What is a personal loan eligibility calculator?
What is a personal loan eligibility calculator?
A personal loan eligibility calculator helps determine the loan amount you qualify for based on factors like monthly income, monthly expenses, city of residence, and date of birth. By inputting these details, you can assess your eligibility and plan your borrowing responsibly, streamlining the loan application process.
How is a personal loan eligibility calculated?
Personal loan eligibility check is typically based on several key factors as mentioned below:
- Lenders assess an applicant's income, employment stability, credit score, existing debt obligations, and age to determine eligibility.
- Income is crucial as it indicates repayment capacity, while a stable job history enhances credibility. A credit score reflects past credit behaviour and repayment reliability.
- Lenders also consider the applicant's age, with younger applicants typically having longer repayment periods.
- Existing debts affect disposable income available for loan repayment.
By evaluating these factors, lenders assess the risk associated with lending and determine the maximum loan amount and interest rate applicants qualify for, ensuring responsible lending practices.
How to use the Bajaj Finserv Personal Loan Eligibility Calculator?
Using the Bajaj Finserv Personal Loan Eligibility Calculator is straightforward.
- First, visit the Bajaj Finserv website or mobile app and locate the Personal Loan Eligibility calculator pages.
- Input essential details such as your age, monthly income, any existing EMIs, and the city you live in.
- Once all information is entered, click on the 'Calculate’ button. The calculator computes your eligibility based on the provided data, showing the maximum loan amount you qualify for and possibly suggesting suitable tenure options.
- This tool helps you gauge your eligibility quickly and facilitates informed decisions when applying for a personal loan with Bajaj Finance.
Personal loan eligibility criteria
Anyone who meets the five basic criteria listed below can apply for our personal loan. If you meet all the eligibility criteria, you will require a set of documents to complete the application process. Check our loan eligibility criteria before applying.
- Nationality: India
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
Documents required to complete the personal loan application process
When applying for a personal loan, understanding the documents required for personal loan approval is crucial. Most lenders aim for minimal documentation to streamline the process. Commonly needed documents include identity proof, address proof, income statements, and bank statements. Ensuring you have these documents ready can expedite your application and enhance your chances of approval.
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
Personal loan interest Rate
A personal loan interest rate is the cost of borrowing money, expressed as a percentage of the loan amount, typically calculated annually. It can vary based on factors like credit score, loan term, and lender policies. Generally, lower rates indicate better-borrowing terms, making loans more affordable. Personal loan rates can be fixed (remaining constant throughout the loan) or variable (fluctuating with market conditions). Understanding the interest rate for personal loan is crucial for borrowers, as it impacts monthly payments and the total cost of the loan over its duration. Comparing rates from different lenders can help secure the best deal.
Factors that affect personal loan eligibility
Personal loan eligibility hinges on several critical factors that vary among lenders but collectively influence approval decisions:
- Credit Score: A crucial determinant, your credit score reflects your creditworthiness based on past credit behaviour and repayment history. Lenders typically prefer higher scores indicating a lower credit risk. Maintaining a good credit score enhances your chances of approval and favourable loan terms.
- Monthly income: Lenders evaluate your income to assess your repayment capability. A higher monthly income suggests a greater ability to manage loan repayments, making you a more attractive borrower. Stable and sufficient income is essential for meeting eligibility requirements.
- Work experience: Your employment history and stability demonstrate financial stability and reliability to lenders. Longer tenure in a job or profession indicates steady income and reduces the perceived risk of default.
- Current liabilities: Existing debts and financial commitments impact your disposable income available for loan repayment. Lenders assess your debt-to-income ratio to ensure you can manage additional debt responsibly.
- Lender relations: Previous interactions with the lender, such as existing accounts or relationships, can influence eligibility. Positive relations may provide benefits like faster processing or preferential terms.
- Repayment capacity: Repayment capacity is a crucial factor in determining personal loan eligibility. It refers to an applicant's ability to meet monthly loan payments based on their income, expenses, and existing debts. Lenders assess this to ensure borrowers can manage additional financial obligations without defaulting, thereby reducing lending risk.
Meeting these criteria increases your likelihood of loan approval and favourable terms, reflecting responsible financial management and reducing lender risk.
Bajaj Finserv app for all your financial needs and goals
Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.
You can use the Bajaj Finserv App to:
- Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
- Explore and apply for co-branded credit cards online.
- Invest in fixed deposits and mutual funds on the app.
- Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
- Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
- Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on Easy EMIs.
- Shop from over 100+ brand partners that offer a diverse range of products and services.
- Use specialised tools like EMI calculators, SIP Calculators
- Check your credit score, download loan statements, and even get quick customer support—all on the app.
Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.
Disclaimer
Results generated by the calculator(s) are indicative in nature. The interest rate applied on the loan will depend on the prevailing rates at the time of loan booking.
The calculator(s) are not intended to provide its users/ customers with results that are either certified by Bajaj Finance Limited (“BFL”) or are an obligation, assurance, warranty, undertaking or commitment, financial and professional advice by BFL, under any circumstances. The calculator(s) are only a tool that assists the users/ customers arrive at results of various illustrative scenarios generated from data input by the user/ customer. The use of the calculator is entirely at the risk of the user/ customer, BFL is not responsible for any reason, for any errors in any outcome resulting from the use of the calculator.
Frequently asked questions
Anyone who meets the basic personal loan eligibility criteria can apply for our personal loans:
- Nationality: Indian
- Age: 21 years to 80 years*.
- Employed with: Public, private, or MNC.
- CIBIL score: 685 or higher.
- Monthly salary: Starting Rs. 25,001, based on the city you live in.
*You should be 80 years* or younger, at the end of the loan tenure.
Qualifying for a personal loan is easy if you can meet the eligibility criteria of Bajaj Finserv and submit some documents.
Eligibility:
- You should be aged between 21 years and 80 years*
- You need to be a resident of India
- You should be working for an MNC, private or a public limited company
- You should have a minimum CIBIL score of 685
Documents:
- KYC documents
- Employee ID card
- Last 3 months’ salary slips
- Salaried bank account statement of the previous 3 months
Along with these, the lender will also look at your CIBIL score and repayment history before approving your personal loan application.
If you want to apply for a personal loan to meet some of your urgent financial needs, then you need to check if you are eligible for the desired loan amount or not. To do that, you can check your loan eligibility by using the personal loan eligibility checker. You need to select your city, age, income, and expenses and the tool will predict the eligible amount. As per the qualifying amount, you can apply for the same and get instant approval.
If you wish to apply for a personal loan, you need to determine your eligibility before applying for it. To do that, you can use the eligibility calculator. Here is how to check the personal loan eligibility:
- Open the loan eligibility calculator.
- Select the city of residence, date of birth, employer, monthly income and monthly expenses.
- Once you select these fields, the tool will show an amount that you will be eligible for.
- You can apply for the same amount and get quick loan approval online.
You are eligible for a Bajaj Finserv Personal Loan if you are a salaried professional aged between 21 years and 80 years*. Read about personal loan eligibility and documents needed here.
You can obtain a personal loan for salaried employees by meeting our simple eligibility criteria. Have a look at the personal loan eligibility of Bajaj Finserv:
- You need to be a residing citizen of India
- You should be aged between 21 years and 80 years*
- You need to be employed with a private, public limited company, or an MNC
- You should have a minimum CIBIL score of 750
After checking the eligibility criteria you can also calculate your loan EMI using our Personal Loan EMI Calculator based on your loan amount.
Personal loan eligibility criteria are influenced by various factors. These include credit score, income level, employment security, age, city of residence, and payback history. Lenders evaluate all these factors to determine the borrower's risk profile and eligibility for a personal loan.
A final, personal loan amount that you can get from a lender depends on your salary, city of residence, age, and other eligibility criteria. The best thing to know how much personal loan you can get on your salary will be using the personal loan eligibility calculator. It will tell the amount that you can apply for after selecting your city, age, salary, and monthly expenses on the tool. This way, you can apply for the eligible amount and avoid the chances of rejections.
The minimum salary for personal loans that you need to be earning will depend on your city of residence. The minimum salary that you need to be earning is Rs. 25,001, but that depends on your city. But, if you are earning Rs. 25,000, then you can’t apply for a loan in Pune. It is because the minimum salary in Pune is Rs. 35,000. The minimum salary required to apply for personal loans will differ from city to city.
At Bajaj Finserv, the personal loan age limit is between 21 years and 80 years*. Hence, the maximum age to avail of a loan is 80 years*. However, the younger an applicant is, the better his/ her chance to get the loan approval at the lowest interest rate personal loan. It is because he/ she has more working years left than an applicant in his/ her 50s. Thus, the applicant won’t face issues in paying the loan EMIs without the risk of defaulting.
Yes, an individual can have a personal loan and a home loan account at the same time. If you have an ongoing personal loan and seek a home loan, you can apply for it. The only condition is that your debt-to-income ratio should not be above 50%. You can have multiple personal loans and yet apply for a home loan. You should ensure having higher creditworthiness so that you can manage home loans and personal loan repayments.
Anyone who meets the eligibility criteria set by the lender can be eligible for a personal loan of Rs. 1 lakh.
It depends on the lender’s eligibility criteria and policies. You may need a good credit score and a lower debt-to-income ratio for approval.
Any borrower who meets the eligibility criteria set by the lender can be eligible for a personal loan. It generally includes a stable high income, strong credit score, and a clear repayment history.
