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What are the Eligibility Requirements for a Personal Loan?

· Personal Loan

A personal loan is a popular type of unsecured loan option that can be availed without pledging any asset or offering any security. Since such loans are extended without any collateral, most financial lenders set strict personal loan eligibility criteria for individuals to comply.

 

The following highlights the eligibility criteria for the same –

  • Age – Any residential Indian between 23 years and 55 years of age are deemed eligible to avail a personal loan.
  • Employment status – Individuals who work in an MNC, a private or a public company with a steady income can apply for this loan option. Similarly, self-employed individuals like CA, CS, doctors, and businessmen are also eligible to apply for the same.
  • Minimum income – The minimum eligible income to apply for a personal loan is set based on applicants’ location. To know more about the exact amount of money, individuals should contact a financial institution of their choice.
  • Credit score – Most lending institutions deem applicants with a credit score of 750 and above eligible to avail a personal loan. If an individual’s loan application is rejected on account of low credit score, their current credit score reduces too.
  • Credit history – Individuals with a fair credit history and zero default are deemed eligible to avail this credit facility.

Other than these, an individual’s work experience and the frequency of changing jobs may also be taken into account while calculating the loan eligibility of a personal loan applicant.
 

To be sure about their eligibility, individuals can use a reliable personal loan eligibility calculator to find out the exact loan value they are eligible for. Once individuals have checked their loan eligibility, they should proceed to gather the required documents to apply for a personal loan.

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