4,80,000 people visited this section in last 30 daysApply Online

Get Cashback of Upto ₹ 1,000* on Personal Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Personal Loan Eligibility Calculator

Personal Loan Eligibility Criteria

Last Updated 17th Oct 2021

Main factors that determine your eligibility for Personal Loan are:-

ProfessionSalaried people working in government, private or MNC companies and self employed professionals like Doctors, CA, CS, Architects
Eligible Age 21 years to 60 years
Minimum Income for Loan Eligibility₹ 25,000 per month for salaried; ₹ 5 Lakh gross annual receipts for professionals
Personal Loan Eligibility Calculator

Personal Loan Eligibility for Banks in India

Download Rates
Bank Eligible Loan Amount For Max Tenure Age Of The Borrower Minimum Work Experience
SBI Personal Loan Eligibility
₹ 15 Lakh for 72 Months 21 to 58 Years 24 Months
HDFC Bank Personal Loan Eligibility
₹ 75 Lakh for 60 Months 21 to 60 Years 1 Months
ICICI Bank Personal Loan Eligibility
₹ 30 Lakh for 60 Months 23 to 58 Years 24 Months
Bajaj Finserv Personal Loan Eligibility
₹ 25 Lakh for 60 Months 25 to 58 Years 36 Months
IDFC First Bank Personal Loan Eligibility
₹ 40 Lakh for 60 Months 23 to 60 Years 12 Months
Axis Bank
₹ 25 Lakh for 60 Months 21 to 60 Years 12 Months
Tata Capital
₹ 25 Lakh for 72 Months 21 to 58 Years 24 Months
Fullerton India
₹ 25 Lakh for 48 Months 21 to 58 Years 12 Months
IndusInd Bank
₹ 25 Lakh for 60 Months 21 to 60 Years 24 Months
Kotak Bank
₹ 50 Lakh for 48 Months 22 to 55 Years 24 Months

What is a Personal Loan Eligibility Calculator?

A personal loan eligibility calculator is a tool that helps you determine whether you are applicable for a personal loan or not. Loan eligibility is calculated based upon your monthly income, current EMIs, the type of organization you are currently working for, and how many years of working experience you have. It calculates the maximum loan amount you are eligible for based on the maximum EMI you can afford. The eligibility calculator is easy to use and gives you a glimpse of offers from multiple personal loan banks you are eligible for.

Eligibility for Personal Loan

The personal loan eligibility criteria for most of the banks and NBFCs are:

  • Age: Minimum age for personal loan is 21 years to maximum of 65 years. Some banks, however, prefer lending personal loans with a minimum age of 23 years.
  • Loan Amount: Most of the lenders provide a loan for up to ₹ 75,00,000. However, few give loans for up to ₹ 25 Lakh only. In addition to that, banks limit the maximum personal loan eligibility at 10 – 27 times of net monthly income.
  • Salary: To avail of a personal loan, you should earn a minimum income of ₹ 18,000 in semi-urban and rural areas. However, if you live in a metro city, you should earn a monthly salary of ₹ 20,000.
  • Work Experience: You must have a total work experience of at least 3 years and for 6 months-12 months with the same organisation. However, some banks offer personal loans for a total experience of 1 year.
  • Credit Score: Your credit score must range above 650. Banks or NBFCs often reject the loan if the CIBIL score is not good. You can add a co-applicant to improve your chances of loan approval.
  • Current EMI’s: If you are already paying an EMI for any other loan, it might affect your eligibility. You should pay all their previous dues before applying for a new loan.

What is Personal Loan Eligibility Criteria for a Salaried Person?

Loan eligibility for salaried employees depends on factors such as:

  • Age: Minimum 18 years and maximum 65 years. The age criteria may vary from bank to bank.
  • Salary: Minimum ₹ 10,000 per month
  • Total Work Experience: Minimum 1 month
  • Credit Score: A credit score of 650 and above

What is Personal Loan Eligibility for Self Employed?

Self-employed professionals can avail personal loan if they meet the following eligibility criteria -

  • Age: A self-employed professional should be between 21 years to 65 years.
  • Gross Annual Receipt: The annual income eligibility for self employed professionals personal loan is ₹ 12,500.
  • Work Experience: You must have work experience of 12 months to be eligible for a personal loan.
  • Credit Score: A credit score of 650 and above is required to get a personal loan.

How to Check Personal Loan Eligibility?

Loan eligibility can be calculated in two ways:

Using MyLoanCare Eligibility Calculator : You can calculate your loan eligibility online at MyLoanCare using our Personal Loan Eligibility Calculator. Perform the following steps for personal loan eligibility check:-

  • Step 1: Go to the Personal loan eligibility calculator at the top of this page and fill in the required details like Name, mobile number, income etc.
  • Step 2: Click on ‘Check Eligibility’ and enter OTP (One Time Password), which you have received on the entered mobile number.
  • Step 3: After OTP verification, you have to enter additional details about your profession, the reason for taking a personal loan, and current work experience.
  • Step 4: Verify all the details and Click ‘Get Offers’.
  • Step 5: The offers of multiple banks will appear for which you are eligible based on the details filled in by you.
  • Step 6: You can choose the bank after a complete comparison or a MyLoancare advisor will contact you in a while to assist you with the process.

By Contacting the Banks/NBFCs : Another way to check your eligibility is by contacting the bank or NBFC that you wish to apply for a personal loan. However, ensure that you do not end up applying at multiple places for a loan and only check the eligibility. Various banks and NBFCs provide the option of checking Personal Loan eligibility online at their websites.

Factors that Affect Personal Loan Eligibility

These are the factors that affect your eligibility:-

  • Monthly Income: One of the important factors that affect a personal loan is your monthly income. Higher income means better chances of getting a higher loan amount and vice versa. A good monthly salary or income ensures the lender that you will pay your personal loan EMI conveniently.
  • Credit Score: Next is your credit score which determines your creditworthiness. A higher credit score means you will be able to repay the loan on time and a lower score depicts that you might default. Credit score also decides your personal loan interest rate. The higher the score, the lower the interest rate and the lower the score, the higher the interest rate.
  • Age: If you are in your late 50’s, then the tenure for which you avail personal loan will be lower. Also, ensure that you have sufficient working years left to repay the loan.
  • Work Experience: If you have more work experience, your creditworthiness increases in the lender’s eyes because you are considered financially secured.

How to Improve your Personal Loan Eligibility?

When you need money in an emergency and are not eligible for a personal loan, you might be in trouble. You will have to wait for some time and work on improving your chances to get a loan. These are a few tips that will help you improve eligibility:-

  • Reduce your Debt-to-income Ratio: You must ensure that you pay off all the existing debts before applying for a personal loan. Also, pay your credit card bills on time. Otherwise, banks might consider you credit hungry. Your total credit should not be more than 30-40% of your monthly income and keep a check on the debt-to-income ratio.
  • Improve your Credit Score: Credit score is one of the important factors considered in a personal loan. It will help if you have a credit score above 750 as it shows your creditworthiness. You must always pay your EMIs and credit card bills on time to have a good credit score.
  • Include All your Income Sources: Income is considered while checking your loan eligibility. If, by any chance, your income is less than the lender's requirement, then you should include other sources of income like rental income, freelance income etc.
  • Do Not Apply with Too Many Lenders: If you want to apply for a personal loan, do not apply with too many banks because each query made with each lender is counted as a hard inquiry. Too many hard inquiries hit your credit score negatively. This may lead to loan rejection. However, if you apply with MyLoanCare, your inquiry will not be considered as a hard inquiry.


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

The minimum age limit to apply for a loan is 21 years. Maximum age can go up to 60 years (salaried employees) and 65 years (self employed professionals) at the time of loan maturity. However, age varies from bank to bank. Some Banks prefer lending at the minimum age criteria of 23 years.

What is the minimum salary for a Personal Loan?

The minimum salary required to avail a personal loan for people living in semi-urban or rural areas is ₹ 15,000 and in urban areas, you must be earning at least ₹ 25,000.

Can I get a personal loan without a salary slip?

There are few lenders which might provide personal loans without a salary slip, however you need to provide other income proofs like ITR documents for the last 2 years and bank statements.

How to check if you are eligible for a personal loan or not?

To check your loan eligibility visit an online marketplace like MyLoanCare, go to personal loan eligibility calculator, fill in the required details and you will get the offers as per your eligibility.

How does my income determine my eligibility?

Your monthly income to get a personal loan should be at least ₹ 25,000. However, some banks give loans to individuals with salaries less than ₹ 25,000. Banks also follow a different limit to calculate the ratio of your fixed obligations to your monthly income. Suppose, your income is ₹ 30,000, then the bank calculates your eligibility such that fixed obligations do not exceed 50% of your income. However, suppose your income is more than ₹ 40,000 per month. In that case, banks will allow higher fixed obligations to an income ratio of 65%, which means that your fixed expenses (including rent and other EMIs) can be up to 65% of your income to be eligible for a loan from a bank. Higher the income, the better are the chances to get a high loan amount. You can use the eligibility calculator to check your current eligibility for home loan offers from various banks and NBFCs. A good income indicates that you can pay your personal loan EMI, with fewer chances of default.

How to be eligible for a Personal Loan?

To qualify for a personal loan you should be between 21 years- 60 years of age, resident of India, earning a monthly salary up to ₹ 20,000, working with a reputed organisation and having a credit score above 650.

Does my company profile affect my eligibility for a personal loan?

Yes, the company profile affects your loan eligibility. A good company profile and high salary increase your eligibility to get a personal loan at a low interest rate. However, few banks also offer loans to non-categorized companies employees but at high interest rates.

Do my existing loan obligations affect loan eligibility?

If you are already paying an EMI for any existing loan, your eligibility for the new loan applied will be comparatively low. So, before applying for a new personal loan, you should clear all your past dues.

How much personal loan can I get on my salary?

Banks ask for a minimum income of ₹ 25,000 for a personal loan. However, some banks give loans for a salary less than ₹ 25,000. Your loan eligibility is calculated based on the ratio of your fixed obligations to your monthly income. If your income is less than ₹ 30,000, the maximum obligations cannot exceed 50% of your monthly income. However, for a higher income, the obligations to income ratio can go upto 65%. If you have a higher income, then there are better chances to get a higher loan amount.

How much loan can I get if my salary is 40000?

The personal loan amount depends on FOIR and multiplier. The lower of these two factors are considered as the eligible loan amount. For example, suppose the bank gives a loan at a FOIR of 50%, and the maximum multiplier is 20, and you do not have any EMI going on. Then, the maximum amount you can pay as EMI for personal loan is ₹ 40,000*50% = ₹ 20,000. If you take a personal loan for a maximum of 5 years, then your loan amount will be ₹ 20,000*12*5 = ₹ 12,00,000. However, the multiplier is 20, then the loan amount will be ₹ 40,000*20 = ₹ 8,00,000. Therefore, the amount you will get on a ₹ 40,000 salary is ₹ 8,00,000.

How much loan can I get if my salary is 60000?

As mentioned above, the personal loan amount eligibility depends on FOIR and multiplier. The lower amongst these two factors is considered as the eligible loan amount. Suppose if your FOIR is 60% and the multiplier is 20, and you do not have any EMI going on. Then, the maximum amount you can pay as EMI is ₹ 60,000*60% = ₹ 36,000. If you take a personal loan for a maximum of 5 years, then your loan amount will be ₹ 36,000*12*5 = ₹ 21,60,000. However, the multiplier is 20; then the loan amount will be ₹ 60,000*20 = ₹ 12,00,000. Therefore, the amount you will get on a ₹ 60,000 salary is ₹ 12,00,000. Apart from income, eligibility depends on various other factors. Thus, it is suggested to use the personal loan eligibility calculator for better assessment.

What is Joint Personal Loan Eligibility?

Joint personal loan eligibility may vary from lender to lender. The common eligibility criteria is that a co-applicant should be a family member. Both applicants must be between 18 years to 65 years and have relevant work experience.

What is the minimum CIBIL Score to get a personal loan?

The minimum CIBIL score requirement to avail personal loan from any lender is 650. Therefore, if you have a low credit score, then your loan application might get rejected.

Will I have to pay a fee to check my loan eligibility?

No, you do not have to pay any fee to check loan eligibility. You can use the MyLoanCare personal loan eligibility calculator to check as many times as you want.

Why is determining my eligibility so important while applying for a personal loan?

Checking eligibility is one of the first thing which a lender does if you go to apply for a loan. It shows if you will be able to repay the loan amount on time or not.

How can I use a personal loan amount eligibility calculator?

Using a personal loan amount eligibility calculator is very easy. All you need to do is enter inputs like age, income, work experience, employment type and offers as per your eligibility will be displayed.

MyLoanCare Assurance

Bank Neutral Advice
No Unsolicited Call
Free Service and
Quality Response
Digital Doorstep Services
Delivery in 1100+ Cities
Attractive Cashback

Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 6.95%.

    Invest Now
Personal Loan News - Oct 2021
  • 2021-10-14 : Zavron Finserv Launches Instant Personal Loan Application
    Zavron Finserv- a non-banking financial institution- has introduced an instant personal loan application. This App will help customers to take loans instantly within few minutes that too from their mobile phone. A loan for a minimum of Rs 10,000 and a maximum of Rs 2 lakh is available.
  • 2021-10-13 : Early Salary Introduces Dussehra Offers
    Early Salary has announced the Dussehra offer on personal loans by 50% off on processing fees. The interest rate charged by the instant mobile application is Rs. 9 per day.
  • 2021-10-12 : Axis Bank Has Launched Open API For Customers
    Axis Bank unveils open APIs (Application Programming Interface), these APIs will help retail and corporate customers/ partners to use banking services integrated across partner platforms. This banking portal has retail as well as corporate products like loans, accounts, deposits, payments, trade, collections and bills.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-07 : Bank of Baroda Decreases Personal Loan Rates
    Bank of Baroda has decreased personal loan rates by 25 points to 9.75%. Earlier the personal loan started at 10.00%.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Please wait while your information is being processed...