You are eligible for up to
₹ 15,00,000
What is a personal loan eligibility calculator?
A personal loan eligibility calculator is a tool that
helps you check personal loan eligibility and assess the maximum loan amount you can qualify for
based on parameters such as your net income, age, and current liabilities and outstanding payments.
This personal loan eligibility checker saves you time with a quick assessment, and you have more
information to make the right decision for yourself.
All you need to do is fill in the details
in the online calculator, and you have an idea of the amount of loan you are eligible for, to
proceed accordingly. Check your bank’s loan eligibility criteria before applying and compare your
options for a personal loan, making informed financial decisions and easing the loan application
process for yourself.
How is personal loan eligibility calculated?
Your bank personal loan eligibility is calculated after a detailed assessment of your net monthly income and existing liabilities, including EMIs, age, location, credit score, and other criteria important for eligibility. This assessment helps build transparency between you and your lender and avoids any miscommunications in the lending and borrowing process.
What are the criteria for personal loan eligibility?
- Age: You need to be at least 21 years old when you apply for the loan, and the maximum age at maturity of personal loan tenure, should be 60 years.
- Minimum educational qualification: Having a graduation degree under your name is preferable. However, this is not a prerequisite to qualify for the personal loan approval process.
- Minimum monthly income: The minimum net monthly income in cities like Delhi and Mumbai is usually ₹25,000, but other cities might have an eligibility requirement of ₹15,000. It varies from one lender to another as well.
- Nature of employment: All salaried employees can apply for a personal loan if they fit the income bracket.
- Work experience: A minimum work experience of 1 year is expected to ensure your employability status and repayment capacity to the lender.
What factors affect personal loan eligibility?
- Age: The minimum age is 21, so you cannot apply before that, even if you fit other criteria. Similarly, you are not eligible for a five-year loan at 60 years old.
- Credit score: A credit score of 720 or above is preferred if you want to qualify for an expected loan amount. Anything lower than that might reduce your chances of getting a personal loan.
- Employment status: You need to be an employed/salaried individual to be eligible.
- Minimum monthly income: If you have a monthly income below Rs. 15,000, depending on your location, it may be difficult to obtain a personal loan.
- Work experience: You are not eligible for a personal loan unless you have 1 year of work experience in the same organisation.
- Debt-to-income ratio: Your debt-to-income ratio should ideally be under 40% of your net monthly income, which increases your chances of approval and a larger loan sanction amount.
What documents do you need to complete the personal loan application process?
One can apply for Personal Loan, digitally, with no documentation, via Axis Bank. However, one may require the below in case of offline application.
- A filled-out and signed loan application form with a passport-size photo.
- KYC documents (Aadhaar card, passport, driver's licence, or voter ID)
- Age proof (Aadhaar card, passport, driver's licence, birth certificate, school leaving certificate, or PAN card)
- Signature proof (passport, PAN card, or banker’s verification)
- One-year employment proof
- Salary slip from the past 3 months.
- Bank statement from the past 6 months.
All the above-mentioned documents should be self-attested.
Frequently Asked Questions
Enter your monthly net income, liabilities, and age to assess your personal loan eligibility. Moderate current liabilities might qualify you for larger loan amounts, while higher liabilities reduce your eligibility.
An applicant’s monthly net income, excluding one-time bonuses and incentives, with existing EMIs, is considered to determine loan eligibility. A higher income with low liabilities increases the chances of getting a faster approval for your personal loan.
If you are nearing retirement, you might not qualify for a five-year loan, as the maximum age allowed at the loan's maturity is 60 years.
Axis Bank Personal Loans require minimal documentation and offer loan disbursal. This makes them an appealing financing option. Turn your dreams into reality with Axis Bank.
Axis Bank provides personal loans of ₹50,000 to ₹ 40 lakhs based on salary and other criteria. Existing Axis Bank salary account holders enjoy benefits such as pre-approved loans, which can be availed instantly.
You can use the Personal Loan Eligibility Calculator to find the maximum amount of loan that you can get based on your eligibility qualifications. The calculator is available online and is completely free to use when applying for a Personal Loan.
The salary requirement depends on the lender's Eligibility Calculator. You can use the Personal Loan Eligibility Calculator to find the minimum salary required for the loan that you seek.
The eligibility for a Personal Loan of ₹10 lakhs depends on your:
- Age - You should be between 21 and 65 years old
- Income - A minimum monthly income, as specified by the lender
- Occupation - You should be a salaried or self-employed individual
- Credit score - A high credit score is needed for the loan
You can use the Personal Loan Eligibility Calculator to determine the loan amount based on your eligibility parameters.
The loan amount depends on your age, credit score, repayment capacity, and other factors besides your salary. Use the Personal Loan Eligibility Calculator to determine the maximum loan you can get on this salary.
The minimum salary requirement depends on the lender's policies. Some lenders might issue a bank Personal Loan at this salary, while in some cases, the minimum salary requirement is ₹20,000 per month.
The minimum salary requirement depends on various parameters. You can use the Personal Loan Eligibility Calculator to find the minimum salary needed for a Personal Loan amount of ₹20 lakhs.
The Personal Loan eligibility for salaried persons depends on a number of factors like your age, income, occupation, CIBIL score, etc. You can check the eligibility for a Personal Loan specified by the lender, and use the eligibility checker to find whether you can get a loan of ₹15 lakhs or not.
The EMI would depend on the repayment tenure selected and the applicable interest rate. You can use the Personal Loan EMI calculator to find the prospective EMIs of the loan after entering the loan tenure and interest rate.
Disclaimer
Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Neither Axis Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.
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