Personal Loan Eligibility Criteria

PERSONAL LOANEligibility Criteria

Before you apply for a Personal loan, learn about the eligibility criteria that all banks and NBFCs offer.

While there may be slight variations, the general qualifications to get a personal loan are similar across all lenders.

The eligibility criteria for a salaried professional and a self-employed individual may vary on certain parameters.

SALARIEDPROFESSIONAL

SELF-EMPLOYEEDINDIVIDUAL

AGE

MINIMUM:

21-24 yearsMINIMUM:

24-28 years

MAXIMUM:

60 yearsMAXIMUM:

65 years



INCOME

The income limit is higher for a self-employed individual as their income varies every month.

The monthly, as well as, annual earnings are looked while considering a candidate for a loan.



STABILITY

An employee in a government sector, a PSU, or in a large and established private company, or a professional like doctor, accountant, or lawyer, will get a loan easier.

A self-employed must have continuity in current business for at least 2 to 3 years and have to file IT returns for 2 or 3 years.



CREDIT SCORE

CIBIL Score must be

between 650- 750

Credit Score must be

above 750



DOCUMENTS

Need to provide the past 3 months salary slips and bank statements as proof of income. Need to provide the

last two year’s IT returns, bank statements for the last 6 months, and proof of business’ existence.



Need to have:

• Been residing at current address for at least a year• Been dealing with the bank for at least a year, either as an account

holder or as a borrower having taken a previous loan• Documents as proof of age, identity, and address. These should include

birth certificate, PAN card or voter ID, and utility bills (electricity, telephone, gas bill)

OTHERS

Apply for a Personal Loan

Check these Eligibility Criteria

Make yourself suitable for it

Arrange for the documents

https://www.bajajfinserv.in/finance/personal-loan/salaried-personal-loan.aspx

ThankYou

Economy & Finance

Personal Loan Eligibility Criteria