Personal Loan Eligibility Details

Personal Loan Eligibility

loan-pages_eligibility

Eligibility criteria varies across lenders depending on the borrower’s profile and relationship with the bank. General requirements and limits are outlined below:

Minimum age limit 21 yrs.
Maximum age limit 60 yrs.
Employment Type Salaried/Self-employed professionals/non-professionals
Employment Status Employed/In-business for at least 2 yrs., at least 1 yr. with current employer/business
Minimum Income Rs.4,000 – Rs.20,000 net income p.m. (varies according to area – usually higher in cities)
Maximum Loan Amount Up to Rs.50 lakhs (Based on income, repayment capacity and existing EMIs)
Credit Score CIBIL score 350 – 900

Documentation required:

Application duly signed

Photographs

Cheque – Processing fee

Proof of:

  • Identity – Voter ID/ Passport Copy/ Driving License
  • Address – Passport Copy/ Utility Bill (Electricity, Water)/ Rental Agreement/ Ration Card
  • Income (depending on type of employment) – Latest Salary Slips (3 months) / Bank Statements (3 – 6 months) / Passbook (3 – 6 months)/ Current Salary Certificate
  • Tax paid – Latest Form 16/ Income Tax Return
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