A personal Loan suggests that it is provided to individuals. Most banks and NBFCs (Non-Banking Financial Companies) offer personal loans to both salaried and self-employed individuals and professionals. The eligibility criteria for a personal loan varies slightly depending on the type of applicant.  The personal loan eligibility criteria are generic in nature and the actual eligibility factors will differ from one lender to another.

Following are some of the key personal loan eligibility factors that need to be kept in mind…

. All the Government employees from category D to A grade.

. Private employees, proprietorship firms and MNC Employees.

. Self employed proprietorship

. Self employed Professionals

. Salary minimum 15000 and above

. For self employees minimum 2 lakhs with 2 years ITR’s

. Age criteria for salary employees and self employees 21 years to 60 years

. Rate of Interest (ROI) Starting 8.5% onwards

. Personal loan come with flexible tenure ranging starts from 12 months to 60 months.

. Lenders offer personal loan of amount as low as Rs.50000 to as high depends upon bankers decision.

. Personal loan interest rates variant with bank to bank. Applicant required basic factor such as credit score (CIBIL) minimum 700.

. To complete loan process required following documents, and needs customer track record.