Personal Loan Eligibility Criteria of Different Banks in India
| Provider | Maximum Loan Amount & Tenure | Minimum Work Experience |
| HDFC Bank | 40 Lakhs for 60 Months | 2 years |
| SBI | 20 Lakhs for 60 Months | 1 year |
| ICICI Bank | 25 Lakhs for 72 Months | 2 years |
| Citibank | 30 Lakhs for 60 Months | 1 year |
| Axis Bank | 15 Lakhs for 60 Months | 1 year |
| Bajaj Finserv | 25 Lakhs for 60 Months | 1 year |
| IndusInd Bank | 15 Lakhs for 60 Months | 2 years |
| Bank of Baroda | 10 Lakhs for 60 Months | 1 year |
| Yes Bank | 40 Lakhs for 60 Months | 2 years |
| PNB | 15 Lakhs for 84 Months | 2 years |
| IDFC FIRST Bank | 25 Lakhs for 60 Months | 2 years |
| Navi | 20 Lakhs for 60 Months | 1 year |
| Tata Capital | 25 Lakhs for 72 Months | 1 year |
| Indian Overseas Bank | 5 Lakhs for 60 Months | 1 year |
| Federal Bank | 25 Lakhs for 48 Months | 3 years |
| Fullerton India | 25 Lakhs for 60 Months | 1 year |
| Kotak Mahindra Bank | 20 Lakhs for 60 Months | 1 year |
| RBL Bank | 20 Lakhs for 60 Months | 3 years |
| IIFL Finance | 25 Lakhs for 36 Months | 2 years |
| IDBI Bank | 5 Lakhs for 60 Months | 1 year |
| Canara Bank | 3 Lakhs for 60 Months | 3 years |
| HDB Financial | 20 Lakhs for 60 Months | 1 year |
Personal Loan Eligibility
You may be eligible for Personal Loan from one or more banks in India if you meet the following eligibility conditions:
- Age: Minimum 21 years and maximum 65 years.
- Loan Amount: Minimum 1 Lakh and maximum up to 50 Lakhs. However, for most banks 25 Lakhs is the upper limit on a Personal Loan. You may also come across banks that only offer a maximum Personal Loan amount that is 10-22 times that of your net monthly income.
- CIBIL Score: For most banks a high CIBIL Score is a must for lending a Personal Loan; usually, the ideal being a score of 700 or more.
- Net Monthly Income: A regular salary and flow of income is a must to get a Personal Loan easily. Most banks prefer at least 25,000 net monthly income of borrowers.
- Work Experience: Banks usually prefer a work experience with the current employer to be at least 1-3 years.
- Ongoing EMIs: Any ongoing equated monthly instalment (EMI) is a liability and a negative impact on your Personal Loan eligibility. It is always better to clear off existing loans before applying for another one.
Personal Loan Eligibility for Salaried
- Minimum age - 21 years at loan application
- Maximum age - 60 years at loan maturity
- Minimum Monthly income - 20,000
- Minimum work experience - 2 years continuous job
- ITR - Last 2 years ITR
- Credit score - 700 & above
Personal Loan Eligibility for Self-employed
- Minimum age - 25 years at loan application
- Maximum age - 65 years at loan maturity
- Minimum profit after tax - 2 Lakhs as per audited financials
- Minimum turnover - 40 Lakhs for non-professionals and 15 Lakhs for professionals, as per audited financials
- Minimum business stability experience - 3 years (in a profitable condition)
- ITR - Last 2 years ITR
- Credit score - 700 & above
Methods of Calculating Personal Loan Eligibility
There are two ways of calculating the Personal Loan eligibility:
- Multiplier Method: Under this method, the banks apply a multiplier to your net take home salary in order to calculate your Personal Loan amount eligibility. Higher the salary and reputed the company, higher is the multiplier and the loan eligibility.
- FOIR (Fixed Obligations to Income Ratio): Under this process, the Personal Loan amount eligibility is computed on the basis of maximum EMIs or monthly instalments you can pay with regard to the net income after accounting for all other fixed expenses like rent and EMIs. The FOIR percentage can vary from lender to lender and for high-income borrowers, this can be upto 65%.
