Personal Loan Eligibility: Check Your Loan Eligibility Online
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Personal Loan Eligibility: Check Your Loan Eligibility Online

Personal Loan Eligibility:  Check Your Loan Eligibility Online

posted on 2020-06-15 06:36:56 by Admin

Personal Loan Eligibility:  Check Your Loan Eligibility Online

A personal loan is an amount of money that is borrowed by a consumer from a bank, online lender, or any other financial body to meet their personal needs. Any individual looking for a personal loan must check the eligibility criteria. It includes age, income, and employment organization, credit score, etc. Clearing the eligibility criteria will make the loan approval process faster.

So, in this article, check out the which are the basic requirements to get the personal loan. We have also listed the eligibility criteria of the top banks.

Personal Loan Eligibility

The loan eligibility shows the entitlement of the borrower to avail of the personal loan. It includes many parameters so that a consumer can know about his or her future loan requirements and can make appropriate decisions accordingly. Any borrower can avail of the credits if he/she fulfills the personal loan eligibility criteria.

Personal

 

Personal Loan Age Criteria

A borrower must be of age between  21 - 60 to apply for a loan. The maximum age of 60 years is applicable for salaried employees and the maximum age of 65 years is applicable for self-employed professionals at the time of maturity. For SBI, the minimum age of the person should be 21 Years. However, the minimum and maximum age criteria changes with different lending institutions.

Employment

A borrower should be a salaried employee or a self-employed professional having the regular source of income. Salaried employees like salaried doctors, employees of public and private limited companies, government sector employees including Public Sector Undertakings, Central and Local bodies.

Read: 5 Ways to Plan a Personal Loan EMI

Income Criteria for Personal Loan

Monthly net income for residents of metro cities (metropolitan cities) should be ₹20,000 and for non-metro (non-metropolitan) cities, it should be ₹15,000.

Documents required for Salaried Personal Loans

Candidates applying for a personal loan need to have these documents with them.

       KYC documents (like Passport, Voter’s Identity Card, Driving license, Aadhaar card, PAN Card, Etc)

       Duly filled application form

       Loan Agreement duly signed

       Last 2 salary slips

       Previous 3 months bank statement of salaried account.

Experience (For Salaried employees)

A borrower must be having 6-12 months of experience at his/her current company. (For Self-employed) A borrower must have a business tenure of at least three years (continuous) and ITR for the last three years. For SBI, a minimum of 2 years of experience is required in the current organization. For HDFC Bank, a minimum of 2 years of experience is required with 1 year of experience in the current company.

Credit Score for Personal Loan

Credit score plays an important role in a consumer’s financial journey and it also affects various aspects of lending. A borrower must have a credit score of 750+ or with good credit or CIBIL score history.

Read: How to Improve Credit Score from 600 to 750+?

Axis Bank Personal Loan Eligibility

These are the criteria for taking personal loans from the Axis Bank.

     Employment - Salaried Employees, Salaried doctors, Employees of public and private limited companies, Government sector employees including Public Sector Undertakings, Central and Local bodies

     Age: Minimum age of 21 years Maximum age of 60 years at the time of maturity of the Personal Loan.

      Income: Minimum net monthly income of Rs. 15,000

Document required for Salaried Personal loans

  • Duly filled application form
  • KYC documents
  • Duly Signed Loan agreement

HDFC Personal Loan Eligibility

These are the criteria for taking personal loans from the HDFC Bank.

     Employment - Employees of public or private limited companies

     Age: Minimum age of 21 years and maximum age of 60 years.

     Income: Minimum net monthly income of Rs. 25000 for HDFC Customer and Rs. 50000 for non-HDFC Customers.

      Experience: A total of 2 years experience and atleast 1 year with the current employer.

ICICI Personal Loan Eligibility

These are the criteria for taking personal loans from the ICICI Bank.

Salaried Applicants

     Age: Minimum age of 23 years Maximum age of 58 years.

     Income: Minimum net monthly income of Rs.17,500 (Rs.25,000 for candidates residing in Mumbai & Delhi. Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata)

      Experience: A total of 2 years experience and atleast 1 year with the current employer.

Self Employed

      Age: Minimum age of 28 years (25 years for Doctors) and a maximum age of 65 years.

      Minimum Turnover: Rs 15 Lakhs for Non-professionals and Rs. 40 Lakhs for Professional as per the 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: At least 5 years and a minimum of 3 years for doctors.

Personal Loan Eligibility Calculator – Check And know How Eligible You Are!!!

By using a personal loan eligibility calculator, a borrower or any party can check their eligibility to avail of the personal loan. It will help you to calculate the loan amount you will be eligible to borrow.

This calculator works differently for different banks. You will be able to find it on their websites. You can find it online as well on different relevant sites. This shows the approximate results or it can vary with respect to the calculated results. A borrow can find out if he or she is eligible to avail of the loan or not. If yes, then how much loan he or she can avail by submitting his or her some information on it.

Check: Personal Loan  EMI Calculator

How To Apply For A Personal Loan?

There are two methods to avail the Personal Loan i.e. Online method and Offline method.

“Online Personal Loan Application”

     Shortlist the financial institution you need to loan from.

     Fill in the application form by entering personal, financial, and employment details in the respective body’s website you choose to take a loan from.

     Select the loan amount and the tenure that you require.

     Once you get the approval, a representative from the respective financial body will get in touch with you.

“Offline Personal Loan Application”

     At the bank branch: A consumer can visit the bank branch from where he wants to avail of the loan and can fill out an application form along with the required documents.

     Through the agent: Banks have an agent who sells personal loans and one can hire an agent in exchange for a commission. This might impact your interest rate.

Read: Tips for Personal Loan

Terms and Conditions.

Terms and conditions are the legal agreements between a service provider and a person who wants to use that service. Here, any financial body is a service provider and a borrower is the consumer of the personal loan (service).

     Purpose: A personal loan is granted to those consumers who have a purpose for these following activities – Marriage, medical treatment, education, foreign travel, or any other general-purpose except for any speculative activity.

     Eligibility: Consumers who have a regular source of income can avail of personal loans, for example - Salaried employees, self-employed businessmen, pensioners of central or state government, etc.

     Repayment: The amount of loan is to be repaid under the monthly installments under the tenure of the personal loan. The number of installments is generally equated for a period of time in terms of amount.

     Processing fees: Processing fees generally depends upon the type of product that the customer is availing like Career Loan, Rent Plus, etc.

     Customer Service: For any service-related issues, customers can get in touch with the organization’s customer helpline numbers, customer cell at our Head Offices. The consumer can find it on our website.

After reading all this, we came to the conclusion that personal loans are beneficial for us because of their advantages like no collateral security, no strict documentation requirements come with schemes, and offer to depend upon the different financial institutions, etc. Meanwhile, it’s a wise decision.

To apply for personal loans, home loans, business loans, credit cards, visit Loanadda.com. Best assistance and guidance is just one call away.

 

 

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