Personal Loan Eligibility Calculator Jan 2017

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

Last Updated 16th Jan 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
 Salaried   Self Employed - Professional   Self Employed - Business 
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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.
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
Capital First From Rs. 0.5 lakhs to 4.0 lakhs From Rs. 0.5 lakhs to 4.0 lakhs
Citibank From Rs. 1.0 lakhs to 30.0 lakhs From Rs. 1.0 lakhs to 30.0 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
IndusInd Bank From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs
Kotak Bank From Rs. 1.0 lakhs to 15.0 lakhs From Rs. 1.0 lakhs to 15.0 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

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 businessmen are classified as Business Loan
Minimum Work Experience
  • 3 years of total work experience
  • Tenure from the current company should not be less than 6 – 12 months
  • Business 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 business employees?

Personal loan eligibility for self employed:
  • Business turnover: Ranging between 60 lakhs - 1 crore
  • Income Tax Return: For last three years
  • Tenure of business: 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 - Jan 2017
14th Jan 17 Retail loan applications fall 31 percent after demonetization
CIBIL in its report has highlighted a decline in volume of retail loan applications to 31 percent during 1st November to 31st December, 2016. The volume of retail loan application has dropped to 10.3 million as compared to an expected 14.9 million during the two month tenure after demonetisation.
13th Jan 17 HDFC Bank reduces personal loan interest rates to 11.29 percent
HDFC Bank has reduced its personal loan interest rates by 20 basis points. The revised personal loan interest now stands at 11.29 percent as compared to 11.49 percent earlier.
12th Jan 17 CIBIL reports a slowdown in retail loan portfolio of banks post demonetization
CIBIL in its report has highlighted a decline in demand for consumer durable loans and auto loans by 60 and 43 percent respectively during November and December this year as compared to previous year. The volume of loan applications has reduced across various loan segments and has been reported at 12 lakh, 16 lakh and 15 lakh for categories of consumer durable loans, personal loans and auto loans respectively during the two months period post demonetization.
11th Jan 17 Retail loan portfolio registers strong growth in Maharashtra
As reported in a RBI publication, Maharashtra has reported a strong growth in bank credit at 12.45 percent on a year on year basis in September 2016 as compared to 7.89 percent at an All India level. Personal loan has emerged as the fastest growth segment registering an annual growth of 21.25 percent in September 2016. The data also reports healthy growth in other loan segments including vehicle loans and consumer durable loans.
05th Jan 17 HDFC Bank reduces personal loan balance transfer rates to 11.29 percent
HDFC Bank has announced reduction in personal loan balance transfer rates for special corporate. The rates are now revised to 11.29 percent as compared to 11.69 and 11.99 percent earlier. The new balance transfer rates are valid for all logins till 31st January, 2017.
*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.