Give details to confirm eligibility.

Individuals over 23 earning a regular salary and meeting the Bank's personal and professional criteria may apply for a personal loan.

It is a good decision to check your personal loan eligibility before applying to ensure you meet the required criteria.

Most lenders have similar essential eligibility criteria, but the norms may differ according to the individual Bank's policy.

Key factors for financial eligibility include:

• Net income.
• Other EMIs paid, as well as credit card obligations.
• Average bank balance maintained.
• A rented or self-owned residence.

The check for the applicant's CIBIL scores and credit history is mandatory to process a personal loan.

An applicant's CIBIL score required differs from Bank to Bank, the present requirement is as follows:

Some lenders qualify a personal loan request based on a credit score and an application score. If the application score is approved, the request is processed further. Others will not process an application if the CIBIL score is not sufficient. The credit history and relationship with the Bank are also considered.

Suppose an individual has a 0 CIBIL score (no credit history) or -1 (insufficient credit length). In that case, they can apply for a personal loan with ICICI Bank or HDFC Bank, provided all other eligibility criteria are met.

Your company must be included in HDFC Bank's company category list to process a personal loan from the bank. The AXIS Bank personal loan eligibility criteria also processes personal loan applications from employees of listed companies. In contrast, ICICI Bank, YES Bank, and NBFCs like INCRED and Fullerton India accept applications from applicants working in non-listed companies.

The minimum income required to apply for a personal loan is ₹ 25,000/—per month. However, the income criteria vary according to the bank's policy, contributing factors include:

• The Company category.
• Bank account.

Eligibility Criteria for a Personal Loan of ₹10 Lakhs

• The applicant's salary must be ₹ 60,000 or more.
• The CIBIL score must exceed the required benchmark.
• The bank must approve the applicant's employer.
• The applicant must be eligible to pay the EMI.
• The other obligations of the customer are considered when calculating eligibility for approval of the loan amount.

The following eligibility criteria must be fulfilled to get a personal loan of ₹ 10 lakhs.

• The applicant's salary must be ₹ 60,000 or more.
• The CIBIL score must exceed the required benchmark.
• The bank must approve the applicant's employer.
• The applicant must be eligible to pay the EMI.

The other obligations of the customer are considered when calculating eligibility for approval of the loan amount.

Confirm your EMI before applying for a personal loan with our EMI calculator/ Personal loan eligibility calculator.

The personal loan criteria for ICICI Bank and the personal loan criteria for HDFC Bank are similar for a CIBIL check, as both banks process an application of an applicant with a -1 CIBIL, but the further terms for eligibility vary.

If the personal loan criteria for AXIS Bank are fulfilled, the maximum loan allotted to an applicant as a personal loan is ₹40 lakhs. The following are the essential requirements:

• The applicant's income must suffice to pay the EMI.
• The CIBIL score should be above the required benchmark.
• The company of the applicant must feature in the AXIS Bank Company category list.
• The applicant's present credit must have a timely repayment track.
• There must be no credit card overdue.
• The documentation required must be in order.
• The applicant must justify the end usage of the funds.
• An AXIS Bank relationship is an added advantage.