Personal Loan Eligibility Calculator

Eligibility Criteria for Personal Loan

Understanding whether you fit the eligibility criteria is crucial before applying for a personal loan. It helps you avoid unnecessary hassle and loan rejections. Read the table below to understand the minimum eligibility for each category.

Documents required

If you meet all the eligibility criteria, the next step would be to check if you have all the required documents to complete the application process. The process is simple, and we require minimal documents to approve your loan.

Below are the documents you require.

• Identity proof - Aadhar card, PAN card, or passport
• Address proof - Aadhar card, utility bill, or rental agreement
• Income proof - Salary slips or bank statements

Once you have checked the eligibility criteria and have all the necessary documents with you, you can visit our website and apply for your personal loan.

Factors that Affect Personal Loan Eligibility

Here are some factors that may affect your personal loan eligibility. Rectify these issues before you apply for the loan.

1. Geographic location

   Your area of residence is one factor that can affect your personal loan eligibility. Lenders will develop a risk profile based on your living standard and monthly expenses before approving the application.

2. Income

   Your average monthly or annual income will also play a role in determining the amount you can get through personal loans. The higher your salary, the higher your loan amount.

3. Existing credit

   Lenders will also check your current debt-to-income ratio if you have another existing loan. This will help them determine if you can manage another loan and can affect your loan eligibility to a certain level.

4. Housing situation

   Whether you live in your own house or a rented one can also affect your loan eligibility. You have to pay monthly rent for a rented house. This can lower your budget for personal loans. So, you have a higher chance of getting the loan if you live in your own house.

5. Credit history

   Your credit score is very important to get a personal loan. Your interest rate, loan amount, and tenure depend on your credit score. Insufficient credit score can affect your personal loan eligibility.

6. Employment type and company reputation

   Your employment type (salaried or self-employed) and the company you work for can affect your personal loan eligibility. Here’s how.

   • You have higher chances of loan approval if you are salaried, as your monthly salaries are guaranteed. If you are self-employed, reputable professions like doctors, CAs, etc., can increase your chances of loan approval.
   • You have a higher chance of loan approval if you work in the Government sector or reputed MNCs or corporates.

7. Work experience

   This is to check how stable you will be in your loan payments.

Steps to use the Personal Loan Eligibility Calculator

Want to apply for a personal loan at Housing.com?

Use our Personal Loan Eligibility Calculator to check your loan eligibility by following these simple steps.

• Visit Housing.com website
• Select “Personal loans” under the Housing Edge section
• Swipe down the page to find the “Eligibility Calculator” option
• Enter all the details (monthly salary, tenure, rate of interest) to check your personal loan eligibility

Here’s how our eligibility calculator can help you

• Helps you plan your budget

  Understanding your eligibility can help you estimate your EMI and plan your monthly budgets efficiently.

• Helps you avoid loan rejection

  A loan rejection can have a negative impact on your credit record. Using our eligibility calculator can help you understand the amount you are qualified for and avoid loan rejections.

Tips to Improve Personal Loan Eligibility

Want to increase your chances of getting a personal loan? Here are some tips you can follow.

1. Maintain a high Credit Score

   A high credit score shows your financial stability and increases your chances of getting a personal loan. Plus, the higher your score, the lower your interest rates. So, ensure that you maintain a high credit score of a minimum of 700.

2. Include all sources of income in your application

   Your source of income also plays a role in loan approval. Add all your sources of income so the lenders know you earn enough money to repay loans. This can also increase the loan amount you can get from them.

3. Clear existing loans and credit card bills

   Clearing all your existing loans and credit card bills can improve your debt-to-income ratio and increase your loan eligibility. Even if you have other existing loans to pay, ensure the collective EMIs don’t exceed 50% of your monthly income.

4. Avoid applying for multiple loans

   You will be seen as credit-hungry when the lenders check your credit bureau, and you have applied for multiple loans. Do some research and choose which personal loan you want to apply.