Apply For A Personal Loan Online With Minimum Documentation
Check Your Personal Loan Eligibility To Get A Credit Of Up To Rs.20 Lakh From Credmudra!
A personal loan is one of the choicest go-to options for individuals with immediate requirement of funds. The main reason behind its popularity is the flexibility of loan customisation, easy application process, and instant fund disbursement. In addition, the personal loan eligibility criteria are quite lenient which ensures you can get assured and instant credit approval on applying correctly.
Before proceeding with the credit application process you should note that the eligibility requirements for salaried and self-employed people are somewhat different. Let’s dive deep to get an explicit idea regarding each.
Eligibility Criteria For Salaried Persons
If you are a salaried individual, you will need to fulfil some simple eligibility criteria to get an instant approval for your credit application. These are as follows:
- Nationality:Indian
- Age range:Between 21 years and 80 years
- CIBIL score:Above 685
- Employment status:Must be an employee of an MNC, private or a public limited company.
Disclaimer: The eligibility criteria of Self-Employed individuals can vary with the lender that you are selecting for availing a personal loan.
Eligibility Criteria For Self-Employed Persons
Are you a self-employed individual? If yes, check the personal loan eligibility criteria to ensure that that you can get instant approval for your credit:
- Nationality:Indian
- Age range:Between 24 years and 70 years
- CIBIL score:685 or Above
- Business vintage:A minimum of 3 years
Disclaimer: The eligibility criteria of Self-Employed individuals can vary with the lender that you are selecting for availing a personal loan.
Eligibility Of Top Banks And Private Lenders
The minimum income and age range to stand eligible for personal credit vary considerably with lenders. Here are some personal loan eligibility check boxes that are imperative to tick for getting credit approval from some of the top banks and private lenders:
| Lender | MINIMUM INCOME | AGE RANGE |
|---|---|---|
| CASHe | Rs.15,000 per month | 23 years to 58 years |
| MoneyTap | Rs.20,000 per month | 23 years to 55 years |
| Fibe | Rs.15,000 per month | 21 years to 55 years |
| Bajaj Finance | Rs.25,000 per month | 21 years to 67 years |
| Axis Bank | Rs.15,000 per month | 21 years to 60 years |
| ICICI Bank | Rs.17,500 per month | 23 years to 58 years |
| HDFC Bank | Rs.25,000 per month | 21 years to 60 years |
| IndusInd Bank | Rs.25,000 per month | 21 years to 60 years |
| Punjab National Bank | Rs.15,000 per month | Above 18 years |
| State Bank of India | Rs.15,000 per month | Above 18 years |
| Standard Chartered Bank | Above Rs.22,000 per month | 22 years to 58 years |
| IDFC First Bank | Rs.20,000 per month | 23 years to 65 years |
Disclaimer: You must keep in mind that these figures are just an average. The rate of interest that the lender charges can change based on your application.
Apply For A Personal Loan Online With Minimal Documentation
Factors Influencing Personal Loan Eligibility
Wondering which factors can have a prominent effect on the personal loan eligibility criteria? Here are some of the primary ones that have a notable effect on your personal credit eligibility:
- Credit Score:Personal loan, being an unsecured credit type demands a higher CIBIL score. This assures creditors that you are a trustworthy borrower and they can expect you to pay your monthly instalments on time. Since no collateral is involved, it is vital to maintain a score of 700 and above.
- Age bar:As you have already seen that most of the lenders have set the minimum age bar to 21 years, it becomes mandatory to have reached it to get approval. Also, you must ensure that your maximum age at the time you complete loan repayment should be 58 or as the lender specifies.
- Minimum income:If a borrower has a high income, lenders are sure that you will have sufficient cash to pay an increased monthly instalment. So, you can easily go for a sumptuous credit amount. On the contrary, if your monthly salary is less or below the minimum income bar, there are chances of rejection of credit application.
- Repayment capacity:While reviewing your personal loan application, lenders check the liabilities that you already have. If you have multiple credits to repay at the time of loan application, lenders realise that it can pose a financial burden to repay another credit. So, they might reject your application or lower the allowed credit amount.
- Business or working experience:Several financial institutions have set a minimum work experience of two years or more as an eligibility criterion for salaried individuals. Also, some lenders demand a business vintage of 3 years, which self-employed individuals need to fulfil to stand eligible for credit approval.
How Can You Boost Your Personal Loan Eligibility?
Worried about getting low personal loan approval due to the impact of the above factors? Here are some of the sure-shot steps that you can take for improving your personal loan eligibility:
- Nationality:Go for a co-applicant or guarantor: In case you have a low CIBIL score and want a personal loan urgently, you can request your friends or family members with a good CIBIL score to be your co-applicant or even a guarantor. This can lead to a prompt improvement in your personal loan eligibility and approval of credit application.
- Refrain from frequent job switches:Wondering why frequent job switches hamper your loan eligibility? If you keep changing your job again and again, lenders are not able to estimate your monthly income and view you as a high-risk borrower. Hence, it would be prudent to avoid changing your job randomly.
- Maintain a credit score above 750:A credit score above 750 makes lenders believe that you are an ardent financial planner having good experience in repaying your credits. However, if you have a lower score, try to take some effective steps to improve it immediately and fulfill the loan eligibility criteria.
- Do not apply for multiple loan applications:If you already have more than one credit to repay, it can pose a financial burden to pay EMIs for all. Also, at times it can make you miss out on the monthly instalment date, leading to lowering of your CIBIL score. Thus, it would be prudent to apply for credit only when needed.
- Create sources of additional income:Creating additional sources of income allows you to earn extra every month. This eases the payment of monthly instalments on time. In view of this, creditors will see you as a more eligible candidate and approve your loan immediately after application.
FAQs On Personal Loan
Can you get a personal loan without income proof?
Yes, there are several lenders that approve your personal loan application even if you do not have income proof. For this, you can highlight additional income sources, maintain a high CIBIL score and even request someone to be a co-applicant or guarantor. Additionally, you should also maintain a good relationship with the lender to increase credit approval chances.
How can you use personal loan money?
There is no end-use restriction on the money that you receive from a personal loan. You can use these funds to plan your wedding, pay for expensive treatment and costly medicines, go for a foreign vacation with your family, pay the education fees for your kids, and so on. So, are you ready to apply for a personal loan?
How can I check my eligibility for a personal loan?
You can simply use a personal loan eligibility calculator to determine the credit amount that you are eligible for. To use this calculator, you can simply navigate to this calculator and input the necessary details. Once done, you can instantly view the loan amount that you can apply for. These calculators are easy to use and provide instant and accurate results.
What are the essential documents required for a personal loan?
Some of the important documents that you will need while applying for a personal loan if you are a salaried individual are KYC documents, an employee ID card, the last three months’ bank account statement and the last three months’ salary slips. In case you are a self-employed individual, you will have to submit proof of business in addition to other documents.
