Personal Loan Eligibility

Common Eligibility Criterion for Personal Loan in India

Banks have different set of criterions to offer personal loan. Here we have listed common set of eligibility standards and required documents to give you an overview.
If you need detailed information you can visit respective bank’s website or contact us or fill up the form to know about the best personal loan solution (free).

Personal loan for Salaried Individual:

Age of the applicant

21 years to 65 years

Maximum age of applicant at loan maturity

60 years to 65 years

Minimum employment period

2 years in total and 1 year at present organization

 Minimum annual income

Rs.84,000/annum to 1,00,000/annum (Rs.72,000 in select cities)

Personal loan for Self Employed Individual:

(professionals – Doctor, CA, MBA Consultants, Business owners, Architects, CS, Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services etc.):

Age of the applicant

24 years to 65 years

Maximum age of applicant at loan maturity

60 years to 65 years

Minimum employment period

2 to 5 years continuous business experiences

 Minimum income

Rs.60,000/Annum to 1,00,000/Annum (Taxable income)

Personal Loan Checklist

Required Documents (to be submitted with the application):

  • Identity Proof: Passport / Voter ID / Driving license
  • Address Proof: Ration card / Telephone or Electricity bill / Rental agreement / passport copy / Trade license / Est. / Sales Tax certificate.
  • Bank Statement: 3 months bank statement (latest) / pass book (updated 6 months)
  • Latest salary slip or current dated salary certificate with latest form 16
  • Latest ITR along with computation of income, B/S & P/L for the last 2 years certified by C.A. (For Self Employed)
  • Proof of educational qualification: (highest professional degrees)
  • Age Proof (any one): Passport / Driving license / LIC Policy or Premium receipt / Voter's identity card / Photo ration card / School leaving certificate / Birth certificate
  • Proof of continuation: (Trade license / Establishment / Sales Tax certificate) (For Self Employed)
  • Photograph: Passport size photo
  • Other Mandatory Documents: Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Cert. Copy of MOA, AOA & Board resolution. (For Self Employed)

Some banks have different standards for doctors, CAs and others (self employed and salaried). For more information contact us or the respective banks.

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