The eligibility criteria for a personal loan may vary from one lender to lender. However, some common eligibility criteria that most lenders consider include:
Age: The minimum age of the borrower should be 21 years and the maximum age should not exceed 60-65 years at the time of loan maturity.
Income: The borrower should have a stable source of income. Typically, lenders prefer borrowers with a monthly income of at least Rs. 15,000 - 20,000 Per Month.
Credit Score: A good credit score is important to increase the chances of getting a personal loan. Lenders usually prefer borrowers with a credit score of 750 or above.
Employment: The borrower should be a salaried individual or a self-employed professional/ businessman with a stable income source.
Residence: The borrower should be a resident of India and should have a permanent address.
Repayment Capacity: Lenders will evaluate the borrower's repayment capacity before approving the loan. This is based on the borrower's income, expenses, and other debt obligations.
Documentation: The borrower should have all the necessary documents required by the lender, such as ID proof, address proof, income proof, and bank statements.