Personal Loan Eligibility Calculator Apr 2017

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

Last Updated 25th Apr 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 20.0 lakhs From Rs. 1.0 lakhs to 20.0 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 20.0 lakhs From Rs. 1.0 lakhs to 20.0 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. 1.0 lakhs to 20.0 lakhs From Rs. 1.0 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 30.0 lakhs From Rs. 1.0 lakhs to 30.0 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 - Apr 2017
14th Apr 17 Bajaj Finance offers gift voucher of Rs. 10,000 on personal loan
Bajaj Finance has announced a flash sale on personal loans. On loan amount of Rs. five lakh and above, the applicants will get an assured Tanishq gift voucher worth Rs. 10,000.
11th Apr 17 Axis Bank cuts base rate by 10 bps
One of the private sector lenders, Axis Bank had trimmed its base rate by 10 basis points (bps) to 9.15%. The rate cut follows the recent rate cuts announced by State Bank of India and HDFC Bank which cut their base ruts by 15 bps and 25 bps to 9.1 per cent and 9 per cent respectively. However, there remains a discrepancy in the frequency and quantum of cuts in base rate and MCLR .Lowest base rate of 9 per cent of HDFC Bank remains higher than the one year MCLR rate of all banks.
11th Apr 17 HDFC Bank to raise Rs. 50,000 crore within 12 months
Private sector lender HDFC Bank has said that it will raise Rs. 50,000 crore within a year by issuing debt instruments. The bank, in its regulatory filing proposes to raise funds by issuing perpetual debt instruments up to a total amount of Rs. 50,000 crore. The bank did not mention the purpose of raising the funds.
09th Apr 17 Loan and card payments over Rs. 2 lakh made in cash are to be disclosed in IT returns
All cash payments of over Rs. 2 lakh for settling all loans and credit card bills paid during the 50-day period post demonetisation are to be disclosed in the new Income Tax return form. The government will match these payments with the annual income of the customers to ensure that unaccounted cash has not been used to repay loans and credit card bills.
09th Apr 17 Banks given time till June 30 to obtain PAN from account holders
The Income Tax Department has given additional time to banks to obtain Permanent Account Number (PAN) or Form60 from all the account holders. The new deadline for compliance is now June 30th, extended from the previous deadline of February 28. IT department has also notified that all tax payers who have not quoted PAN, or furnished Form 60 at the time of opening account, will have to do the same before June 30th 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.