Personal Loan Eligibility Calculator Dec 2016

Personal loan eligibility in SBI bank, HDFC, Citibank, ICICI, Axis and others - What determines eligibility?

Last Updated 10th Dec 2016
  • Your monthly income – higher your monthly income, higher the loan amount you may be eligible for. In case of salaried persons, banks may limit the maximum loan to 10 - 22 times monthly salary.
  • Company you work for – most banks reject personal loan applications with CIBIL score less than 750 or where CIBIL report shows delays in paying past EMIs. Those with low CIBIL scoren may consider gold loan instead of a personal loans
  • Repayment capacity after paying current EMIs - How much EMI can you pay every month after meeting your household expenses and paying existing obligations like EMIs and rent

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

 Salaried   Self Employed - Professional   Self Employed - Business 
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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 20.0 lakhs From Rs. 0.5 lakhs to 20.0 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 10.0 lakhs From Rs. 0.1 lakhs to 10.0 lakhs
Standard Chartered Bank From Rs. 1.0 lakhs to 15.0 lakhs From Rs. 1.0 lakhs to 15.0 lakhs
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.

What are the main eligibility criteria for personal loans in banks?

You may be eligible for personal loan from one or more banks in India if you meet the following eligibility conditions:
Minimum and Maximum Age:
  • 21 Yrs. – 65 Yrs. However, many banks require minimum age of 23 years
Loan Amount:
  • Up to Rs. 50 lakhs. Most banks restrict maximum eligibility to Rs. 25 lakhs.
  • Some banks also restrict the maximum eligibility at 10 – 22 times net monthly income.
Net Monthly Income:
  • Min. Rs. 15,000 per month in rural and semi urban areas and Rs. 20,000/- per month in metros.
  • 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 18.0% per annum.
  • Personal loans to self employed professionals and businessmen are classified as Business Loan.
Minimum Work Experience:
  • To be eligible for personal loan, most banks require that the applicant must have at least 3 years of total work experience.
  • In addition, some banks require that the borrower must have been in current company for not less than 6 to 12 months. However, this eligibility condition is subject to waiver in some case of employees of large reputed companies or those with professional degrees.
  • In case of self employed people, to be eligible for personal loan, the business must have been in existence for at least 5 years and income tax returns must be available for at least three previous years.
CIBIL Score:
  • As personal loan is an unsecured loan, banks are cautious in lending to people with poor credit history.
  • So, a CIBIL score or 700 or more and a clean credit report are important eligibility condition in most banks.
  • In case you have a low CIBIL score, avoid applying for personal loan as this will hurt your score even further. Instead, opt for a gold loan from one of the banks. This will not only give you the cash you need but also help improve your CIBIL score over time.

Documents required for personal loans

  • Filled application form
  • Borrower’s photographs
  • Identity proof: Passport Copy/ Driving License/ Voter ID
  • Address proof: Passport Copy/ Registered Lease Agreement/ Electricity/ Water Bill/ Aadhaar Card
  • Income proof: Latest Salary Slips (3 months)/ Current Salary Certificate/ Bank Statements (3 - 6 months)/ Passbook (3 - 6 months)
  • Latest Form 16 for salaried/ Income Tax Return (ITR) for professionals and businessmen

Reasons for personal loan

  • House renovation
  • Travel and vacation
  • Marriage
  • Medical expenses
  • Education (own or for family members)
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.
MyLoanCare personal loan eligibility calculator calculates your 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 respective bank.
Personal Loan Eligibility Calculator News - Dec 2016
02nd Dec 16 Bajaj Finance to provide an attractive offer to personal loan buyers
Bajaj Finance, a lending arm of Bajaj Financial Services has announced an attractive offer to boost up the personal loan business. Under the offer, company will provide free airline vouchers of Rs. 12,000 to the customers availing personal loan. Personal loan buyers will also get an extra benefit of selecting the destination of their choice. The offer is valid from 28th November to 4th December, 2016.
23rd Nov 16 Personal loans rise to 19.3 percent on retail push by banks
The share of personal loans in total credit has increased to 19.3 percent in June, 2016 as compared to 17.9 percent in March, 2016, as per RBI. The increase is seen as a result of shift in focus by lenders towards retail segment and away from corporate segment.
09th Nov 16 Axis Bank launches Premier offer for personal loans
Axis Bank has launched a personal loan offer for the top executives of high category companies. Employees earning more than Rs.50,000 per month can avail personal loan at the rate of 13.50 percent with 1.50 percent processing fees. The offer is valid for logins from 3rd November, 2016 to 23rd December, 2016 and disbursal on or before 31st December, 2016.
18th Oct 16 Citibank gives special Diwali offers on personal loans
Citibank personal loan offers reduction in rates to 11.49 per cent for digital channels and online applications made at MyLoanCare. Bank offers 0.50 per cent discount on processing fee and an Amazon Gift Voucher of Rs. 250 for loans disbursed till 3rd November, 2016. Also, get a Flipkart Gift Voucher upto Rs. 2500 on applying through MyLoanCare.
11th Oct 16 Fullerton India gives special offers on personal loans
Fullerton India has come out with special offers on personal loan in this festive season for the people of Andhra Pradesh and Telangana. Fullerton India is offering 0.5 per cent waiver on personal loan interest rates and special gifts for high value loans. The company is also offering 50 per cent waiver on processing fees of personal loan to women applicants. The offer is valid from October 1, 2016 till Diwali.
*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.