Personal Loan Eligibility

You may be eligible for Personal Loan from one or more banks in India if you meet the following eligibility conditions:

  • Age: Minimum 21 years and maximum 65 years.
  • Loan Amount: Minimum 1 Lakh and maximum up to 50 Lakhs. However, for most banks 25 Lakhs is the upper limit on a Personal Loan. You may also come across banks that only offer a maximum Personal Loan amount that is 10-22 times that of your net monthly income.
  • Income: In order to apply for a personal loan of two lakh, you must have a monthly salary of 25,000 on average. This is mostly applicable for salaried people. Self-employed people need to submit their bank statements reflecting an annual income of around 5 lakhs in order to be eligible for a personal loan.
  • CIBIL Score: For most banks a high CIBIL Score is a must for lending a Personal Loan; usually, the ideal being a score of 700 or more.

Personal Loan Eligibility for Salaried

  • Minimum age - 21 years at loan application
  • Maximum age - 60 years at loan maturity
  • Minimum Monthly income - 20,000
  • Minimum work experience - 2 years continuous job
  • ITR - Last 2 years ITR
  • Credit score - 700 & above

Methods of Calculating Personal Loan Eligibility

There are two ways of calculating the Personal Loan eligibility:

Multiplier Method: Under this method, the banks apply a multiplier to your net take home salary in order to calculate your Personal Loan amount eligibility. Higher the salary and reputed the company, higher is the multiplier and the loan eligibility.

FOIR (Fixed Obligations to Income Ratio): Under this process, the Personal Loan amount eligibility is computed on the basis of maximum EMIs or monthly instalments you can pay with regard to the net income after accounting for all other fixed expenses like rent and EMIs. The FOIR percentage can vary from lender to lender and for high-income borrowers, this can be upto 65%.

How to Apply for a ₹ 2 Lakh Personal Loan?

You can apply for a personal loan either by visiting your nearest bank branch or via online methods. If you decide to apply for a personal loan offline, you will have to apply through the DSAs. On the other hand, the online method is simpler and requires much less time. Calculate your monthly instalments through a 2 lakh loan EMI calculator before you apply for a loan.

In order to apply for a 2 lakh loan online, the major steps that you need to follow are as follows:

  • Step 1: First, go through all the different interest rates and other text benefits offered by the leading banks and financial institutions at the contemporary time.
  • Step 2: After choosing the scheme you want to go for, visit the official page of your preferred bank and find the ‘apply online’ option.
  • Step 4: Fill in your employment details, personal details, income documents, KYC, and other necessary documents.
  • Step 5: After submitting all the required documents, submit the form online and wait for the bank officials to transfer 2 lakh into your bank account

What our clients say about us

  • Amiya Ranjan Das
    It's awesome, I used it's personal loan for a two wheeler. And it was way cheaper than any bank/finance company's two wheeler loans, yet no paperwork or documentation required. Very easy process and no hidden charges.
    Amiya Ranjan Das
  • Sabya Sachi
    I love this app as it helped me when no one was willing to help. At the last minute I got my loan from you guys and I really suggest everyone to use this app. It's very safe and reliable.
    Sabya Sachi
  • Debanjan Dasgupta
    Couldn't have asked for any better process of the loan and the eligibility. Starting from autopay setup to updating address and the amount being credited in the account in just 10 mins. I am coming back!
    Debanjan Dasgupta
Eligibility

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Personal Loan FAQs

1What is the minimum and maximum online personal loan amount?
You can avail of personal loans that are ranging from Rs.50,000 to 15,00,000 depending on your eligibility, income, nature of job and repayment capacity.
2What are the loan tenure options?
You can repay your loan over a period of 12 to 60 months
3How long will it take for my Personal Loan to be approved?
Your personal loan will be disbursed within 4-7 working days post receipt of the required documents. All loan approvals are at the sole discretion of the bank.
4Are there any additional charges?
A processing fee up to 2.5% of the loan amount and requisite documentation charges is payable same will be deducted from the loan amount at the time of disbursal.
5How can I repay my Personal Loan?
You pay the loan in equated monthly installments (EMIs). The loan will be paid through ECS. You can also pay through a standing instruction to debit your IndusInd Bank account with the EMI amount.
6Can I prepay/foreclose my personal loan?
You can prepay/foreclose the entire loan outstanding anytime after paying 12 installments for Salaried Clients and any time after 6 installments for Self Employed Clients. Prepayment charges as applicable would be levied on the outstanding loan amount. The exact amount for pre-closure of the loan is available in the Foreclosure Letter issued by the bank. TAT (Turn Around Time) for issuance of a Foreclosure Letter is 15 working Days from the date of request.
7How do I approach Ravikash for a Personal Loan?
You can approach us in any of the following ways: Call us at our 24 hour Customer Care number: 1860 267 7777 / +91 22 44066666 Write to us at SMS "PL" to 5676757 Or you can simply walk into any of our branches, in the select cities where we offer personal loans
8Do I need to open an account with IndusInd Bank for availing and / or servicing the loan?
We will encourage you to start a banking relationship with us so that we will be able to offer a host of other value added services which are complimentary to the loan, however opening an account with us is not mandatory.
9Do I get special privileges as a IndusInd Bank Customer?
As an IndusInd Bank Customer, you will be offered special interest rates, asked for minimal documentation and your application will be processed on priority. Having an account with us enables us to assess your financial requirements better; and assists us in providing you with services and loan amount commensurate with your payment ability and requirement.