A personal loan is one of the easiest loans that you can apply for to buy a new gadget, furniture or for renovating your home, or even for planning a much-anticipated vacation. Moreover, a personal loan is also used to consolidate debt such as multiple credit cards, medical bills, etc.
Everyone, be it a salaried individual or a self-employed and nonprofessional, can apply for a personal loan to complete various tasks in life. If you are a salaried person, your age, monthly income, and proper documentation will fix your loan amount, like how much money you can borrow from a bank. On the contrary, for a self-employed individual, personal loan eligibility is calculated on the basis of their business stability, age, and supporting documents.
Note that the eligibility criteria for a personal loan vary across banks in India. This article highlights personal loan eligibility by top banks in India:-
SBI personal loan eligibility:
Your eligibility to get a loan from SBI is your income and repayment capacity. Any applicant who is an Indian citizen can avail a loan of up to 2.5lacs from SBI at 1% processing fee. In metropolitan cities, applicants can avail a personal loan of 5lacs. SBI also provide loans to pensioners below 75 years of age.
HDFC Personal loan eligibility:
Known for its easy approval process and minimal documentation, HDFC bank provides personal loans to people who meet the following criteria:
1. Should be between 21 to 60 years of age
2. Should have 2 years of work experience with minimum one year of tenure in the current company
3. Should earn at least 12,000/- per month and 15,000/- if he/she resides in metropolitan cities.
HDFC provides special personal loan offers for women applicants. With HDFC, you can get your personal loan disbursed in two days.
ICICI personal loan eligibility:
Both salaried and self-employed individuals are eligible to get a personal loan from ICICI, provided they fulfill the following criteria:-
1. An applicant should be aged between 23 to 58 years
2. Should earn minimum 17,000/- pm. and 25,000/- per month if an applicant resides in metro cities.
3. Should have 2 years of work experience
4. Should be staying at the present address for at least one year
5. On the contrary, a self-employed applicant should be in the current business for 5 years. For doctors its 3 years.
6. A self-employed applicant needs to be 28 to 65 years of age. For doctors, the minimum age to apply for an ICICI personal loan is 25.
7. Minimum earnings should be Rs.40lacs for non-professionals and Rs.15lacs for working professionals. Whereas for self-employed individuals, the minimum profit after tax should be 2lacs.
Axis bank personal loan eligibility:
To be eligible for a personal loan from Axis bank, an applicant should be:
1. Minimum 21 years of age and the maximum age should be 60 years at the time of loan maturity
2. Net income should be 15,000/-
Documents to get a personal loan:
The documents that an applicant need to furnish to these banks to get a personal loan are:- One Identity proof (voter ID/driving license/passport copy), one address proof ( passport/utility bill/ration card), income proof (salary slip of last 3 months/bank statement (3 to 6 months)/passbook (3 to 6 months) along with the application duly signed, photographs and processing fee amount in cheque.
The Bottom Line: Getting a personal loan is easy if you go through the fine print carefully and understand the clauses associated with it. A word of advice: personal loan have higher interest rates as compared to other loan types, therefore it is good to look beyond interest rate and contemplate on other factors too. Always choose the loan amount that you can easily pay off. And lastly, never sign up for a personal loan without comparing.
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