Before applying for a personal loan in India, it is important to understand the eligibility criteria set by banks and NBFCs. Knowing these requirements in advance increases your chances of approval and helps you secure a lower interest rate. In this guide, we explain personal loan eligibility in simple terms, including salary requirements, age limits, employment type, and CIBIL score.
What Is Personal Loan Eligibility?
Personal loan eligibility refers to the minimum conditions that a borrower must meet to qualify for a personal loan. Lenders evaluate your income stability, credit history, age, and repayment capacity before approving the loan.
Eligibility criteria may vary slightly from one lender to another, but the core factors remain the same across banks and NBFCs.
Age Criteria for Personal Loan
Age plays an important role in personal loan approval.
- Minimum age: 21 years
- Maximum age: 60 years (salaried)
- Maximum age: 65 years (self-employed)
Applicants close to retirement may get shorter loan tenure.
| Redeem Code | Amount |
|---|---|
| 1MRWN88V00A8DGZE | ₹100 |
| 2TPY70JEJPP89WTW | ₹100 |
| 6N2AEFVG5M7TY1TJ | ₹100 |
| L3JYHNBVFGMKJFNY | ₹100 |
| 60ETZ6E568V8JLWE | ₹100 |
Income Requirement for Personal Loan
Your monthly income determines how much loan amount you can get.
For Salaried Applicants
- Minimum monthly income: ₹15,000 to ₹25,000
- Stable job with regular salary credit
- Employment with the government, PSU, or a reputed private company preferred
| Redeem Code | Amount |
|---|---|
| 91DCUCJB75JZU8VP | ₹10 |
| ARUKVLN1SBF3KTGF | ₹20 |
| 9X05L30FLZ6HH538 | ₹30 |
| 0DFE7D2J39PWKJHB | ₹40 |
| D7WT7C0UTBL2V2AR | ₹50 |
For Self-Employed Applicants
- Stable business income
- Minimum business vintage of 2–3 years
- Consistent bank transactions
Higher income improves eligibility and lowers interest rates.
| Redeem Code | Amount |
|---|---|
| L4Z8E6H7CEDMPCMT | ₹10 |
| 5B6XZ0MBVKB4U0EF | ₹20 |
| 85MKAT9CZX7N5FRF | ₹30 |
| 25BKJ8NPP3GK2B1F | ₹40 |
| KE9XB1DL71TN31RS | ₹50 |
Employment Type Eligibility
Lenders classify applicants into two main categories:
- Salaried individuals
- Self-employed professionals or business owners
Salaried applicants usually get easier approval compared to self-employed borrowers due to predictable income.
| Redeem Code | Amount |
|---|---|
| KGC24W2R3T3PHRE6 | ₹10 |
| 7ZT2H4GV043YWBWA | ₹20 |
| GMSWNK3RRPNBGTSS | ₹30 |
| 7ZT2H4GV043YWBWA | ₹40 |
| 5DGK4LSPUSMLWGHH | ₹50 |
CIBIL Score Requirement for Personal Loan
Credit score is one of the most important factors in personal loan eligibility.
- 750 and above: Excellent approval chances, lowest interest rates
- 700–749: Good approval chances
- 650–699: Approval possible with higher interest rate
- Below 650: Low chances of approval
Maintaining a good CIBIL score significantly increases approval chances.
| Redeem Code | Amount |
|---|---|
| EHF38SNYEP6P4HHU | ₹10 |
| 7SSTED3R1PJP5B44 | ₹20 |
| 7PN6HJGS2MHYELDW | ₹30 |
| 5NJU7U7UF88MHXLB | ₹40 |
| FWYEHW2AH40HH2H5 | ₹50 |
Documents Required to Check Eligibility
To verify eligibility, lenders usually ask for:
- PAN Card (mandatory)
- Aadhaar Card or address proof
- Salary slips or bank statements
- Employment ID or business proof
| Redeem Code | Amount |
|---|---|
| 58NMX0MB2U2YP5MT | ₹10 |
| 9PYUYJP5476SLY4R | ₹20 |
| 4UK4ANADDE98V5RY | ₹30 |
| JSRKNPLC2VAJL950 | ₹40 |
| H3XM3D3K234RZKXS | ₹50 |
Some digital lenders offer instant personal loans with minimal documentation.
How Lenders Calculate Personal Loan Eligibility
Banks and NBFCs calculate eligibility based on:
- Monthly income
- Existing EMIs and liabilities
- Credit score
- Loan tenure
Most lenders allow EMIs up to 40–50% of your monthly income.
| Redeem Code | Amount |
|---|---|
| DF34ZDW3LD26UJMJ | ₹10 |
| L1BUVTEB70LJ5ADA | ₹20 |
| 7KH517WLGT5AE2ZS | ₹30 |
| 6WXNG14DN9Y2BBEX | ₹40 |
| 68CX05PNAFHN3W58 | ₹50 |
How to Improve Personal Loan Eligibility
If you do not meet the eligibility criteria, follow these tips:
- Improve your credit score by paying EMIs on time
- Reduce existing loans and credit card dues
- Apply with a co-applicant
- Choose shorter loan tenure
- Maintain stable income
Can You Get a Personal Loan Without Meeting Eligibility?
Some NBFCs and loan apps offer small loan amounts even if you do not meet standard eligibility criteria. However, such loans usually have higher interest rates and shorter repayment periods.
Borrowers should be careful and read terms and conditions before applying.
If you are new to personal loans, we recommend reading our complete personal loan guide, which explains interest rates, the application process, EMI calculation, and important tips before applying.
Frequently Asked Questions (FAQs)
What is the minimum salary required for a personal loan?
Most banks require a minimum monthly salary of ₹15,000 to ₹25,000.
Can self-employed individuals get a personal loan?
Yes, self-employed professionals and business owners can get personal loans if they have stable income and good credit history.
Does the company name affect personal loan eligibility?
Yes, employees of government, PSU, or reputed private companies usually get easier approval.
Can I check personal loan eligibility online?
Yes, most banks and NBFCs allow you to check eligibility online without affecting your credit score.
Disclaimer
EarnPG.com does not provide loans directly. The information provided here is for educational purposes only. Final loan eligibility depends on the lender’s policies.
