Personal Loan Eligibility Criteria

Applying to Personal Loan is a hassle-free process with minimal documentation, as it does not require any collateral security but lenders are quite selective in sanctioning personal loan to any individual because of its unsecured nature. Though lenders do not ask the end usage of personal loan it is available for legitimate purpose only

To be eligible for personal loan, an individual should have a regular source of income and a good repayment track record on credit dues, if any. Normally lenders have stricter norms and are hesitant to lend it to self-employed. The other factors that lenders consider while sanctioning personal loan is the applicant’s income, age, place of employment, profession, residence, past obligations and repayment capacity of the applicant.

The minimum age requirement varies from lender to lender and is usually in the range of 21 – 23 years of age and the upper age limit is determined by the age of retirement by which the entire loan has to be repaid back to the lender, which is normally 58 years for salaried and 65 years for self-employed.