Personal Loan Guide

Personal Loan Eligibility Criteria in India — 2026

Understand exactly what lenders look at — and how to maximise your approval chances.

Lender data as of October 2026

Min Age

21 yrs

Most lenders

Min Monthly Income

₹10k

KreditBee (lowest)

Min CIBIL Score

600

Prefr & MoneyView

NTC Lenders

3

KreditBee, Prefr, MoneyView

Eligibility Comparison — All Lenders

Sorted by lowest minimum income requirement

Swipe sideways to see all columns →

LenderAge RangeMin Income/moMin CIBILEmploymentDetails
KreditBeeNTC Welcome
21–45 yrs₹10KNo minSalaried, Self-Employed, New-to-CreditView
Punjab National BankPSU Lowest Rate
21–60 yrs₹12K650Salaried, Government Employees, PensionersView
Union Bank of IndiaLowest Overall Rate
21–60 yrs₹12K650Salaried, Government Employees, PensionersView
MoneyViewInstant Approval
21–57 yrs₹13.5K600Salaried, Self-EmployedView
21–58 yrs₹15K650Salaried, Self-Employed, Government Employees, PensionersView
21–58 yrs₹15K650Salaried, Self-EmployedView
21–60 yrs₹15K650Salaried, Self-Employed, Government EmployeesView
PrefrLow CIBIL OK
22–55 yrs₹18K600Salaried, Self-Employed, New-to-CreditView
Poonawalla Fincorp100% Digital Process
22–58 yrs₹20K680Salaried, Self-EmployedView
21–60 yrs₹20K700SalariedView
22–58 yrs₹20K680Salaried, Self-EmployedView
21–60 yrs₹20K680Salaried, Self-EmployedView
21–60 yrs₹20K650Salaried, Government EmployeesView
HDFC BankMost Popular
21–60 yrs₹25K700Salaried, Self-Employed ProfessionalView
21–60 yrs₹25K700SalariedView
Bajaj FinservLongest Tenure
21–67 yrs₹25K685Salaried, Self-EmployedView
21–60 yrs₹25K700Salaried, Self-EmployedView
21–60 yrs₹25K700Salaried, Self-EmployedView
22–60 yrs₹25K700SalariedView
ICICI BankHigh Limit
23–60 yrs₹30K700SalariedView

5 Key Eligibility Factors Lenders Check

  1. Credit Score (CIBIL)

    Lenders run a hard credit enquiry to see your CIBIL score (or equivalent from Experian, CRIF). A 750+ score unlocks the best rates. Most banks require 700+, NBFCs may accept 650–680, and fintechs go as low as 600 or even NTC (no score).

  2. Monthly Income & Stability

    Your Net Monthly Income (NMI) after deductions must meet the lender's minimum threshold (₹10k–₹30k depending on lender). Stability matters too — regular salary credit in your bank statement for 6+ months is ideal.

  3. Fixed Obligation to Income Ratio (FOIR)

    FOIR = (Total monthly EMIs + credit card minimums) ÷ Net income. Most banks keep this at 40–55%. If your FOIR is already 50% and you want to add ₹15,000 EMI on a ₹30,000 salary, you'll likely be rejected.

  4. Employment Type & Employer

    Salaried employees at government departments, PSUs, and top-rated private companies are considered low-risk. Self-employed professionals (doctors, CAs) are next. Self-employed business owners face more documentation and scrutiny.

  5. Age & Remaining Working Years

    Most lenders require completion of repayment before you turn 60–65. A 25-year-old applying for a 60-month loan has zero issue. A 57-year-old applying for a 60-month loan at SBI may be rejected since repayment extends past age 62.

Salaried vs Self-Employed Eligibility

CriterionSalariedSelf-Employed
Min Income ProofSalary slip (2–3 months)ITR for last 2 years
Bank Statement3–6 months6–12 months
Interest RateLower (preferred risk)Slightly higher
Max Loan AmountHigher (up to ₹50L)Moderate (up to ₹30L typically)
Approval SpeedFaster (24–48 hrs)Slower (48–72+ hrs)
Lenders AvailableAll 20 lenders12 lenders (banks + large NBFCs)
Min CIBIL650–700680–720 (stricter)

Expert Tips

  • Check your CIBIL score before applying — a score below 700 dramatically reduces your options. Dispute any errors online via the CIBIL portal for free.
  • Clear small outstanding credit card dues before applying — even a ₹500 default on a credit card will show as a negative entry for 7 years.
  • Reduce your FOIR by prepaying smaller EMIs first. This increases your loan eligibility significantly.
  • Apply via your salary account bank — they have full visibility of your income and often pre-approve without income documents.
  • Add a co-applicant with higher income or better credit score to increase your eligible loan amount.
  • Avoid multiple applications in a short period — each hard inquiry lowers your CIBIL score by 5–10 points.

Frequently Asked Questions — Personal Loan Eligibility

The minimum income requirement varies by lender. KreditBee accepts applicants with ₹10,000/month, MoneyView requires ₹13,500/month, while Hero FinCorp requires ₹15,000/month. Private banks like ICICI require a higher ₹30,000/month. Most lenders typically require ₹20,000–₹25,000/month.

Yes. Several lenders — including SBI, HDFC Bank (professionals), Poonawalla Fincorp, Tata Capital, IndusInd Bank, and IDFC FIRST Bank — offer personal loans to self-employed individuals. Documentation typically includes ITR for 2 years, bank statements for 6 months, and business proof.

Yes, significantly. Government employees, PSU staff, and employees of Fortune 500 or listed MNCs are considered lower-risk. They qualify for lower rates, higher amounts, and easier approvals. Employees of smaller private companies, partnerships, or proprietorships face stricter scrutiny.

Lenders look at your Fixed Obligation to Income Ratio (FOIR) — the percentage of your monthly income already committed to EMIs and minimum credit card payments. Most banks cap FOIR at 50–60%. If your existing obligations are high, either your new loan amount will be reduced, or the application rejected.

Yes — KreditBee, Prefr, and MoneyView accept new-to-credit (NTC) applicants or those with thin credit files. They use alternative data like mobile usage patterns, bank statement analysis, and employment verification. The trade-off is significantly higher interest rates (15–36% p.a.).

Most lenders have a minimum age of 21 years. The maximum age is typically 60 years (salaried) or 65 years for government employees with pension. NBFCs like Bajaj Finserv accept applicants up to 67 years. You must be able to complete repayment before the lender's maximum age cutoff.

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