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Personal Loan Eligibility Calculator Jun 2017

Last Updated 29th Jun 2017

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

  • 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
Personal Loan Eligibility Calculator
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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 Explore More Apply Now
Andhra Bank From Rs. 0.5 lakhs to 5.0 lakhs From Rs. 0.5 lakhs to 5.0 lakhs Explore More Apply Now
Axis Bank From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs Explore More Apply Now
Bajaj Finserv From Rs. 1.0 lakhs to 25.0 lakhs From Rs. 1.0 lakhs to 25.0 lakhs Explore More Apply Now
Bank of Baroda From Rs. 0.2 lakhs to 2.0 lakhs From Rs. 0.2 lakhs to 2.0 lakhs Explore More Apply Now
Bank of Maharashtra From Rs. 0.5 lakhs to 1.5 lakhs From Rs. 0.5 lakhs to 1.5 lakhs Explore More Apply Now
Canara Bank From Rs. 1.0 lakhs to 3.0 lakhs From Rs. 1.0 lakhs to 3.0 lakhs Explore More Apply Now
Citibank From Rs. 1.0 lakhs to 30.0 lakhs From Rs. 1.0 lakhs to 30.0 lakhs Explore More Apply Now
Corporation Bank From Rs. 0.1 lakhs to 2.5 lakhs From Rs. 0.1 lakhs to 2.5 lakhs Explore More Apply Now
Dena Bank From Rs. 0.2 lakhs to 1.0 lakhs From Rs. 0.2 lakhs to 1.0 lakhs Explore More Apply Now
Federal Bank From Rs. 0.5 lakhs to 10.0 lakhs From Rs. 0.5 lakhs to 10.0 lakhs Explore More Apply Now
Fullerton India From Rs. 1.0 lakhs to 20.0 lakhs From Rs. 1.0 lakhs to 20.0 lakhs Explore More Apply Now
HDFC Bank From Rs. 0.5 lakhs to 25.0 lakhs From Rs. 0.5 lakhs to 25.0 lakhs Explore More Apply Now
ICICI Bank From Rs. 1.0 lakhs to 25.0 lakhs From Rs. 1.0 lakhs to 25.0 lakhs Explore More Apply Now
IDBI Bank From Rs. 0.5 lakhs to 10.0 lakhs From Rs. 0.5 lakhs to 10.0 lakhs Explore More Apply Now
IDFC Bank From Rs. 1.0 lakhs to 20.0 lakhs From Rs. 1.0 lakhs to 20.0 lakhs Explore More Apply Now
Indian Bank From Rs. 0.5 lakhs to 5.0 lakhs From Rs. 0.5 lakhs to 5.0 lakhs Explore More Apply Now
Indian Overseas Bank From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs Explore More Apply Now
IndusInd Bank From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs Explore More Apply Now
Karur Vysya Bank From Rs. 0.5 lakhs to 10.0 lakhs From Rs. 0.5 lakhs to 10.0 lakhs Explore More Apply Now
Kotak Bank From Rs. 1.0 lakhs to 15.0 lakhs From Rs. 1.0 lakhs to 15.0 lakhs Explore More Apply Now
PNB From Rs. 0.5 lakhs to 15.0 lakhs From Rs. 0.5 lakhs to 15.0 lakhs Explore More Apply Now
RBL Bank From Rs. 1.0 lakhs to 20.0 lakhs From Rs. 1.0 lakhs to 20.0 lakhs Explore More Apply Now
SBI From Rs. 0.1 lakhs to 15.0 lakhs From Rs. 0.1 lakhs to 15.0 lakhs Explore More Apply Now
Standard Chartered Bank From Rs. 1.0 lakhs to 30.0 lakhs From Rs. 1.0 lakhs to 30.0 lakhs Explore More Apply Now
Syndicate Bank From Rs. 0.5 lakhs to 2.0 lakhs From Rs. 0.5 lakhs to 2.0 lakhs Explore More Apply Now
Tata Capital From Rs. 0.8 lakhs to 20.0 lakhs From Rs. 0.8 lakhs to 20.0 lakhs Explore More Apply Now
Union Bank of India From Rs. 0.5 lakhs to 5.0 lakhs From Rs. 0.5 lakhs to 5.0 lakhs Explore More Apply Now
Vijaya Bank From Rs. 0.5 lakhs to 6.0 lakhs From Rs. 0.5 lakhs to 6.0 lakhs Explore More Apply Now
Yes Bank From Rs. 2.0 lakhs to 20.0 lakhs From Rs. 2.0 lakhs to 20.0 lakhs Explore More Apply Now

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 Personal Loan
Minimum Work Experience
  • 3 years of total work experience
  • Tenure from the current company should not be less than 6 – 12 months
CIBIL Score for Personal Loan
  • 700 & more credit history
Note: Most banks avoid giving loans if you have low credit score

Methods of calculating 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

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 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
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Personal Loan Eligibility
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.