Personal Loan Eligibility

Personal loans are provided by most of the banks/NBFCs but with different eligibility requirements and needs. However, there are some certain criteria’s that are common for all the financial institutions. Hence, to avail a personal loan, the applicant should meet these requirements and also it is advisable to check your eligibility before applying for a personal loan. The eligibility criteria to get an online personal loan approval for salaried and self-employed individuals are listed below for better understanding:

Age	23/24 years - 60/65 years
Employment Type	Salaried Self-Employed professionals
Credit score	750+ or with a good credit or cibil score history
Minimum Net Income (Monthly)	15,000 (Non-Metro Cities) 20,000 (Metro Cities)
Loan Amount	Up to 40-50 lacs depending on the credit profile and the applicants profile.
Work Experience	Salaried Employed at current company for at least 6/12 months Self-Employed Business tenure of at least 3 years (continuous) ITR of last 3 years

Documents Required for a Personal Loan

The common documents which are required for an online personal loan approval are given below:

For Salaried Individuals

1. Identity & Age Proof
2. Completely filled personal loan application with photograph
3. PAN Card
4. Residence proof - Passport driving license, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
5. Bank statements for the last 3 months (preferably your salary account)
6. Salary Slips of last 3 months of the current company
7. Form 16 or Income Tax Returns of last 3 years if govt. employee

For Self-Employed Individuals

1. Identity & Age Proof
2. Completely filled personal loan application with photograph
3. PAN Card
4. Residence proof - Passport driving license, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
5. Bank statements for the last 6 months (preferably your salary account)
6. Salary Slips of last 3 months
7. Last 3 years Income Tax Returns with computation of Income
8. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account