Personal Loan Eligibility Criteria

The Eligibility of a Personal Loan is calculated in two ways:

  1. Multiplier Method
  2. FOIR (Fixed Obligation Income Ratio)

Under Multiplier Method the Banks provide a simple multiplier on the Monthly Net Take Home Salary to calculate the Loan Amount Eligibility of a customer. This multiplier varies from 9 to 18 depending upon your profile (Company's Name, NTH, etc.). Under the FOIR Method, the maximum EMI that most of the Banks/NBFCs offer to a customer varies from 50-75% of their NTH salary. The banks can also consider existing obligations & credit card outstanding to calculate the Final Loan Eligibility. You can calculate your Eligibility by filling up your details in below form.

List of Major Home Projects which are running in Delhi

HDFC Bank Min. 50k, Max. As per Eligibility Be earning at least Rs. 12,000/- per month net income (Rs. 15,000/- in Mumbai, Delhi, Bangalore, Chennai, Calcutta, Ahmedabad, cochin) 1 Year- 5 Years 21-60 years 2 years 6 months
SBI Up to Rs. 10 Lacs Rs.24,000/- in metro and urban centres Rs.10,000/- in rural/semi-urban centres 1 year – 4 Years 21-60 years 2 years 1 Year
ICICI Bank Up to Rs.40 lacs Salaried individuals with minimum monthly income Rs.17,500 (Rs.25,000 for applicants residing in Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata) 1 Year- 5 Years 23-60 years 2 Years (In current business for at least 5 years and minimum 3 years for doctors) 1 Year
Bajaj Finserv Up to Rs. 25 lacs Rs. 40,000 or more for Delhi/NCR, Mumbai, Hyderabad, Bangalore, Chennai, Thane and Rs. 35,000 for other cities. 1 Year- 5 Years 21-60 years 2 Years 1 Year
Fullerton India Up to Rs. 30 Lakhs Minimum Rs.12500/- in hand, Mostly depends on City or Location of borrowers. 1 year – 4 Years 21-60 years 2 Years 1 Year
Kotak Up to Rs. 15 Lakhs Net monthly salary of Rs. 25,000/- 1 year – 5 Years 21-58 years 2 Years 1 Year
Indusind Bank Up to Rs. 20 Lakhs Net monthly salary of Rs. 25,000/- 1 year – 5 Years 23 - 60 years 2 Years 6 Months
Axis Bank Up to Rs. 15 Lakhs Net monthly salary of Rs. 15,000/- 1 year – 5 Years 21 - 60 years
Citibank Up to Rs. 30 Lakhs 1 year – 5 Years
Standard Chartered Up to Rs. 30 Lakhs Net monthly salary of Rs.50,000 (in metro cities) - Rs.30,000 (in Chandigarh & Jaipur) 1 year – 5 Years ETB Customer- 22 to 60 years NTB Customer- 25 to 60 years ETB Customer- No minimum 0 years NTB Customer- 2 years NIL

How to increase Eligibility for Personal Loan?

The chances to increase eligibility to avail a personal loan is very low. The best possible option is to transfer your existing personal loan amount to a lower rate of interest loan. This will help you in reducing the amount of your existing EMI and also help you in getting a higher fresh loan. Secondly, you can also pre-pay your loan amount if fewer EMIs are left, in case balance transfer option is not feasible for you. The impact on your Loan Eligibility will be in proportion to EMI that can be reduced at your end.

What are the ways which improves Eligibility for Personal loan?

Timely and prompt repayment of your previous Personal Loan can help you in freezing a higher loan amount to borrow from the bank. The other deciding factors could be individual's income, family's annual income, previous loan repayment history, credit card repayment details, etc. can play major role in getting a personal loan without any hassle.