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What is a Personal Loan? How to check your personal loan Eligibility?

Personal Loan

A personal loan is required to fulfill their expenditure like medical emergency, Marriage/Wedding or social functions, debt consolidation, for buying a home appliance, for travelling or funding vacations, credit card bills payment. It is an unsecured loan issued to both salaried and self-employed individuals.

Unsecured loans are issued on the basis of main criteria such as credit score/CIBIL score, repayment capacity, previous financial history, income level, etc. The rate of interest on personal loans is higher than the secured loans. Unsecured loans are not supported by any of the following assets/securities.

Factors to be taken into mind before choosing the bank for a personal loan are:

  1. Interest rates
  2. Processing fees
  3. Pre-closure charges
  4. Repayment flexibility
  5. Eligibility criteria

You should conduct a detailed comparison of personal loan offered by all the banks and NBFCs.

Personal loan eligibility

Checking of personal loans eligibility is one of the most important factors for availing a personal loan, apart from the eligibility various factors are also taken into consideration. In India, any individual who is an Indian citizen or national and has income qualifies for the personal loan.

Below can see few major eligibility criteria:-

Age limitMinimum- 21 years   Maximum- 58 – 68 years (Age also varies from bank to bank)
Employment Status Employed/In-business for at least 2 years to 5 years 
Minimum Income Rs.5,000 per month and above (Income also varies from bank to bank)
Work Experience 1 year to 3 years
Maximum Loan Amount Up to Rs.50 lakhs
Credit Score/CIBIL score 600 or more
Repayment Tenure Up to 5 years

Personal loan eligibility HDFC

Eligibility for HDFC personal loan is decided on the basis of definite parameters.                      A loan seeker must come under the below-mentioned eligibility criteria:

The list of individuals eligible to apply for HDFC personal loan:


Employment statusEmployees of private limited companies, salaried doctors, CAs, employees from public sector undertakings including central/state & local bodies.
Age limitMinimum- 21 years   Maximum- 60 years
ServiceIndividuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
Income Individuals/Borrowers having a minimum income of 15,000 per month. (RS 20,000 in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmadabad, Cochin)
Maximum loan 15 Lakhs

Personal loan eligibility in SBI

State Bank of India (SBI) provides the best Personal Loans to the citizens of India and you can also apply for the personal loan SBI in 

SBI personal loan calculator helps us to know an approximate EMI and the eligibility and it is also helping us to manage the future expenses.

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