Personal Loan Eligibility Details

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

Am I Eligible for a Personal Loan?

Being unsecured advances, lenders do not wish to take on very risky clients. Eligibility depends on different factors:

• Income: Higher the income and the more stable it is the better the chances for approval
• Repayment ability: This related to the borrower’s financial profile i.e. expenses, assets, and liabilities. Too many claims on his/her disposable income reduce loan-servicing ability.
• Existing EMIs: Existing loan obligations reduce creditworthiness unless the borrower displays a strong ability to take on additional debt.
• Credit Rating: Financial history plays an important role in ascertaining a borrower’s creditworthiness

Personal Loan Eligibility of Top Indian Banks:

SBI Personal Loan Eligibility

State Bank of India offers personal loans for both salaried, self-employed individuals and pensioners. Under its personal loan segment, you can apply for three different types of personal loans, provided you fulfill SBI Personal Loan Eligibility criteria.

SBI offers – Xpress Credit Personal Loan, SBI Saral Personal Loan, and Loans to Pensioners.

Documents required

You need to furnish the following documents if you are an existing SBI customer:

• Passport size photograph
• Address proof for self-employed individuals and professionals. Self-employed individuals can submit shop and establishment certificate or Lease deed or Telephone Bill address proof.
• Recent salary slips and Form 16 for salaried individuals.
• IT returns for the last two financial years for both self-employed individuals and working professionals.

HDFC Personal Loan Eligibility

HDFC bank offers personal loans to help you accomplish various needs without experiencing financial worries. It has a speedy approval process with easy documentation. HDFC offers you competitive pricing and maintains transparency in the whole process. You can get your personal loan disbursed in 2 days. HDFC’s personal loan products are available at highly competitive interest rates. For HDFC account holders, the bank offers special benefits, interests rates and charges.

Documents Required:

Personal loan eligibility in HDFC is based mainly on your income and age. However, documentation differs from person to person. Normally, the following documents are required to be submitted:

• Identity proof (you may submit any of the following documents – passport, voter ID card or driving license).
• Address proof (you may submit any of the following documents — ration card, telephone bill, electricity bill, rental agreement or passport).
• Recent 3 months bank statement or 6 months bank passbook
• Your recent salary slips.

ICICI Personal Loan Eligibility:

ICICI bank offers personal loans for various purposes such as education, house renovation, holidays, wedding, buying gadgets etc. Under the ICICI personal loan eligibility process, you can get multi-purpose loans with flexible tenures and rates. You can pay your loans in easy installments and also repay through auto debit, ECS and PDC facilities.

Documents required:

There is a difference in the documentation for salaried and self-employed individuals to apply for personal loans at ICICI bank. Salaried employees need to furnish the following documents:

• 2 passport size photographs.
• Identity proof: It could be any of the following documents ( passport, driving license, voters ID or pan card).
• Address proof: It could be any of the following documents (lease agreement, utility bill which should not be more than 3 months old or passport).
• Bank statement of the last 3 months.
• Last 3 months’ salary slips.

A self – an employed person needs to submit the following documents:

• Address proof ( It could be any of the following documents: recent utility bills, lease agreement).
• KYC documents ( You can submit either your identity proof or DOB proof or address proof).
• Income proof of the last two years.
• Recent 6 months bank statement.
• Address proof of your office.
• Proof of office ownership.
• Proof of continuity of business.

Axis Bank Personal Loan Eligibility

Now, you can fulfill manifold dreams with Axis Bank’s personal loan offerings. Axis Bank’s personal loan products are available to salaried residents as well as NRIs. Amounts disbursed under personal loan schemes from Axis Bank start at Rs.50,000 and go up to Rs.15 lakhs.

Documents Required

Documentation requirements vary from individual to individual depending mainly on age and income of the applicant. Normally, the following documents have to be submitted:

• Proof of identity which includes any of the following – pan card/passport/ voter ID card/photo identity issued by a government, defence services, public sector undertaking/driving license/photo credit card/employees ID card, letter/ aadhaar card.
• Proof of income which includes any of the following – salary slips (latest) / form 16 / ITR (Income tax Return) of the last 2 years.
• Proof of residence which includes any of the following – bank account statement/employers letter stating current address/ passport/present registered house lease/ government Identity card with photo and address/ ration card/ property tax/water tax bill/ electricity bill/ telephone bill/ credit card bill.
• Proof of signature verification for which you can submit any one of the following: your pan card, passport, processing fee cheque and banker’s verification letter.
• Latest landline or mobile bill.
• A guarantor may be required in which case relevant documents of the guarantor will have to be furnished.