Main Factors That Affect Your Personal Loan Eligibility

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Are you planning to apply for a Personal Loan but are unsure of your Personal Loan eligibility? Financial institutions have set eligibility conditions based on which they approve loan applications. Although the eligibility criteria differ between lending institutions, here are a few factors that can help you check Personal Loan eligibility.

Monthly Income: Finance providers want to ensure that the applicants have adequate monthly earnings to repay the EMIs on time. Hence, most require a minimum monthly income of Rs.20,000 to qualify for a Personal Loan.


Credit Score: The credit rating helps a financer evaluate an applicant's past diligence with credit. Those with a credit score of 630 or above have better eligibility for Personal Loans.


Age: With minimum and maximum age requirements, NBFCs want to ensure an adequate working period. Most NBFCs provide loans to people in the age group of 21-58 years.

Work Experience: Applicants with sufficient work experience are financially more secure and have better Personal Loan eligibility.


Visit a finance company's website to learn how to get a personal loan and fulfill your needs. A Personal Loan EMI calculator is a valuable tool that helps calculate EMIs before you apply for a loan.

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