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Personal Loan Eligibility Criteria

The personal loan eligibility criteria are decided after evaluating all the factors that are invariably related to this. The personal loan eligibility criteria for a customer either salaried or self-employed is based on the following factors and are:

Factors Personal Loan Requirements
Age: Age between 21 and 65
Monthly Income: The monthly income for a salaried person must be above 30,000 per month.
Credit Score: The ideal credit score for a personal loan is 700 and above.
Documents: The documents must be complete for the personal loan and these are Aadhar, PAN, Salary slip, Bank statement, ITR, residential certificate like utility bills, etc.
Nationality: Indian
Types of Employment: For the salaried person, the customer must be associated with the government organization, PSU, registered private limited company.

Document Requred for Personal Loan Eligibility

Documents required for the personal loan are the following and it is almost the same for the salaried and self-employed and these are


  • 1. Identity Proof: Aadhar, PAN, Driving Licence, Passport, Voter ID, or other issued by the government organization.
  • 2. Transactional: Salary slip for at least three months, Bank statement, ITR for self-employed
  • 3. Residential: Rent agreement, utility bills, and other revealing of the residential identity.

    • How Is a Personal Loan Eligibility Calculator Useful?

    While applying for a loan you can go through the personal loan eligibility calculator which helps you get all the eligibility information. The personal loan eligibility calculator will be able to impart some essential information like the maximum loan amount you are eligible for. The tenure and interest applied on the loan and other information like your credit score requirements. It can assure you which documents you need, and therefore the personal loan eligibility calculator is useful for following.


    Benefits of Personal Loan Eligibility

    It’s indeed relevant to check the eligibility criteria before applying for a personal or any other loan. It is beneficial for different reasons such as getting the perfect information about the loan and all factors related to the loan like loan amount, processing fees, interest, documents required and types of employment the customers are supposed to be.


    Factors Affecting Personal Loan Eligibility

    Factors affecting personal loan eligibility are income, credit score, lack of documents, and higher obligation i.e., existing loan. Therefore, these factors factors affecting the personal loan eligibility are:

  • 1. Monthly Income: Personal loan eligibility criteria are decided based on the monthly income of the applicant and the lower income can affect the personal loan eligibility or in that case, the loan amount might be lower.
  • 2. Lower CIBIL Score: If the applicant's CIBIL score is lower, the loan application can be denied.
  • 3. Lack of Documents: The documents for the personal loan must be complete, the lack of documents will affect the loan approval.
  • 4. Higher Obligations: If your existing EMIs are higher, the loan amount can be less or the application for the higher amount can be denied.