When applying for a personal loan, use an Eligibility calculator, so your loan application is not rejected. Banks and NBFC check the eligibility criteria of applicants and then approve loans. You can check your eligibility amount and a lender who is ready to pay for a personal loan with Yoindi.
Yoindi personal loan Eligibility Calculator is a free-cost tool that provides information to borrowers regarding personal loan amount with lender information. The eligibility is known from the age, resident, income, loan tenure, interest rate, and ongoing EMI. With the help of the eligibility calculator, you know the maximum amount for which you are eligible.
Disclaimer: The above eligibility calculator estimates the amount you can apply for a personal loan. It is useful for providing you with the information. The actual loan eligibility depends on employment history, bank account information, age, and other factors. If you are willing to know the exact personal loan amount you are eligible for, click on Apply now.
When you are applying for a personal loan, check the eligibility to avoid the hassle in the future.
The following are the eligibility criteria for a personal loan.
| Age Limit | 21 years - 68 years |
|---|---|
| Employment Status | Employed/ In business for at least 2- 5 years |
| Type of employment | Salaried, professional, self-employed, Business Owner, Student, and homemaker |
| Work Experience | 1 to 3 years and above |
| Minimum net monthly income | Rs 10,000 and above |
| Credit Score | Rs 750 and above |
| Maximum EMI | Up to 65% of income |
Follow the following steps to use Yoindi's Personal Loan Eligibility Calculator.
Use the Yoindi Eligibility Calculator tool to check your eligibility for a personal loan. It also provides information on which lender will give you a personal loan based on your credit score, income, and other factors.
When looking for a personal loan, you can use the eligibility calculator to check your eligibility with numerous lenders. Because of it, you will know what amount each lender grants at what interest rates. As a result, you can choose the right lender for your personal loan. If you need any help, Yoindi is there for you.
When you use the eligibility calculator, you know the EMI amount. As it helps you in planning the monthly budget.
With the usage of the eligibility calculator, you know how much credit amount you will get. Based on that, apply for a personal loan. If you apply for a personal loan for more than that amount, you get rejected, affecting your credit score. As calculating the eligibility calculator before applying for a personal loan save you from rejection.
| Bank | Age Limit | Work Experience | Minimum Income ( per month) |
|---|---|---|---|
| SBI | Up to 76 years | NA | Rs 15,000 |
| HDFC | 21 years - 60 years | 2 years | Rs 20,000 |
| Axis bank | 21 years - 60 years | NA | Rs 15,000 |
| Kotak Mahindra Bank | 22 years - 55 years | 1 year | Rs 25,000 |
| Tata Capital | 21 years - 58 years | 1 year | Rs 15,000 |
| IndusInd | 21 years - 60 years | 2 years - 5 years | Rs 25,000 |
| Ujjivan Small Finance | 22 years - 58 years | NA | Above the minimum wage limit |
| India Infoline Finance Limited | 25 years - 60 years | 6 months - 2 years | Rs 35,000 |
| HDBFS | 21 years - 65 years | 1 year - 3 years | Rs 15,000 for salaried Rs 1,00,000 for self-employed |
| Indian Overseas Bank | Up to 58 years | NA | Rs 5,000 |
| IDFC First Bank | 23 years - 68 years | 3 years | NA |
| Federal Bank | 21 years - 55 years | 3 years | Rs 25,000 |
| Punjab National Bank | 21 years - 58 years | 2 years for doctors | Rs 15,000 |
| Andhra Bank | 21 years - 55 years | NA | NA |
| Canara Bank | NA | NA | Rs 6,000 and above for salaried Rs 1,50,000 for self-employed |
| IDBI Bank | Up to 75 years for pensioners | NA | Rs 1.5 lakh per annum |
| Fullerton Bank | 21 years - 55 years | 1 year - 2 years | Rs 15,000 |
| RBL Bank | 25 years - 60 years | 1 year - 3 years | Rs 25,000 |
| Bank of Baroda | 21 years - 60 years | 1 year - 2 years | 60% of gross monthly income |
| UCO Bank | 21 years - 65 years | 1 year - 5 years | Rs 20,000 |
| United Bank of India | 21 years - 60 years | 2 Years | NA |
| Deutsche Bank | Up to 75 years | NA | Rs 25,000 |
When you are eligible for a personal loan then, only you will get the loan. To improve the chance of getting a personal loan, consider the following tips :
When you pay all the past due on time and have a CIBIL score of 750 or more, the bank considers you a responsible borrower. Also, you get the loan at a low-interest rate. While having a credit score of less than 750, consider you a bad borrower, and your application got rejected. Always pay the dues on time, and avoid making multiple loan applications within a short span to have good credit scores.
Income is an important category for getting a personal loan. Because it shows your repayment capacity, so show all your sources of income to get the personal loan approval.
When you apply for a personal loan, lenders check your defaulter risk with a credit bureau. Such are hard inquiries to know about your CIBIL scores. Thus, please do not apply for multiple loan applications simultaneously as it considers the lender you are credit hungry. When applying for a loan, consider the best option and decide.
When you are applying for a personal loan, add a close family name, such as a spouse, children, and parents, as it improves your eligibility to get personal loans. All banks and NBFC do not allow you to add a co-borrower while applying for a personal loan.
When you apply for a personal loan, your repayment capacity determines your eligibility. There are two factors which banks choose to determine the maximum amount of personal loan amount such as follows:
The fixed income approach considers the monthly payment of the borrowers. If FOIR reaches 50% or more, then a personal loan application is denied, or a loan you will get less than your need.
Some lenders use a multiplier-based applicant net monthly income to determine maximum loan amounts. During such situations, a personal loan is available up to 30 times the applicant's net monthly income. If the loan sum request reaches the limit, the applicant will not be eligible for an unsecured personal loan.
Personal loan eligibility is calculated in the following ways:
When applying for a personal loan, you need to check eligibility. For that purpose, you have to use an eligibility calculator. You will be wondering how to use the calculator. Let me explain to you.
The personal loan is given to you depending on salary, age, city of residence, employer, and CIBIL score. You can know what amount of personal loan you will get on salary with the help of an eligibility calculator.
It is easy to qualify for a personal loan as you must fulfill eligibility criteria and submit the documents.
The eligibility criteria are as follows:
Documents need as follows:
When you apply for a personal loan determining the eligibility is important as it defines what amount of loan you will get. Also, it defines which lender will give you the loan.
The services of checking personal loan eligibility are free at various places.
Your income defines your repayment capacity. If you have a high income, you have a high repayment capacity, while low-income people have a low repayment capacity.
When you apply for a personal loan, the lender checks how many loans you have. Also, it compares with your monthly income. If the debt-to-income ratio is low, then you have repayment capacity.
When your credit score is 750 or above, you have good credit history and repayment capacity. But less than that defines a bad credit score, and you are not eligible for the loan.
You can get a personal loan even if you have bad credit, depending on the lender to whom you have applied.
If you work in a reputed organisation, government organisation, or MNC company then your creditworthiness is good. Also, it determines your income is high, and you will pay the money on time.
