Personal Loan Eligibility Calculator 

Personal Loan Eligibility Criteria 

Criteria Salaried Self-Employed 
Age (in years) 21 to 60 25 to 65 
Min. Net Income Rs.15,000 per month Rs.5 lakhs per year 
Preferred Credit Score 750 & Above 750 & Above 
Minimum and Maximum Age 21 Yrs. – 65 Yrs. Note: However, many banks require a minimum age of 23 years 
Loan Amount Up to ₹ 75 Lakh. Most banks restrict maximum eligibility to ₹ 25 Lakh Note: Some banks also limit the maximum eligibility at 10 – 27 times of net monthly income 
Net Monthly Income For salaried individuals, timely and regular salary credit is important to get eligible for a loan. Min. ₹ 15,000 (For Semi-Urban & Rural) and ₹ 20,000 (For Metro) Note: Some banks specify a higher minimum income requirement for people staying on rent 
Employment Type Salaried customers have more choices for personal loan banks Interest rates are typically in the range of 8.95% to 36.00% per annum Personal loans to self-employed professionals and businessmen are classified as Business Loan  
Current EMI’s Existing loans EMIs can reduce the eligibility of getting a new loan Pay your existing debts first and then apply for a new loan 
Minimum Work Experience 3 years of total work experience. Some banks also give loans with 1 year of total experience Tenure from the current company should not be less than 6 – 12 months 
CIBIL Score for Personal Loan 650 & more credit history Note: Most banks avoid giving loans if you have a low credit score 

Note: Lenders may have specific requirements in terms of eligibility. 

Top Banks and NBFCs and their Personal Loan Eligibility Criteria 

LendersEligible Loan AmountMinimum Eligible IncomeEligible Age
Axis Bank Rs. 50,000 to Rs. 15 Lakh Rs. 15,000 per month 21 to 60 Years 
Bajaj Finserv Up to Rs. 25 Lakh Rs. 25,000 per months 23 to 55 Years 
Fullerton India Up to Rs. 40 Lakh Rs. 20,000 per month 21 – 60 Years 
HDFC Bank Up to Rs. 40 Lakh Rs. 25,000 per month 21 to 60 Years 
ICICI Bank Up to Rs. 20 Lakhs Rs. 30,000 per month 23 to 58 Years 
IDFC First Bank Rs 1 Lakh to Rs 25 Lakh Rs. 20,000 per month (net) 23 to 58 Years 
Indiabulls Rs. 1,000 to Rs. 15 Lakh Rs. 25,000 per month Above 18 Years 
Kotak Mahindra Bank Rs. 50,000 to Rs. 15 Lakh Rs. 20,000 per month (net) 21 to 58 Years 
Punjab National Bank Rs. 50,000 to Rs. 10 Lakh Rs. 10,000 per month Above 18 Years 
Standard Chartered Bank Rs.1 Lakh to Rs. 30 Lakh Over Rs. 22,000 per month 21 to 60 Years 
Tata Capital Rs. 75,000 to Rs. 25 Lakh Rs. 15,000 per month 22 to 58 Years 
YES Bank Rs 1 Lakh to Rs 40 Lakh On a case-by-case basis 22 to 58 Years 

Note: The figures mentioned in the table above are subject to change at the bank’s/NBFC’s discretion. 

Factors that Impact Your Personal Loan Eligibility 

Credit Score: This is a 3-digit number ranging between 300 and 900 that reflects how well you’ve managed your dues and payments in the past. A score above 700 is considered a good score and increases your chances of getting a loan approved.

Age: Most banks offer personal loan to individuals between the ages of 21 and 60. Since a younger applicant has more earning/employment years left, they are considered to be more eligible for a longer tenure personal loan compare to someone who is nearer to retirement.  

Income: Although the minimum net monthly income set by lenders is Rs.15,000, they often prefer applicants with a monthly net income of Rs.25,000 and above. For self-employed individuals, the minimum gross annual income required is Rs.5 lakhs. 

Employment Type: Lenders prefer applicants employed with a reputed organization because of the job stability it provides. 

Years of Experience: Certain lenders need a salaried applicant to have a minimum of 2 years of work experience with 6 months at least in the current organization. Self-employed individuals generally need to have been in the current business for a minimum of 2 years.  

How is your Home Loan Eligibility Calculated? 

Personal Loan eligibility is calculated by two methods: 

i) Multiplier Method: By this method, the lender applies a multiplier (between 9 and 27) to your take-home salary. Higher the salary or more reputed the company, higher the multiplier. If Ravi takes home a salary of Rs.50,000 and has no EMIs to pay. He is employed with a Category A company (as defined by the lender) and is eligible for a higher multiplier of let’s say 20. He will therefore be eligible for a personal loan of maximum Rs.10,00,000.  

ii) FOIR (Fixed Obligation to Income Ratio) Method: Lenders usually calculate an applicant’s eligibility such that their fixed obligations such as rent, EMI payments and credit card payments (including the EMI of the new loan) don’t exceed 50% of their net income. Let’s say Ravi earns a take home of Rs.40,000; he has no EMIs or fixed obligations and the lender has a maximum FOIR cap of 50%. This means Ravi is eligible for an amount which is at the lowest interest (10.49%) and the longest tenure (5 years) where the maximum EMI is restricted to Rs.20,000 (50% of his monthly take home). His maximum loan eligibility is Rs.9,30,750.  

What is Personal Loan Eligibility Calculator? 

A personal loan eligibility calculator is a free online tool that gives you an idea of the loan amount you are most likely to be eligible for based on the loan tenure and interest rate you choose. It also gives you a picture of your tentative repayment schedule so you can start planning your monthly expenses right away. The first thing to do when you decide to get a personal loan is to check your loan eligibility. At times, borrowers may wish to access a high personal loan amount but their credit history may not be strong enough to enable that. Your personal loan eligibility is calculated by the lender based on factors such as your current EMIs, years of work experience, type of organization, your monthly income. All of these factors and more are taken into account before the lender deems you eligible for the applied loan amount. The bank or NBFC makes sure to calculate your eligibility such that you can easily tackle the EMI for the loan every month.

Many banks, NBFCs and online loan marketplaces like Fincity offer you access to an online loan eligibility calculator to help you clearly understand your eligibility for a personal loan. You need to enter basic information such as your loan amount, occupation, monthly income and the preferred loan tenure. However, do note that the eligibility calculator gives you an approximate idea; the concerned lender may require you to fulfil other additional criteria to be eligible for a certain loan amount.

Personal Loan Eligibility Criteria for Salaried Individuals 

Salaried individuals including salaried professionals such as lawyers, chartered accountants, doctors are eligible to apply for a personal loan. The eligibility criteria may differ depending on the lender you apply with. Below are some general criteria applicable to salaried professionals for personal loans with most banks.   

Eligible Age Group 21 years to 60 years 
Minimum Net Monthly Income Rs.15,000 
Minimum Total Work Experience 1 year 
Minimum Work Exp. with current organization 6 months 
Minimum Prior Relationship with lender 6 months 

Note: The figures mentioned in the table above are subject to change at the concerned bank’s/NBFC’s discretion 

Personal Loan Eligibility Criteria for Self-Employed Individuals 

Self-employed professionals such as doctors and architects, and business owners can also avail of a personal loan with most banks and NBFCs given that they meet the eligibility criteria set by the concerned lender. Below is a general list of criteria applicable to self-employed individuals for personal loans. 

Eligible Age Group 25 years to 65 years 
Minimum Annual Turnover Rs.15 lakhs 
Minimum Profit After Tax (Previous FY) Rs.2 lakhs 
Minimum Business Experience 3 years in current business 
Minimum Prior Relationship with lender 1 year 

Note: The figures mentioned in the table above are subject to change at the concerned bank’s/NBFC’s discretion 

Documents Required by Lenders to Check Eligibility for Personal Loan 

Documents required for a personal loan may differ based on the lender you opt for. Below is a list of general documents a bank or NBFC requires you to submit along with your personal loan application.  

For salaried applicants: 

  • Proof of Residence: Rent Agreement / Utility Bill (not more than 3 months old) / Passport (any one)
  • Proof of Identity: Passport / Driving License / Voters ID (any one)
  • PAN Card
  • Latest 3 months Bank Statement
  • Salary slips for last 3 months
  • 2 passport size photographs

For self-employed applicants: 

  • PAN Card
  • KYC Documents: Proof of Identity, Address, and Date of Birth such as Aadhaar Card
  • Proof of Residence: Leave and License Agreement / Utility Bill (not more than 3 months old)/Passport (any one).
  • Income proof (audited financials for the last two years)
  • Latest 6 Months Bank statement
  • Office address proof
  • Proof of residence or office ownership
  • Proof of continuity of business

How can you check personal loan eligibility? 

Before you apply for a personal loan, it is important to determine the amount you will likely be eligible for. You can do that by using the Fincity eligibility calculator. Here are the steps you need to follow. 

  • Open the personal loan eligibility calculator.
  • Enter details required such as your city of residence, date of birth, monthly income, loan tenure rate of interest and current EMIs, and other financial obligations.
  • Click Check Eligibility and the tool will display the loan amount you will be eligible for.
  • You can go ahead and apply for the displayed amount for quick loan approval.

Ways to Increase your Personal Loan Eligibility 

Your personal loan eligibility depends on a number of factors. Here are some ways that can improve your chances of personal loan approval. 

  • Pay credit card dues and EMIs on time: Regular payment of EMIs and dues on schedule helps improve your credit score, increasing your chances of loan approval. 
  • Limit credit utilization: Limiting your credit utilization to below 30% will improve your credit score, indicating a responsible credit behaviors to lenders. 
  • Minimize debts: Paying off and reducing debts can help open up a considerable portion of your income for servicing the new loan. This encourages the lender to sanction your loan request. 
  • Opt for a co-borrower: Applying for a personal loan with a co-borrower such as a spouse or other immediate family members can better your chance of getting a loan.  

How does your income determine your eligibility? 

To be eligible for a personal loan, your net monthly income must be at least Rs.20,000. The bank or NBFC also calculates the ratio of your fixed obligations to your income per month. They additionally look into other aspects like your credit history and credit score. Let’s say you your income is Rs.35,000. The lender calculates your eligibility keeping in mind that your fixed obligations including the EMI for your new personal loan does not exceed 50% of your monthly income. However, if your income is above Rs.40,000, you are allowed a fixed obligation to income ratio of 65%. This means that the sum of all your fixed expenses such as rent, credit card and loan EMIs, etc., can be up to 65% of your total monthly income. Keep in mind that a higher income allows you to get a higher loan amount and enjoy a lower interest rate. If you wish to calculate your personal loan eligibility, you can do so using the Fincity Eligibility Calculator in a few taps.  

How to Improve Your Credit Score for Personal Loan Eligibility? 

Credit score is essentially a three-digit number assigned by credit bureaus based on your credit behaviour and creditworthiness. Th e score ranges anywhere between 300 and 700; 700 and above is generally considered a good score and helps you easily avail credit by means of a loan or credit card. A score between 300 and 549 is considered poor while one between 550 and 700 is considered fair. 

It is key to understand the factors that influence your score since credit score is important in determining your personal loan eligibility. If your score is poor, you can take easy measures to improve it over time. Let’s take a look at a few ways to improve your credit score. 

  • Be Disciplined with Your Finances 

Paying your dues in a timely fashion is essential to raise your credit score and to do away with the burden of paying penalty. If you pay off your outstanding debts, your score sees a major improvement. So, in case you tend to forget repayment dates for credit card bills or loan EMIs, make it a point to set up reminders. This way you can tackle the problem and work towards lifting your score. Remember, a good credit score will give you access to more credit when you need it. 

  • Maintain Old Credit Cards to Lengthen Your Credit History 

If you already have a number of credit cards, you may want to get rid of the old ones. However, we advise you against it; holding on to a credit card you have used for a long time translates to a long credit history. And if you have been careful to make regular payments on time, your credit history will be strong. This definitely increases your creditworthiness and credit score. 

  • Limit Your Credit Utilization 

Your credit utilization influences your credit score. It is recommended that you use a maximum of 30% of the total credit available to you. You can set a customized monthly credit limit depending on the amount of credit you generally require in a month. Note that overutilization of credit also implies that you are credit hungry and are not good at managing your finances. In such a scenario, a lender will be hesitant in giving you the credit you applied for. 

  • Choose a Long Loan Tenure 

Opting for a shorter loan tenure surely reduces your interest payout over the tenure and saves you on overall loan cost. However, missing or delaying payments due to high EMI will have a bad impact on your credit score. Therefore, be careful to choose a tenure that allows you to tackle your EMIs easily. But if you want to reduce your EMI pressure, you can choose to go for a tenure that is longer. This will also allow you to make other investments. 

  • Maintain a Healthy Mix of Credit Types 

Make sure to maintain a good balance of secured and unsecured credit borrowed over both short and long tenures. This helps build your credit score. If you have not ever borrowed credit, you will not have a credit history and your credit score will be low. So, make sure to build a healthy mix of credit so you have a credit score that lends you access to a high loan amount at a low interest when you require it. 


I hereby declare that I have read the consent. and I appoint and allow FINCITY to access my credit information from Credit Information Companies in order to understand my creditworthiness and thereinafter provide personalized values that would help them generate the Credit Information Report, Credit Score, and Credit Analysis. I/We hereby authorize FINCITY & its affiliates including banking partners to call or SMS and/or WhatsApp with reference to my application or in relation to any of FINCITY products, notwithstanding anything to the contrary that may be contained anywhere, including any registration for DNC/ NDNC.


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