Checking of personal loans eligibility is one of the most important factors for availing a personal loan. Apart from the eligibility, various factors are also taken into consideration. In India, any individual who is an Indian citizen or national and has income qualifies for the personal loan.
Below mentioned is the eligibility criteria for few banks.
| Minimum Age limit | 21 years |
| Maximum Age limit | 58 – 68 years (Age also varies from bank to bank) |
| Employment Status | Employed/In-business for at least 2 – 5 years |
| Minimum Income | Rs.5,000 and above (Income also varies from bank to bank) |
| Work Experience | 1 to 3 years |
| Maximum Loan Amount | Up to Rs.30 lakhs |
| Credit Score | CIBIL score of 600 or more |
| Repayment Tenure | Up to 60 months |
Table of Contents
Eligibility for a personal loan in Canara bank
There are certain criteria required by banks which need to be satisfied before loan applications are approved.
| Age | Minimum 21 years Maximum 65 years |
| Nationality | Indian |
| Employment Type | Salaried or Self-employed |
| Employment status (Employed/Business) | For at least 2 yrs. and at least 1 yr. with the current employer (To know the work stability) |
| Minimum Income (Varies according to area and cities) | Rs.48,000 – Rs.24,00,000 per year |
| Maximum Loan Amount (Based on repayment capability of the borrower) | Rs.5 lakhs |
| Tenure | Minimum – 6 months Maximum – 60 months |
| Credit Score | 750 |
These are the general criteria will vary from bank to bank.
Eligibility for a personal loan in axis bank
The borrower needs to fulfill eligibility criteria while applying for axis bank personal loan:-
Individuals/Borrowers who can avail personal loans from axis bank are:
- Employees of public and private limited companies, salaried doctors.
- Public limited companies. and private limited companies.
- Government sector employees including Public sector Undertakings, central and local bodies.
- Age: Minimum age mandatory for axis bank personal loan application is 21 years. While the maximum age required is 60 years at the time of loan maturity.
- Income: Minimum net monthly income required is Rs.1,80,000 per year.
- Loan Amount: The maximum loan amount is 15 lakhs.
- Salaried individuals must have completed at least 2 years of service in the same organization.
- Axis bank provides personal loans only at some given locations and (Delhi, Noida, Gurugram, Ghaziabad, Faridabad, Bangalore, Hyderabad, Ahmadabad, Kolkata, Pune, Chennai, Mumbai and other locations) the eligibility for a personal loan differs based on those locations.
- EMI Calculator: You can easily calculate personal loan EMI using a personal loan EMI calculator. This calculator will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at www.afinoz.com is free and easy. You can easily plan your future expenses with the help of this calculator.
- Eligibility: You can easily evaluate and calculate your axis bank personal loan eligibility by using tools like personal loan eligibility calculator and personal loan EMI calculator at www.afinoz.com.
- CIBIL score: Credit score/ CIBIL score is an important factor for approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score and the previous financial history must need to be better to get a loan at good interest rate and make it easily available. Otherwise, the loan application of the applicants having poor credit score may get rejected.
Eligibility for a personal loan in HDFC
Eligibility for HDFC personal loan is decided on the basis of definite parameters. A loan searcher must come under the below-mentioned eligibility criteria:
The list of individuals eligible to apply for HDFC personal loan:
- Employees of private limited companies, salaried doctors, CAs, employees from public sector undertakings including central/state & local bodies.
- Age limit: individuals falling in the age group of 21 to 60 years
- Service: individuals who have had a job for at least 2 years, with a minimum of 1 year with current employer.
- Income: individuals/Borrowers having a minimum income of 15,000 per month. (RS 20,000 in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmadabad, Cochin).
- The maximum loan amount is 15 lakhs.
- EMI Calculator: You can easily calculate a personal loan EMI using personal loan EMI calculator, This calculator will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at www.afinoz.com is free and easy. You can easily plan your future expenses with the help of this calculator.
- Eligibility: You can easily evaluate and calculate your axis bank personal loan eligibility by using tools like personal loan eligibility calculator and personal loan EMI calculator at www.afinoz.com.
- CIBIL score: Credit score/ CIBIL score is an important factor for approval of your loan. Usually, an applicant’s creditworthiness is determined by evaluating his credit score and the previous financial history must need to be better to get a loan at good interest rate and make it easily available. Otherwise, the loan application of the applicants having poor credit score may get rejected
Eligibility for a personal loan in Kotak Mahindra Bank
- Any Indian resident who is an active employee of an MNC, Public or Private limited company.
- Age is between 21- 58 years are eligible for availing a personal loan at Kotak Mahindra Bank.
- The following are some of the other criteria for availing a Personal loan.
- A net salary of Rs.2,40,000/- per year
- A person educational qualification- Must be a graduate.
- A borrower is an active resident of a city for at least 1 year.
- A person having minimum work experience of at least 1 year.
These are the eligibility criteria to avail for the personal loan from these banks.
