What Is Personal Loan Eligibility?

Personal loan eligibility is decided on various parameters such as net monthly Income, CIBIL score, liabilities like current EMIs, Nationality, and documents, and the types of employment. And these are

The customer must be a resident of India.
The age of customers must be 21 to 65 years old.
The Monthly income must be at least (Enter the amount)
Credit Score
The credit score must be above 750. However, in some cases where the Income is higher, a lower credit score can also be considered.
The customer applying for a personal loan must be an employee of a registered Private Limited Company. Or they should have a government job.

How to use the Personal Loan Eligibility Calculator

The personal loan eligibility calculator is customized to impart eligibility, especially for the loan amount based on your income and your liabilities i.e., the monthly expenses, CIBIL score, etc. where you need to enter the per month income, city and your monthly expenses. It will help you get the exact loan amount for which you are eligible. The steps to check eligibility criteria is as follows

1. Enter the monthly income

2. Enter your expenses

3. Enter the city

4. Get the maximum loan amount you are eligible.

Frequently Asked Questions

how to check personal loan eligibility?

You can check your personal loan eligibility as per the documents mentioned in the list. After that, you can check the maximum loan amount by entering all the details in the EMI calculator.

It will be based on your income and credit score. You can also check the loan amount by entering all the details in the Loan Eligibility Calculator.

The minimum income can vary as per the city and in many cases, the personnel staying in their own house can also be eligible for less salary due to low liabilities.

The basic eligibility criteria for a personal loan are like that you must have all the documents like PAN, Aadhar, salary slip, minimum income of at least 35k and CIBIL score above 750.

You must maintain a surplus amount after all the expenses and you can go through the borrowing with a small amount so that it can help you enhance your CIBIL score.