Eligibility Guide

Personal Loan Eligibility Criteria

Check if you meet requirements and increase approval chances

Basic Eligibility Requirements

Age

Minimum 21 years

Maximum age at loan end: 60-65 years (varies by bank)

Citizenship

Indian Citizen or NRI

NRI with Indian bank account and income proofs

Residence

Indian resident

Proof of residence required (Aadhar, utility bills)

Employment Status

Salaried or Self-employed

Minimum 2 years in current employment/business

Income Requirements by Employment Type

Salaried Employees

Minimum Monthly Income: ₹15,000 - ₹25,000 (varies by bank)

Loan Amount: 10-12x monthly salary (up to ₹40-50 lakhs)

Tenure: 12-60 months depending on income and job stability

Self-Employed Professionals

Minimum Monthly Income: ₹30,000 - ₹50,000 from business

Business Age: Minimum 3-5 years old (ITR requirement)

Documentation: 2 years ITR, profit & loss, balance sheet required

Business Owners (MSME)

Business Turnover: Minimum ₹50 lakhs - ₹1 crore annually

Loan Amount: Up to ₹1-5 crores based on turnover

GST & ITR: Registered GST and 2 years ITR essential

CIBIL Score & Credit Requirements

750+

Instant Approval

Lowest Interest Rate

700-750

Quick Approval

Competitive Rates

650-700

Standard Processing

Higher Interest

Below 650

Manual Review

Premium Rates/Rejection

CIBIL score between 650-900. Higher score = Better approval chances & lower interest rates

Common Rejection Reasons

Low CIBIL score (below 650)
High existing debt/loan obligations
Irregular income or unemployed status
Less than 2 years in current job/business
Multiple loan applications within 30 days
Negative credit history or defaults
Self-employed with irregular income
No bank account or transaction history

Tips to Improve Approval Chances

Improve CIBIL score by paying bills on time
Reduce existing debt before applying
Maintain consistent bank transactions
Apply with pre-approved lender
Use higher income if co-applicant available
Choose longer tenure to reduce EMI burden
Apply through employer tie-ups for better rates
Provide additional collateral for higher amounts

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