To check your personal loan eligibility, lenders consider factors like your income, credit score, age, employment status, and existing financial obligations. Determining your eligibility for a personal loan involves considering 6 key factors:
- Geographic location.
- Monthly income.
- Property ownership.
- Existing credit.
- Employer.
- Credit history.
Related: Personal Loan EMI Calculator Online
How to Calculate My Personal Loan Eligibility?
In India, typically, lenders may approve a loan where your EMIs are around 40-50% of your monthly income.
- Be 21 to 60 years old.
- If you’re from Mumbai, Delhi, Pune, etc., your monthly income should be at least ₹25,000. For others, it’s ₹20,000.
- Your CIBIL score should be 750 or higher.
- Make sure your monthly EMI isn’t more than 60%–70% of your income.
How do you Check if I Can Get a Personal Loan?
Lenders assess your eligibility based on your credit history, income, employment stability, and other financial commitments.
- Aim for a CIBIL score above 720; it’s ideal.
- Your income matters a lot for getting the loan approved.
- If you’ve paid back loans well before, getting the loan this time is quicker and simpler.
Related: How to Reduce EMI of Existing Personal Loans
Can a 18 year Old Get a Personal Loan?
Many banks and Non-Banking Financial Companies (NBFCs) usually provide personal loans to individuals falling within the age range of 18 to 65 years. Additionally, certain public sector banks extend personal loan facilities to retired individuals, considering their pensions as a factor in eligibility.
How much Personal Loan I Get on My Salary?
The loan amount you can get based on your salary depends on various factors, such as your income, credit score, existing debts, and the lender’s policies. Typically, lenders approve loans where the EMIs don’t exceed 40–50% of your monthly income.
Can a ₹15000 Salary Person Get a loan?
Earning ₹15,000 might make it challenging to qualify for a significant loan, but smaller loan amounts like 1 lakh to 1.5 lakhs might still be available based on other financial factors and the lender’s policies.
Related: How to Improve CIBIL Score Quickly
Can I Get Personal Loan if My Salary is ₹20000?
A salary of ₹20,000 might limit the loan amount, like ₹2 to ₹3 lakh, you qualify for, but some lenders offer loans based on this income if other financial aspects like a good CIBIL score and manageable existing debts are in place.
How Much Loan can I Get if My Salary is ₹30000?
Basically, someone making ₹30,000 each month might get a loan from ₹3 lakh to ₹6 lakh. If their credit score is better, they might even get more. So, with a ₹30,000 monthly salary and a high CIBIL score, they could possibly get up to ₹6 lakh as a loan.
Can I Get Personal Loan if My Salary is ₹40000?
Yes, a salary of ₹40,000 can make you eligible for a personal loan of around ₹4 to ₹8 lakh, provided you meet other criteria like a good credit score, stable employment, and manageable existing debts.
Related: Mobile EMI Calculator Online
Can I Get Personal Loan if My Salary is ₹50000?
A salary of ₹50,000 generally increases your chances of qualifying for a larger loan amount like ₹8 to ₹10 lakh, subject to meeting other eligibility criteria set by the lender.
