personalloaneligibilty

Personal Loan Eligiblity

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.

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

Multiplier Method

FOIR (Fixed Obligation Income Ratio).

Eligibility Criteria ( Annual Income)

Bank Salaried Self Employed

Axis Bank 1,80,000 p.a. 2,00,000 p.a.

Fullerton 1,44,000 p.a. 1,50,000 p.a.

HDFC Bank 1,80,000 p.a. -

Kotak Bank 1,80,000 p.a. 1,80,000 p.a.

ICICI Bank 1,44,000 p.a. -

Age Criteria

Bank Salaried Self Employed

Axis Bank 21 to 60 24 to 65

Fullerton 21 to 60 -

HDFC Bank 21 to 60 -

Kotak Bank 23 to 60 25 to 60

ICICI Bank 21 to 60 -

Residence(min)

Bank Salaried Self Employed

Axis Bank - -

Fullerton 1 year -

HDFC Bank 1 year 1 year

Kotak Bank 1 year 1 year

ICICI Bank 1 year -

Loan Amount

Bank Salaried Self Employed

Axis Bank 1,00,000-20,00,000 1,00,000-20,00,000

Fullerton 35000-3,00,000 -

HDFC Bank 50,000-15,00,000 -

Kotak Bank 50,000-15,00,000 50,000-15,00,000<

ICICI Bank 40,000-15,00,000 -

Tenure(months)

Bank Salaried Self Employed

Axis Bank 12-60 12-60

Fullerton 12-48 -

HDFC Bank 15-60 -

Kotak Bank 12-60 12-60

ICICI Bank -

Processing Fees

Bank Fees

Axis Bank 2%

Fullerton 2%

HDFC Bank 0.8%-2.5%

Kotak Bank upto 2%

ICICI BANK upto 2%-3%

Reliance Consumer Finance 2%-2.5%

SBI 2%-2.5%

Prepayment Charge

Bank Fees

Axis Bank 2%

Fullerton 2%

HDFC Bank 0.8%-2.5%

Kotak Bank upto 2%

ICICI BANK upto 2%-3%

Reliance Consumer Finance 2%-2.5%

SBI 2%-2.5%

Current Experience

Bank Salaried Self Employed

Axis Bank - -

Fullerton 6 Months -

HDFC Bank 6 Months -

Kotak Bank 1 year 3 year

ICICI Bank 1 year -

Document Required

Bank Salaried Self Employed

Axis Bank Identity proof, salary slip/form16 with Salary certificate, residence proof, Proof of telephone Identity proof, last two years ITR,residence proof, proof of telephone

Fullerton Identity proof, residence proof ,last 3 months bank statement -

Kotak Bank Identity proof, Last 2 months salary slip, form 16,residence proof,6 months bank statement, Last 2 year ITR, business proof , Identity & age proof, Address proof , last 6 months bank statement

Document for professional

special10

Bank

Axis Bank -

Deutsche Bank Professional qualification For eg. Degree, Registration with professional council etc.

HSBC -

HDFC Bank Proof of qualification, Highest degree

ICICI Bank Proof of qualification, Highest degree