific criteria for each category, and self-employed individuals may need to provide additional documentation to verify their income. It’s important to understand the requirements for your employment status.

Myth 4: Existing Loans Automatically Disqualify You


Having existing loans doesn’t automatically disqualify you from getting a personal loan. However, it can affect the loan amount you’re eligible for and your debt-to-income ratio, which lenders consider when determining your eligibility. It’s advisable to manage existing debts responsibly.

Myth 5: Rejection from One Lender Means Rejection Everywhere


Each lender has its own set of eligibility criteria and assessment processes. Just because one lender rejects your application doesn’t mean others will do the same. It’s possible that a different lender may have criteria that align better with your financial profile.

Myth 6: Age Is a Barrier for Personal Loans


While there is a minimum and maximum age limit set by lenders, being in the specified age range doesn’t guarantee or deny eligibility. It’s more about assessing your ability to repay the loan based on your financial situation, rather than solely considering your age.

Myth 7: Only Big Banks Offer Personal Loans


While established banks are well-known for their loan offerings, many non-banking financial institutions (NBFCs) and smaller banks also provide personal loans. These institutions may have more flexible eligibility criteria and may cater to a broader range of borrowers.


Personal loans can be a great way to borrow money for a variety of purposes, but it is important to understand the eligibility requirements before applying. By improving your credit score, reducing your debt, and providing lenders with accurate information, you can increase your chances of qualifying for a personal loan and getting the best possible interest rate.

Personal Loans by Bank
Personal Loan Eligibility(Quick Check):
Income - Meets lender's minimum requirement.
Credit score - Above 700 for better options.
Existing debt - Doesn't exceed 50-60% of monthly income.
Age - Minimum 21 years old.
Employment - Stable job history.
Banks check 3 things to see if you're eligible for a personal loan:
Income: Can you afford the monthly payments?
Credit score: Have you repaid past loans on time?
Debt: Do you have too much other debt already?
They also consider your age, citizenship, and employment stability.