Personal Loan Eligibility Calculator

We, at SMFG India Credit, work towards bringing an ideal personal loan offer at an affordable rate. It is advisable to have a good repayment record. The closer your CIBIL score is towards 900, the higher are your chances of getting the loan approved with us. A minimum CIBIL score of 750+ is desirable. For profiles with scores lower than 750, other criteria may be applied. To know more, please feel free to contact us.

Currently, we do not provide personal loans for customers who don’t have a salary slip. However, if you are self-employed, you can provide your bank statements and other documents to show income proof. You can use our online personal loan eligibility checker to know the personal loan amount you are eligible for.

You can improve your personal loan eligibility by maintaining a good credit score and history, applying with a lender who’s required criteria fits your profile, using our personal loan eligibility calculator to estimate of the maximum amount you may get and apply for an amount within this limit, pay off existing debts, adding a close family member with a stable income and good credit score as a co-applicant, and so on.

Your salary is an important criterion for determining personal loan eligibility. Many lenders require applicants to earn a minimum monthly salary to consider their application. For instance, at SMFG India Credit, salaried applicants must have a minimum monthly salary of at least Rs.  25,000 (for residents of Mumbai & Delhi) or Rs. 20,000 (for residents of other Indian cities). Many lenders, including SMFG India Credit, do not accept applicants who receive their salary in the form of cash.

Applicants with a good income have higher chances of getting approved for a personal loan. Use our personal loan eligibility criteria to get an estimate of the maximum amount you may be able to get based on a few key parameters including income.

To qualify for a personal loan, you need to fulfill the eligibility. These include age, your employment type, your employment status, your net monthly income, your CIBIL score, repayment history, work experience, and the maximum EMI allowed as per your salary. Please note that depending on the lender’s policy, additional criteria may also be applied.

Applicants can use the personal loan eligibility calculator to check their eligibility.

To determine personal loan eligibility, use the Personal Loan Eligibility Calculator. The calculator calculates whether the applicant meets the eligibility criteria by assessing details like monthly income, age, existing liabilities, repayment capacity and good credit score. It also estimates the loan amount the person can apply for.

The applicant's age plays a crucial role in determining personal loan eligibility. Typically, individuals aged 21 to 60 years are eligible. Younger applicants may have the advantage of longer loan tenures over older applicants, impacting the loan amount they qualify for.

Factors influencing your personal loan eligibility are:

1. You should be between 21 to 60 years.
2. Minimum monthly income for applicants from Delhi and Mumbai should be ₹25,000 and ₹20,000 for applicants from other parts of the country.
3. CIBIL score must be 750 or above.
4. The EMI can't exceed 60%-70% of your monthly income.
5. You should be a resident Indian.
    

Knowing eligibility helps applicants understand their chances of approval and the loan amount they can expect. This knowledge is crucial as it prevents futile loan applications that may lead to multiple credit inquiries, negatively impacting credit scores. By evaluating eligibility beforehand, borrowers can protect their creditworthiness, which is crucial for future credit needs.

Individuals with poor credit history, low income, unstable employment, or under 21 years of age might face challenges in loan approval. Lenders assess credit scores and income stability to ensure the borrower can repay the loan. High existing debt obligations can also reduce eligibility, indicating a higher debt burden on the borrower.

Yes. The eligibility criteria for self-employed professionals:

1. Minimum annual turnover & yearly profit after taxes according to the nature of the profession or domain of work.
2. 3 years of business existence
3. Age between 22 and 60 years
4. Credit Score should be 750 or above
5. EMI as a fraction of income can be up to 65%

The eligibility criteria for salaried professionals:

1. Age – You should be between 21 and 60 years.
2. Profession – You should be an employee of either a public or private sector company. 
3. Income – Monthly salary of Mumbai/Delhi residents should be at least INR 25,000 and INR 20,000 otherwise. 
4. Credit score – Your credit score should be 750 or above.
5. Experience – A minimum work experience of 1 year at the current workplace.

Using the Personal Loan Eligibility Calculator, borrowers can quickly assess their eligibility without affecting their credit scores. Knowing eligibility in advance helps applicants plan their loan requirements, compare offers from different lenders, and make well-informed borrowing decisions. The calculator streamlines the loan application process and saves time and effort for both borrowers and lenders.