Rupa Solitaire Unit No.810, 8th Floor, C Wing, Sec - 1, MBP, Mahape, Navi Mumbai, Maharashtra - 400710
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Personal Loan Eligibility Criteria

Criteria Salaried Applicants Self-Employed Applicants
Age 21 to 65 years 25 to 65 years
Nationality Indian Indian
Credit Score 700+ preferred 700+ preferred
Work / Business Experience Minimum 1 year total experience
At least 6 months with current employer 		Business should be operational
for a minimum of 3 years
Minimum Income ₹25,000 for metro cities
₹16,000 for other locations 		Stable annual turnover and
profit after tax as per profession
EMI as a Share of Income Up to 60–70% of monthly income Up to 65% of monthly income

Benefits of a Personal Loan Eligibility Calculator

A personal loan eligibility calculator helps you understand how much loan you may qualify for before applying. It allows you to compare options, plan repayments, and avoid unnecessary loan rejections.

By adjusting details such as income, existing obligations, interest rate, and tenure, you can instantly see how your eligibility changes and make informed financial decisions.

Most importantly, checking eligibility in advance helps reduce multiple loan applications, which can negatively impact your credit score.

Factors Affecting Personal Loan Eligibility

Several factors influence your personal loan eligibility. Lenders evaluate your financial profile carefully to ensure you have the capacity to repay the loan comfortably.

  • Income: A stable and sufficient income indicates better repayment ability. Higher income generally improves approval chances and loan limits.
  • Credit Score: Your credit score reflects your borrowing and repayment behavior. A higher score improves trust and can help secure better interest rates.
  • Age: Applicants within the preferred age range often qualify more easily due to stable earning potential.
  • Work / Business Experience: Longer employment or business continuity signals financial stability and reliability.
  • Existing Liabilities: Current loans and EMIs affect how much additional repayment you can manage each month.

How to Use the Personal Loan Eligibility Calculator

Our online eligibility calculator is simple and user-friendly. Follow these steps to get an instant estimate:

  1. Select whether you are a salaried or self-employed applicant.
  2. Enter your date of birth to determine eligibility based on age.
  3. Provide your net monthly income or business income details.
  4. Enter your existing monthly financial obligations, if any.
  5. Select the applicable interest rate and preferred loan tenure.
  6. View your estimated eligible loan amount and monthly EMI instantly.

Conclusion

Understanding your personal loan eligibility before applying can help you borrow responsibly and avoid financial stress. By considering factors such as income, age, credit score, and existing obligations, you can make better borrowing decisions.

At Hallmark, our easy-to-use eligibility tools help you estimate your loan potential and choose the most suitable option based on your financial needs.

FAQs on Personal Loan Eligibility

Personal loan eligibility is assessed by analyzing your financial stability and repayment capacity. Lenders consider factors such as your age, income, employment status, existing liabilities, credit score, interest rate, and chosen loan tenure to estimate the amount you may qualify for.

Salaried applicants are evaluated based on income stability and employment continuity. Typically, lenders expect a minimum monthly income, at least one year of total work experience, six months with the current employer, a suitable age range, and a good credit history.

Self-employed individuals are assessed based on business stability and income consistency. A minimum business vintage, steady annual turnover, profit after tax, and a healthy credit profile are usually required to qualify for a personal loan.

You can easily check your eligibility using our online loan eligibility calculator. By entering basic details like date of birth, income, existing EMIs, interest rate, and loan tenure, you can instantly view an estimated eligible loan amount and EMI.

The loan amount depends on your monthly income, existing obligations, and repayment capacity. Generally, lenders allow a portion of your disposable income to be used towards EMIs. Higher income and lower liabilities can increase your loan eligibility.

Yes, your credit score is an important factor. A higher credit score reflects responsible repayment behavior and improves approval chances. Applicants with lower scores may still qualify, but terms and interest rates may vary.

Existing EMIs do not automatically disqualify you. However, lenders review your total monthly obligations to ensure you have sufficient income left to manage a new loan comfortably.

Most lenders prefer applicants who are at least 21 years old at the time of application and not older than 65 years at loan maturity, ensuring stable earning years for repayment.

Yes, you can improve eligibility by reducing existing debts, maintaining a good credit score, ensuring income stability, avoiding missed EMIs, and selecting a suitable loan tenure.

The eligibility amount shown online is an estimate. The final loan amount is confirmed after document verification, credit assessment, and lender approval during the application process.

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