Factors that determine Personal Loan Eligibility

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Factors that determine personal loan eligibility

• Your monthly income – higher your monthly income, higher the loan amount you may be eligible for. Some banks may limit the maximum loan amount to not more than 15 times monthly salary
• Company in which you are working – banks offer discounts on interest rate to those working in large reputed companies, MNC's and government companies
• CIBIL history – typically, banks will reject loan applications with CIBIL score less than 750 or where CIBIL report shows delays in paying past EMIs. Those with low CIBIL score may consider gold loan as an alternative to personal loans
• Repayment capacity after paying current EMIs - How much EMI can you comfortably pay every month after meeting your household expenses and existing fixed obligations like EMIs and rents

 

Eligibility conditions for personal loan applications

Depending on the borrower's profile and his/ her relationship with the bank, the eligibility criteria may varies across lenders. However general requirements and limits are written below:

Age limit:	21 Yrs. – 60 Yrs.
Loan Amount:	Up to Rs. 50 lakhs (Varies according to borrower's profile, lender)
Borrowers net Income:	Min. Rs. 4,000 - Rs. 20,000 per month (varies according to lenders, areas)
Employment Type:	Salaried/ Self-employed professionals/ Businessmen
Employment Status:	Employed or in business for min 2 yrs.
CIBIL Score:	CIBIL score 750 - 900

Documents required for applying for personal loan

• 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

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.

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