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What is a personal loan eligibility calculator?
A personal loan eligibility calculator is a tool that
helps you check personal loan eligibility and assess the maximum loan amount you can qualify for
based on parameters such as your net income, age, and current liabilities and outstanding payments.
This personal loan eligibility checker saves you time with a quick assessment, and you have more
information to make the right decision for yourself..
All you need to do is fill in the details
in the online calculator, and you have an idea of the amount of loan you are eligible for, to
proceed accordingly. Check your bank’s loan eligibility criteria before applying and compare your
options for a personal loan, making informed financial decisions and easing the loan application
process for yourself.
How is personal loan eligibility calculated?
Your bank personal loan eligibility is calculated after a detailed assessment of your net monthly
income and existing liabilities, including EMIs, age, location, credit score, and other criteria
important for eligibility. This assessment helps build transparency between you and your lender and
avoids any miscommunications in the lending and borrowing process.
What are the criteria for personal loan eligibility?
Age
You need to be at least 21 years old when you apply for the loan, and the
maximum age at maturity of personal loan tenure, should be 60 years.
Minimum educational qualification
Having a graduation degree under your name is
preferable. However, this is not a prerequisite to qualify for the personal loan approval process.
Minimum monthly income
The minimum net monthly income in cities like Delhi and
Mumbai is usually Rs. 25,000, but other cities might have an eligibility requirement of Rs. 15,000.
It varies from one lender to another as well.
Nature of employment
All salaried employees can apply for a personal loan if they fit the income
bracket.
Work experience
A minimum work experience of 1 year is expected to ensure your
employability status and repayment capacity to the lender.
What factors affect personal loan eligibility?
Age
The minimum age is 21, so you cannot apply before that, even if you fit
other criteria. Similarly, you are not eligible for a five-year loan at 60 years old.
Credit score
A credit score of 720 or above is preferred if you want to qualify
for an expected loan amount. Anything lower than that might reduce your chances of getting a
personal loan.
Employment status
You need to be an employed/salaried individual to be
eligible.
Minimum monthly income
If you have a monthly income below Rs. 15,000, depending
on your location, it may be difficult to obtain a personal loan.
Work experience
You are not eligible for a personal loan unless you have 1 year
of work experience in the same organisation.
Debt-to-income ratio
Your debt-to-income ratio should ideally be under 40% of
your net monthly income, which increases your chances of approval and a larger loan sanction amount.
What documents do you need to complete the personal loan application
process?
One can apply for Personal Loan, digitally, with no documentation, via Axis
Bank. However, one may require the below in case of offline application.
- A filled-out and signed loan application form with a passport-size photo.
- KYC documents (Aadhaar card, passport, driver's licence, or voter ID)
- Age proof (Aadhaar card, passport, driver's licence, birth certificate, school leaving
certificate, or PAN card)
- Signature proof (passport, PAN card, or banker’s verification)
- One-year employment proof
- Salary slip from the past 3 months.
- Bank statement from the past 6 months.
All the above-mentioned documents should be self-attested.
Frequently Asked Questions
How to use a personal loan eligibility calculator?
Enter your monthly net income, liabilities, and age to assess your
personal loan eligibility. Moderate current liabilities might qualify you for larger
loan amounts, while higher liabilities reduce your eligibility.
How does the applicant’s income affect personal loan eligibility?
An applicant’s monthly net income, excluding one-time bonuses and incentives, with
existing EMIs, is considered to determine loan eligibility. A higher income with low
liabilities increases the chances of getting a faster approval for your personal loan.
How does the applicant’s age affect personal loan eligibility?
If you are nearing retirement, you might not qualify for a five-year loan, as the
maximum age allowed at the loan's maturity is 60 years.
Why choose Axis Bank’s Personal Loans?
Axis Bank Personal Loans require minimal documentation and offer loan disbursal. This
makes them an appealing financing option. Turn your dreams into reality with Axis
Bank.
How much personal loan can you get on your salary?
Axis Bank provides personal loans of Rs. 50,000 to Rs. 40 lakh based on salary and
other criteria. Existing Axis Bank salary account holders enjoy benefits such as
pre-approved loans, which can be availed instantly.
