Personal Loan Eligibility Calculator Feb 2017

Personal Loan Calculator India – SBI, HDFC, Bajaj, ICICI Bank, All Banks

Last Updated 24th Feb 2017
  • Personal Loan eligibility depends on salary. Eligibility will be more for higher income individuals
  • Better the company profile, lower the interest rate on your personal loan
  • Repayment capacity after paying current EMIs also defines your eligibility
  • Compare and check online to get the lowest rate and best loan amount

Enter Your Monthly Income and Compare Personal Loan Eligibility of 10 Banks

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Personal Loan Eligibility Comparison of SBI, Axis, HDFC, Citibank, Bajaj, ICICI Bank and Others

Bank Elig - 3 Years Elig - 5 Years
Allahabad Bank From Rs. 0.5 lakhs to 7.5 lakhs From Rs. 0.5 lakhs to 7.5 lakhs
Andhra Bank From Rs. 0.5 lakhs to 5.0 lakhs From Rs. 0.5 lakhs to 5.0 lakhs
Axis Bank From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs
Bajaj Finserv From Rs. 1.0 lakhs to 25.0 lakhs From Rs. 1.0 lakhs to 25.0 lakhs
Bank of Baroda From Rs. 0.2 lakhs to 2.0 lakhs From Rs. 0.2 lakhs to 2.0 lakhs
Bank of Maharashtra From Rs. 0.5 lakhs to 1.5 lakhs From Rs. 0.5 lakhs to 1.5 lakhs
Canara Bank From Rs. 1.0 lakhs to 3.0 lakhs From Rs. 1.0 lakhs to 3.0 lakhs
Citibank From Rs. 1.0 lakhs to 30.0 lakhs From Rs. 1.0 lakhs to 30.0 lakhs
Corporation Bank From Rs. 0.1 lakhs to 2.5 lakhs From Rs. 0.1 lakhs to 2.5 lakhs
Dena Bank From Rs. 0.2 lakhs to 1.0 lakhs From Rs. 0.2 lakhs to 1.0 lakhs
Federal Bank From Rs. 0.5 lakhs to 10.0 lakhs From Rs. 0.5 lakhs to 10.0 lakhs
Fullerton India From Rs. 1.0 lakhs to 15.0 lakhs From Rs. 1.0 lakhs to 15.0 lakhs
HDFC Bank From Rs. 0.5 lakhs to 25.0 lakhs From Rs. 0.5 lakhs to 25.0 lakhs
ICICI Bank From Rs. 1.0 lakhs to 25.0 lakhs From Rs. 1.0 lakhs to 25.0 lakhs
IDBI Bank From Rs. 0.5 lakhs to 10.0 lakhs From Rs. 0.5 lakhs to 10.0 lakhs
IDFC Bank From Rs. 1.0 lakhs to 20.0 lakhs From Rs. 1.0 lakhs to 20.0 lakhs
Indian Bank From Rs. 0.5 lakhs to 5.0 lakhs From Rs. 0.5 lakhs to 5.0 lakhs
Indian Overseas Bank From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs
IndusInd Bank From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs
Karur Vysya Bank From Rs. 0.5 lakhs to 10.0 lakhs From Rs. 0.5 lakhs to 10.0 lakhs
Kotak Bank From Rs. 1.0 lakhs to 15.0 lakhs From Rs. 1.0 lakhs to 15.0 lakhs
PNB From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs
RBL Bank From Rs. 10.0 lakhs to 20.0 lakhs From Rs. 10.0 lakhs to 20.0 lakhs
SBI From Rs. 0.1 lakhs to 15.0 lakhs From Rs. 0.1 lakhs to 15.0 lakhs
Standard Chartered Bank From Rs. 1.0 lakhs to 15.0 lakhs From Rs. 1.0 lakhs to 15.0 lakhs
Syndicate Bank From Rs. 0.5 lakhs to 2.0 lakhs From Rs. 0.5 lakhs to 2.0 lakhs
Tata Capital From Rs. 0.5 lakhs to 25.0 lakhs From Rs. 0.5 lakhs to 25.0 lakhs
Union Bank of India From Rs. 0.5 lakhs to 5.0 lakhs From Rs. 0.5 lakhs to 5.0 lakhs
Vijaya Bank From Rs. 0.5 lakhs to 6.0 lakhs From Rs. 0.5 lakhs to 6.0 lakhs
Yes Bank From Rs. 2.0 lakhs to 20.0 lakhs From Rs. 2.0 lakhs to 20.0 lakhs

Personal Loan Eligibility Check

You may be eligible for personal loan from one or more banks in India if you meet the following eligibility conditions:
Eligibility Criteria for Personal Loan
Minimum and Maximum Age
  • 21 Yrs. - 65 Yrs.
Note: However, many banks require minimum age of 23 years
Loan Amount
  • Upto Rs. 50 lakhs. Most banks restrict maximum eligibility to Rs. 25 lakhs
Note: Some banks also restrict the maximum eligibility at 10 – 22 times net monthly income
Net Monthly Income
  • Min. Rs. 15,000 (For Semi & Rural ) and 20,000 (For Metro)
Note: Some banks specify higher minimum income requirement for people staying on rent
Employment Type
  • Salaried customers have more choices for personal loan banks
  • Interest rates are typically in the range of 11.49% to 18.00% per annum
  • Personal loans to self employed professionals and Personalmen are classified as Personal Loan
Minimum Work Experience
  • 3 years of total work experience
  • Tenure from the current company should not be less than 6 – 12 months
  • Personal tenure should of 5 years & ITR required for at least 3 years (For Self Employed only)
CIBIL Score for Personal Loan
  • 700 & more credit history
Note: Most banks avoid giving loans if you have low credit score

Methods of Calculating Personal Loan Eligibility

Personal loan eligibility can be calculated in two ways:
  • Multiplier Method
  • FOIR (Fixed Obligation Income Ratio)
Multiplier Method – This method helps you to calculate your loan amount that you are eligible for based on your net take home salary and company profile. Generally banks have multipliers between 9 to 18.
FOIR (Fixed Obligation Income Ratio) – In this method, your loan amount eligibility is calculated on the basis of maximum EMI or monthly installments in respect to net income. Banks or NBFCs generally accept 50 – 75% of your net income as EMI, existing obligations and credit card outstanding. If the obligations exceed bank’s norms, then bank will either reduce your loan amount or will increase the tenure of your loan.
Money from personal loan should not be used for speculative purposes like investing in shares, buying gold or betting. Money should be used for the purpose that is disclosed in the application form.
Illustration on Personal Loan
Maximum Annual Percentage Rate (APR) 11.49% to 22%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: Rs. 100,000
  • Time period: 12 months to 60 months
  • Interest Rate: 11.49% to 22%
  • Processing Fee payable to: Upto Rs. 2,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,199 for a months Rs. 100,000 loan at 11.49% (lowest rate, longest time period) to Rs. 9,359 for a 12 months Rs. 100,000 loan at 22% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 11.89% to 22.4%
  • Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. 33,926 for 60 months loan
*Important Information: MyLoanCare personal loan eligibility calculator calculates your approximate eligibility based upon your monthly post tax in-hand income at longest available tenure and lowest interest rate offered in the market. Additional eligibility criteria, charges, terms, conditions and different interest rates may apply. Loans granted at sole discretion of the bank subject to eligibility, diligence, terms and conditions of respective banks. This is not to be construed as an offer.

Frequently Asked Questions on Personal Loan Eligibility

What is the personal loan eligibility for salaried employees?

Personal loan eligibility for salaried employees depends on the factors such as:
  • Age: min. 21 years and max. 65 years (may vary bank to bank)
  • Salary: minimum 18,000 per month
  • Total working experience: minimum three years

What is the personal loan eligibility for self owned Personal employees?

Personal loan eligibility for self employed:
  • Personal turnover: Ranging between 60 lakhs - 1 crore
  • Income Tax Return: For last three years
  • Tenure of Personal: minimum 5 years

What should be the minimum and maximum age to get personal loan?

The minimum age limit to apply for personal loan should be 21 years at the time of taking loan. Maximum age can go up to 60 years (salaried employees) and 65 years (self employed) at the time of loan maturity. However, age varies from bank to bank.

Does my income affect my personal loan eligibility?

Yes, your income affects your personal loan eligibility. Higher the income better will be your chance to get high loan amount.

Does my company profile affect my eligibility for personal loan?

Yes company profile affects personal loan eligibility. Good company profile and high salary increases your eligibility to get personal loan at low rate of interest.

Do my existing loan obligations affect personal loan eligibility?

If you are already paying an EMI for any existing loan then your eligibility for the new loan applied will be comparatively low.

How can I improve my eligibility for personal loan?

You can improve your personal loan eligibility by doing following things:
  • To increase your personal loan eligibility, pay off your running debts first
  • Pay your EMIs or other obligations on time to improve credit history and to negotiate with banks in future to get high loan amount
  • Transfer your existing loans to lower rate to reduce your existing EMI and to get new loan of higher amount
Personal Loan Eligibility Calculator News - Feb 2017
22nd Feb 17 Government launches BharatQR code to encourage cashless payments
With a view of encouraging customers to go cashless, Government of India in association with National Payment Corporation of India has launched another digital payment channel BharatQR code. Customers can make payments without swiping their credit and debit card by scanning the QR code that will be generated by merchant. With QR code, government intends to replace card swiping terminals. To support the initiative, NPCI has partnered with 14 banks including RBI and ICICI Bank.
21st Feb 17 Bandhan Bank to retain its focus on retail loans
Bandhan Bank is planning to retain its focus on the retail loan segment. Currently, 91 percent of its lending portfolio is in micro loans. Leading official of the bank has hinted that the bank is planning to target the financially excluded customer segments in rural areas. With a focus on rural sector, the bank expects to grow its loan portfolio to Rs. 22,000 crore by March 2017.
21st Feb 17 Home Credit India plans to tap customers through online channels
Home Credit India, a leading NBFC in India is planning to offer financial services through online channels to Indian customers who are increasingly shifting towards online purchasing. The company expects a three- fold growth in its loan portfolio in the year 2017 as compared to Rs. 1,570 crore during 2016.
17th Feb 17 Citibank India launches instant chat service for its users
Citibank India has launched an instant chat service for its customers using net banking. The chat platform will enable its users to connect with bank executives through internet to resolve their queries related to cards, domestic and non domestic accounts, loans etc.
16th Feb 17 Yes Bank boosts debit card portfolio via contactless cards
Yes Bank has launched contactless debit cards to boost its debit card portfolio in lieu of its commitment to supporting the vision of Indian government of a cashless economy. Contactless debit cards will use radio frequency identification (RFID), Near Field Communication (NFC) and Samsung pay (MST) to enable the customers to make payments simply by waving their card over a reader at the point of sale.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.