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Personal Loan Eligibility Calculator Oct 2017

Last Updated 17th Oct 2017

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

Rate of Interest Starting @ 10.99%
Check Best Offers
Lowest EMI per Lakh Rs. 2,174 for 5 years
Loan Amount Min Rs. 10,000 and Max Rs. 9,000,000
Age Min 21 years and Max 60 years
  • Personal Loan eligibility depends on salary. Higher the income, higher the eligibility
  • Better the company profile, lower the interest rate on your personal loan
  • Assessment of repayment capacity after paying existing fixed expenses and EMIs defines your eligibility
  • Compare and check online to get the lowest interest rate and best loan amount
  • Option of apply online and quick loans also available
Personal Loan Eligibility Calculator

Compare Personal Loan Rates and Eligibility of All Banks

Bank Interest Rates Eligible Loan Amount for Max Tenure
SBI Personal Loan 12.50% - 16.60% Rs. 1,500,000 for 48 Months
HDFC Bank Personal Loan 10.99% - 20.00% Rs. 9,000,000 for 60 Months
IndusInd Bank Personal Loan 11.99% - 23.00% Rs. 2,500,000 for 60 Months
ICICI Bank 10.99% - 22.00% Rs. 3,000,000 for 60 Months
Bajaj Finserv 11.99% - 15.50% Rs. 2,500,000 for 60 Months
Citibank 10.99% - 16.49% Rs. 3,000,000 for 60 Months
IDFC Bank 11.00% - 19.50% Rs. 2,500,000 for 60 Months
Axis Bank 11.25% - 24.00% Rs. 1,500,000 for 60 Months
Tata Capital 11.99% - 18.00% Rs. 2,000,000 for 60 Months
Fullerton India 14.00% - 34.00% Rs. 2,000,000 for 48 Months
Kotak Bank 11.50% - 24.00% Rs. 1,500,000 for 60 Months
Standard Chartered Bank 11.49% - 20.00% Rs. 3,000,000 for 60 Months
Allahabad Bank 13.10% Rs. 750,000 for 60 Months
PNB 12.25% - 15.25% Rs. 1,500,000 for 60 Months
Indian Overseas Bank 12.70% - 15.25% Rs. 1,500,000 for 60 Months
Canara Bank 13.65% Rs. 300,000 for 48 Months
Syndicate Bank 14.20% Rs. 200,000 for 60 Months
Corporation Bank 12.75% - 13.75% Rs. 250,000 for 36 Months
Karur Vysya Bank 13.90% - 16.40% Rs. 1,000,000 for 36 Months
Indian Bank 14.35% - 14.85% Rs. 500,000 for 36 Months
Bank of Baroda 11.60% - 16.60% Rs. 200,000 for 36 Months
IDBI Bank 13.20% - 13.75% Rs. 1,000,000 for 60 Months
Federal Bank 13.32% - 15.12% Rs. 1,000,000 for 48 Months
Andhra Bank 13.05% - 14.30% Rs. 500,000 for 60 Months
Vijaya Bank 12.50% - 13.50% Rs. 600,000 for 60 Months
Yes Bank 11.99% - 20.00% Rs. 2,000,000 for 60 Months
Bank of Maharashtra 15.10% Rs. 150,000 for 36 Months
RBL Bank 13.99% - 16.00% Rs. 2,000,000 for 60 Months
Union Bank of India 14.40% Rs. 500,000 for 60 Months
Dena Bank 13.00% - 14.00% Rs. 100,000 for 36 Months

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
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

For salaried individuals, timely and regular salary credit is important to get eligible for loan.

  • 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 10.99% to 34.00% per annum
  • Personal loans to self employed professionals and businessmen are classified as Business Loan
Current EMI's
  • Existing loans EMIs can reduce the eligibility of getting new loan
  • Pay your existing debts first and then apply for new loan
Minimum Work Experience
  • 3 years of total work experience. Some banks also give loans with 1 year of total 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 to Income Ratio)

Multiplier Method – Under this method, banks apply a multiplier to your net take home salary to calculate your loan amount eligibility. The multiplier applied is a function of your take home salary and company profile. Higher the salary and more reputed the company, higher is the multiplier and your loan eligibility. Generally, banks apply a multiplier of 9 to 22 and these multipliers are defined for different levels of salary and internal categorization of companies by the bank. Higher the category to which a company belongs, higher will be the loan amount eligibility and lower the personal loan rate of interest.

Illustration: Mr. A has a monthly take home salary of Rs 40,000 with no other EMIs to pay. He works with a company which is a Category A company as per the bank. In this case, the bank applies the highest multiplier of 20 to calculate his loan amount eligibility. At a multiplier of 20, the loan amount Mr. A will be eligible for is Rs 8,00,000 (Rs 40,000*20). This means Mr. A can get a maximum amount of Rs. 800,000 from the bank.

FOIR (Fixed Obligation Income Ratio) – Under this method, your loan amount eligibility is calculated on the basis of maximum EMI or monthly installments you can service with respect to net income after accounting for other fixed expenses such as rent and EMIs. Banks or NBFCs generally accept 50 – 75% of your net income as EMI, existing fixed 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.
The bank calculates your eligibility such that fixed obligations (including the EMI for the new loan) do not exceed 50% of your income. This percentage can vary from lender to lender. For high income borrowers, this can range upto 65%.

Illustration: Mr. A has a take home salary of Rs. 50,000 and he wants to take a personal loan. He has no other fixed obligations or EMIs to pay. The bank has a maximum FOIR requirement of 50% and hence, in this case will lend an amount where maximum EMI is restricted to Rs.25,000 (50% of Mr. A’s salary), which at the lowest rate of interest 10.99% and longest tenure of 5 years, translates in to a loan amount of Rs. 1,150,090.
In the same example, if Mr. A has another home loan EMI to pay of Rs. 10,000, then he will be eligible to take a personal loan of amount where his monthly EMI does not exceed Rs. 15,000. In this case, Mr. A is eligible to take a maximum loan of Rs. 460,036 at the longest tenure of 5 years and lowest rate of interest 10.99%

Banks will calculate your eligibility under multiplier and FOIR method and will approve a loan amount which is lower of the loan eligibility calculated under the two methods.

Personal Loans

There are no specified end uses of personal loans and the loans can be taken both for consumption as well as business purposes including travel, vacation, education, marriage and medical etc. However, there are some uses for which the bank will not give a personal loan which includes speculating or investing in shares, buying gold or for betting. The purpose for which money is proposed to be used has to be disclosed in the application form.

Personal loan with bad credit

A bad credit is when a borrower has low CIBIL score. The lender will avoid giving loan to such borrowers as the risk of default and delay in making the payments is high. A borrower's credit score depends on factors like amount borrowed, delay in payments, overdue accounts as well as settled accounts.

You can get loans for bad credit or no credit, by one of the following options:

  • It is difficult to get personal loan with bad credit or without credit history from most of the banks. However, there are some banks and NBFCs which offer loans to borrowers with low CIBIL score as well. Some of these NBFCs have also started loan schemes for new to credit customers who have not taken a loan in the past. These loans generally come at very high interest rates and are costly.
  • You can also take loans which do not require CIBIL checks such as gold loans or loans against FD. These loans are secured against the pledge of gold or fixed deposit and hence the bank does not conduct any CIBIL checks or asks for any documents for sanctioning these loans. Your repayment on these loans is shared with CIBIL by the bank and a positive track record can in fact improve your CIBIL score over a period of time.

Personal loan without documents

A borrower can also find it difficult to get a loan if he doesn’t have a credit history which means that he has never availed any loan or credit card in the past and hence, the bank finds it difficult to evaluate his repayment capability. In many cases, the borrower might have started working recently and does not have salary slips of six months or income tax returns of 2-3 years to submit.

However, there are still options available for such borrowers in the form of loans which do not require income proofs or CIBIL checks. Some of these loans are loans against gold or loan against fixed deposits. These loans are instant loans given on the value of underlying security of gold jewelry or fixed deposits. You can also check with the bank where you have a salary account as typically the bank might be more open to approve a personal loan for you despite unavailability of minimum income proofs.

Gold Loan - easy personal loan

For borrowers who are looking to get quick personal loans at low cost, gold loan can be an attractive option. Many large banks such as HDFC Bank and Yes Bank have been offering attractive gold loan schemes starting from interest as low as 10.50%. SBI also offers gold loans for agriculture and not agriculture purposes. Their gold loan for non agriculture purpose starts from an interest rate of 11.05%.

In addition to banks, large gold loan NBFCs like Muthoot Finance and Manappuram Finance also offer multiple gold loan schemes for various tenures, loan amount and repayment options.

Your gold is kept in safe custody of the bank and your gold loan eligibility is dependent on the weight of gold, purity of gold, gold price and LTV ratio.

Key features and benefits of taking gold loan are:
  • Instant loan with no CIBIL checks and no income proofs
  • Attractive option for bad credit borrowers, as the loan can be availed without a CIBIL score, but timely repayment of gold loan will improve the CIBIL score of the borrower in the long run
  • Turnaround time of a few hours to 2-3 days
  • Loan Amount of 1,000 to 20,000,000 available
  • LTV of up to 75%
  • Multiple Repayment Options: Bullet, EMI and Overdraft facility
  • Available to salaried, self employed and businessmen

Difference between Banks and NBFCs

Taking a decision to borrow is not just about choosing the right loan, but also choosing the right lender as factors such as time to get a loan, transparency, level of documentation required and customer service are also important. Borrowers also find it difficult to decide, if they should take a loan from a bank or from a NBFC. Some borrowers who are not getting a loan from banks due to bad credit or lack of adequate income proof or low income may get a loan from a NBFC. It is important to understand the similarities and differences between banks and NBFCs. Points to understand are:

  • Both NBFCs and Banks are regulated by Reserve Bank of India and have to follow the rules and guidelines prescribed by RBI for lending. The level of regulations are relatively higher for banks. However, overtime even NBFCS have been tightly regulated by RBI and NBFCs today, have to follow strict guidelines on customer service, transparency, interest rates and reporting to RBI etc. Hence, NBFCs are professional and well regulated entities.
  • Banks are allowed to raise money through current accounts and savings account which have low interest rates and hence, are able to offer loans at attractive rates. In contrast, NBFCs have to rely on debentures and borrowings from banks to raise funds and hence, their cost of funds is high.
  • As a result, NBFCs offer loan to borrowers which may not get loans from banks and charge higher interest rates compared to banks. Some of these borrowers can be borrowers with no CIBIL score, borrowers with bad credit, borrowers without income proofs, borrowers with income of less than Rs. 25,000 etc. NBFCs also offer quick turnaround and ask for lesser number of documents compared to banks.
Comparison of key features of Banks and NBFCs
Banks NBFCs
Regulated by RBI Regulated by RBI
Loan sanction process is rigorous with strict eligibility conditions to lend Loan sanction process quicker and easier. NBFCs eligibility conditions are relatively relaxed,
Interest rates are based on MCLR rate + Spread and can be lower than NBFCs Interest rate is charged on PLR + Spread and are comparatively higher than banks
Banks offer all products including loans, deposits and transaction services NBFCs offer only loans and fixed deposits. Operates in home loans, loans against property (LAP), unsecured personal loans, business loans etc.
Banks offer loan to customers with high credit score only NBFCs has loan offers for borrowers with relatively low credit score as well

Illustration on Personal Loan

Maximum Annual Percentage Rate (APR) 11.39% to 22.4%
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: 10.99% to 22%
  • Processing Fee payable to: Upto Rs. 2,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From Rs. 2,174 for a months Rs. 100,000 loan at 10.99% (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: 11.39% to 22.4%
  • Total cost payable over loan tenure: Rs. 14,313 for 12 months loan to Rs. 32,424 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 Calculator

What is the personal loan eligibility for salaried employees?

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 3 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.

How does my income determine my eligibility?

Your monthly income to get personal loan should be at least Rs. 25,000. However, some banks give loans to individuals with salary less than Rs. 25,000. Banks also follow different limit to calculate the ratio of your fixed obligations to your monthly income. Suppose, your income is Rs. 30,000, then bank calculates your eligibility such that fixed obligations do not exceed 50% of your income. However, if your income is more than Rs. 40,000 per month, then banks will allow a higher fixed obligations to 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, better are the chances to get high loan amount.

Does company profile affect my eligibility for personal loan?

Yes, company profile affects your loan eligibility. Good company profile and high salary increases your eligibility to get personal loan at low rate of interest. There are few banks which also offers loan 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 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 eligibility for personal loan by doing following things:

  • To increase your 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
*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.