Personal Loan Eligibility Criteria in India — 2026

Lenders decide personal loan eligibility on five things: your credit score, monthly income, existing EMIs, employment type and age. Most require you to be 21–60 years old, earn at least ₹15,000–₹25,000 a month and have a CIBIL score of 650–700 or more.

Requirements differ a lot between banks, NBFCs and fintech lenders, so compare them below before applying.

Check Your EligibilityFree · No impact on CIBIL score

Minimum Age

21 yrs

Most lenders

Lowest Income Bar

₹10k

KreditBee

Lowest CIBIL Bar

600

Prefr & MoneyView

New-to-Credit

Accepted

KreditBee, Prefr

Eligibility Comparison — All Lenders

Sorted by lowest minimum monthly income.

Eligibility Comparison — All Lenders
LenderAgeMin Income / MonthMin CIBILEmployment
KreditBeeNTC Welcome21–45 yrs₹10kNo minimumSalaried, Self-Employed, New-to-Credit
Punjab National BankLow PSU Rate21–60 yrs₹12k650Salaried, Government Employees, Pensioners
Union Bank of IndiaLowest Rate21–60 yrs₹12k650Salaried, Government Employees, Pensioners
MoneyViewInstant Approval21–57 yrs₹13.5k600Salaried, Self-Employed
State Bank of IndiaGovt Employee Favourite21–58 yrs₹15k650Salaried, Self-Employed, Government Employees, Pensioners
Hero FinCorp21–58 yrs₹15k650Salaried, Self-Employed
Bank of Baroda21–60 yrs₹15k650Salaried, Self-Employed, Government Employees
PrefrLow CIBIL OK22–55 yrs₹18k600Salaried, Self-Employed, New-to-Credit
Poonawalla FincorpLowest NBFC Rate22–58 yrs₹20k680Salaried, Self-Employed
Kotak Mahindra Bank21–60 yrs₹20k700Salaried
Tata Capital22–58 yrs₹20k680Salaried, Self-Employed
Federal Bank21–60 yrs₹20k680Salaried, Self-Employed
Canara Bank21–60 yrs₹20k650Salaried, Government Employees
HDFC BankMost Popular21–60 yrs₹25k700Salaried, Self-Employed Professional
Axis Bank21–60 yrs₹25k700Salaried
Bajaj FinservLongest Tenure21–67 yrs₹25k685Salaried, Self-Employed
IDFC FIRST Bank21–60 yrs₹25k700Salaried, Self-Employed
IndusInd Bank21–60 yrs₹25k700Salaried, Self-Employed
Yes Bank22–60 yrs₹25k700Salaried
ICICI BankHigh Limit23–60 yrs₹30k700Salaried

Last reviewed August 2026. Actual terms depend on your credit profile and the lender's assessment. GST at 18% applies on fees.

5 Key Eligibility Factors Lenders Check

01

Credit score (CIBIL)

Lenders pull your CIBIL (or Experian / CRIF) report. 750+ gets the best rates; most banks need 700+, NBFCs 650–685, and some fintechs 600 or even no score at all.

02

Monthly income & stability

Your net monthly income must meet the lender's minimum (₹10,000–₹30,000). Regular salary credits for 6+ months in your bank statement help.

03

Fixed Obligation to Income Ratio (FOIR)

FOIR = (all monthly EMIs + card minimum dues) ÷ net income. Most banks cap it at 40–55%. If it is already high, your new loan may be reduced or declined.

04

Employment type & employer

Salaried employees of government, PSUs and well-rated companies are seen as lowest risk. Self-employed professionals come next, then business owners.

05

Age & remaining working years

The loan must usually be repaid before you turn 58–65, depending on the lender. Older applicants may be offered shorter tenures.

Salaried vs Self-Employed Eligibility

CriterionSalariedSelf-Employed
Income proofSalary slips (2–3 months)ITR for last 2 years
Bank statement3–6 months6–12 months
Interest rateLowerSlightly higher
Approval speedFaster (24–48 hrs)Slower (48–72+ hrs)
Lenders availableAll 20 lenders13 lenders
Minimum CIBIL650–700680–720 (stricter)

Expert Tips

  1. 1Check your CIBIL score before applying and dispute any errors with the bureau — it's free.
  2. 2Clear small overdue credit card balances first; even a small default stays on your report for years.
  3. 3Prepay or close small loans to bring your FOIR down and increase the amount you qualify for.
  4. 4Apply with the bank that holds your salary account — they can see your income directly.
  5. 5Avoid many applications in a short period; each hard enquiry can lower your score.

Frequently Asked Questions — Personal Loan Eligibility

What is the minimum salary required for a personal loan in India?

It depends on the lender. KreditBee accepts ₹10,000 a month, MoneyView ₹13,500 and Hero FinCorp ₹15,000, while ICICI Bank asks for ₹30,000. Most lenders sit between ₹20,000 and ₹25,000 a month.

Can a self-employed person get a personal loan?

Yes. 13 of the 20 lenders we track accept self-employed applicants, including SBI, Poonawalla Fincorp, Bajaj Finserv, Tata Capital and IDFC FIRST Bank. You will usually need two years of ITR, six months of bank statements and business proof.

Does my employer affect personal loan eligibility?

Yes. Government, PSU and large listed-company employees are considered lower risk and usually get lower rates and higher limits. Employees of small firms face stricter checks.

What if I already have a loan or credit card debt?

Lenders look at your FOIR — the share of income already going to EMIs and card dues. Most cap it at 50–60%. If it is high, the lender may reduce the amount or decline the application.

Can I get a personal loan with no credit history?

Yes. KreditBee and Prefr consider new-to-credit applicants using alternative data such as bank statement analysis. Interest rates for these loans are higher, typically 15–36% p.a.

What is the age limit for a personal loan?

Most lenders require you to be at least 21. The upper limit is usually 58–60 for salaried applicants; Bajaj Finserv goes up to 67. The loan generally has to be repaid before the lender's maximum age.

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Figures last reviewed August 2026 and shown for information only. Interest rates, fees and eligibility are set by each lender and depend on your credit profile — confirm the final terms in the lender's Key Fact Statement before you sign. RateCut is a loan marketplace, not a lender.