Is your personal income worthy of making you avail personal loan? You are not sure about it. But you need it badly! Of course, these loans are designed to meet your immediate cash requirements for  helping you plan your sudden purchases like consumer durable items LCD, refrigerator, laptop etc), or planning a vacation, availing finance for medical treatment, conducting a wedding in the family or for funding your child’s education. Regardless of your objective, get personal loans of your own choice which weigh lighter on your pocket.

Easy repayment of EMIs at lowest interest rates help you the easy realization of your goals. There are various banks which grant Personal loans to salaried and self-employed professionals but the availability of such loans depends on the borrower’s stipulated eligibility criteria. Does your eligibility criteria meet the bank’s criteria? If yes, congratulations! You are available for personal loan. To be much of your surprise, as soon as your application gets approved, personal loans get transferred immediately to your bank account within seconds. Now, converting your planned purchases into reality is not that difficult in today’s time.

Personal Loan Eligibility Criteria

The salaried class employees and self-employed professionals are eligible to apply for personal loans. The eligibility criteria are different from bank to bank which are as follows:

Eligibility for Salaried Individuals

  • Minimum age of the borrower: 21 years
  • Maximum age of the borrower: 58 years
  • Minimum work experience: 1 Year
  • Minimum Net Monthly Income: ₹ 20,000/-

Eligibility for Self-employed Individuals

    • Minimum age of the borrower: 24 Years
    • Maximum age of the borrower: 65 Years
    • Minimum work experience: 3 Years
    • Minimum Net Annual Income: ₹ 1 lakh

Personal Loan Eligibility Calculator

Assess your Personal loan eligibility calculator criteria while availing personal loans towards a specific bank. Just enter the basic details like your date of birth, your current city of residence, your company name/employer name, your Net salary, your combined loan EMIs and your combined outstanding on credit card. Also, you need to mention whether you have a home loan or not. Make sure to settle your previous loans in time so as to get a good score for fast approval of your personal loan.

Once you enter all the details in the calculator, further it will show you the result detailing for the amount which can avail from the bank.

Personal Loan Eligibility SBI

Following eligibility norms need to be met with SBI for availing personal loans.

  • The borrowers become eligible if he/she is a salaried employee engaged in a reputed corporate or a self-employed professional as engineer, doctor, chartered accountant or an MBA with a minimum 2 years standing.
  • The loan amount would be available subject to their income and repayment capacity. The minimum income of ₹ 24,000/- should be possessed by a borrower in metro and urban areas whereas ₹10,000/- should be possessed by a borrower coming from rural/semi-urban areas.
  • The maximum loan amount application should be based upon 12 times Net Monthly Income for salaried individuals and pensioners subject to a ceiling of  ₹ 10 lakhs in all centres.

Personal Loan Eligibility HDFC

Following eligibility norms need to be met with HDFC for availing personal loans.

  • Salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies are eligible for personal loans from HDFC Bank.
  • Individuals should fall in the age-group between 21 and 60 years of age
  • Individuals should have a work experience of atleast 2 years, with a minimum of 1 year with the present employer.
  • Individuals need to earn a minimum of ₹ 15,000 net income per month (₹ 20,000 in  Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin).

Documents Required for a Personal Loan

Salaried employees and self-employed professionals need to submit their respective documents as mentioned herewith:

For Salaried Employees

    •    Loan Application Form
    •    2 Passport size photos
    •    Salary Slips for last 3 months
    •    Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
    •    Residence Proof (Driving License/Voter ID Card/Adhaar card, etc.)
    •    Last 3 months Bank Statements
    •    Employment Proof
    • Signature Proof

For Self-employed Individuals

  • Loan Application Form
  • 2 Passport size photos
  • Identity Proof PAN Card or Driving License or Voter ID Card or Adhaar Card, etc.
  • Office Residence Proof
  • Income Proof: Audited financials for the last 2 years
  • Last 6 months Bank Statements
  • Employment Proof
  • Signature Proof
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