Personal loan Eligibility Calculator for Minimum Salary (2022)

Banks across India offer personal loans to self-employed and salaried individuals. These loans are provided easily as the banks earn a hefty interest on them. You only need to meet the eligibility criteria.

You can use the personal loan eligibility calculator to know your status to apply. The calculator uses some details and assesses EMIS and interest amounts.

 You may check the manual given below for a step-by-step process.

What is a personal loan eligibility calculator?

A personal eligibility calculator tests the ability to apply for a personal loan. The calculator is specially designed for eligibility checks. It takes the borrower’s details and shows results in one click.

Monthly income, EMIs, mode of work, and work experience are details needed for the calculation. It calculates the maximum amount and EMIs based on your income.

The personal loan eligibility calculator is easy to use. It lets you compare and choose from multiple banks’ offers.

What are the eligibility criteria for self-employed and salaried individuals?

The Reserve Bank of India is a regulator of banks across India. It forms and regulates the eligibility criteria for bank services. The eligibility criteria for self-employed and salaried individuals are not the same.

Here are the details requested from the salaried person for the personal loan eligibility calculator.

• Salary: The minimum salary of an individual must be Rs. 1200.
• Age: The maximum age is 65 years, and the minimum age is 18 years.
• Lifetime work experience: More than 1 month.
• Credit score: More than 650.

You may check the eligibility details for self-employed individuals.

• Gross annual receipt: The annual income for self-employed individuals must be Rs. 12,500.
• Age: The maximum age is 65 years, and the minimum is 21 years.
• For a personal loan, you need to have worked for at least 12 months over the course of your life.
• Credit score: A self-employed individual needs more than a 650 credit score.

How to check eligibility for a personal loan?

You can check your eligibility using the personal loan eligibility calculator. There is a simple set of steps to test the ability. Test, know, and apply for your loan.

Follow the steps one by one for a smooth eligibility check.

Step 1: Open the personal loan eligibility calculator. Fill up the personal details like name and income. You may double-check the details for confirmation.

Step 2: Enter your mobile number for the OTP request. Now, click on “Check Eligibility.”

Step 3: Verify the OTP and move to the next page. Fill in the professional details, like proof of income and work experience. You may have to explain the reason for the loan.

Step 4: Check all the details for confirmation and click “Proceed.”

Step 5: On the next page, many loan options will appear. The results will be based on your details.

Step 6: Compare your options and select the best one. You can appoint an advisor for better insight.

You can use an alternative method other than the personal loan eligibility calculator. NBFC will help you assist with personal loans. You can check your eligibility on any bank’s website.

You should avoid applying to multiple places at once. It may cause you some issues with the approval of a personal loan.

Personal loan documents for salaried individuals?

You need very basic documents for a personal loan. Here are the three documents for application:

• 2 passport-size pictures of the individual.
• Income proof (ITR statement, salary slip, and bank statement of the last six months).
• Identity and address proof (Aadhar, PAN, driver’s license, or utility bills). 

What factors affect the personal loan eligibility calculator?

• Monthly income

Your income is the number one factor in the loan application. Higher income helps you get larger loan amounts quickly. A stable monthly income satisfies the lender for EMI repayment.

• Work experience

Your work experience speaks about your discipline. It increases creditworthiness in the lender’s eyes. Your financial independence makes approval easy.

• Age

Young individuals get loans easily with long tenures. If you’re in your 50s, you’ll have less time for repayment. It results in higher interest rates and EMI amounts. Apply at a young age and enjoy the benefits.

• Credit score

Keep a credit score of more than 650 for a personal loan. The higher the credit score, the lower the interest rate.

How to improve personal loan eligibility?

You can take smart steps to improve your loan eligibility. It will help you get quick approval.

• Improve your credit score

A credit score must be higher than 650 for personal loan approval. Poor financial activity may affect your credit score. Pay credit card bills and EMIs on time to increase your score. Check your credit score often to keep it high.

• Mention all sources of income.

Your income should be more than Rs 1200/month. You should show all your income sources in the application. Like long- or short-term investments, freelance and rental income. You should try to make passive income to make a good impression on the bank.

• Clear your debt

You should pay off your existing debt and pending bills. Keep your total credit ¼ of your monthly income. A lower debt-to-income ratio reflects your positive image.

• Authentic Documents

You should prepare the needed documents before applying. Please make a list of documents and get them legally checked. This step will help with fast application.

Personal loan eligibility calculator by banks in India

Bank Name	Age limit	Work experience	Loan amount
HDFC Bank Personal Loan	21-60 years	1 month	Rs. 75 lakh for 60 months
Kotak Bank	22-55 years	24 months	Rs. 50 lakh for 48 months
IDFC First Bank Personal Loan	23-60 years	12 months	Rs. 40 for 60 months
ICICI Bank Personal Loan	23-58 years	24 months	Rs. 30 lakh for 60 months
Bajaj Finserv	25-58 years	36 months	Rs. 25 lakh for 60 months
Axis Bank	21-60 years	12 months	Rs. 25 lakh for 60 months
Tata Capital	21-58 years	24 months	Rs. 25 lakh for 72 months
State Bank of India	21-58 years	24 months	Rs. 15 lakh for 72 months

Conclusion

The personal loan eligibility calculator is a tool for loan eligibility checks. You may read the eligibility criteria for a personal loan. The calculator will help you see and compare your options.

You can enter your details and know your interest rate and EMI amount. A high credit score can help you get low interest rates. Don’t worry if you get rejected. Follow simple steps and get approved.

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