What is a personal loan eligibility calculator?
Checking your personal loan eligibility online allows you to quickly find out the loan amount you may qualify for. Key details like your monthly income, expenses, city, and date of birth are considered. By providing this information, you can assess your eligibility, plan your borrowing better, and streamline the application process for a faster and smoother loan approval experience.
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.
- Enter key details such as your city, date of birth, monthly income, and monthly expenses.
- Once all information is entered, the calculator swiftly computes your eligibility based on the provided data.
- It will show the personal loan amount you are eligible for. You can click on “Apply Now” to get started with your loan application
This tool helps you to know your eligibility quickly and to make informed decisions when applying for a personal loan with Bajaj Finance.
Personal loan eligibility criteria
Check your personal loan eligibility online for loans up to Rs. 55 lakh. There are a few basic eligibility criteria you need to meet. Once eligible, you can review the required documentation to apply, making the process simple and hassle-free.
Nationality: Indian
Age: 21 years to 80 years.
Employed with: Public, private, or MNC.
CIBIL Score: 685 or higher.
Customer profile: Self-employed or Salaried
*You should be 80 years or younger, at the end of the loan tenure.
What are the factors that affect personal loan eligibility
Personal loan eligibility hinges on several critical factors such as the applicant’s age, monthly income, credit history, and so on. It is important to know these factors to improve the chances of getting your loan application approved.
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.
- 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-qualified 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
Before applying for a personal loan, it’s important to perform a personal loan eligibility check to know the amount you qualify for. You can do this easily using an eligibility calculator:
- Open the loan eligibility calculator.
- Enter details such as your city of residence, date of birth, monthly income, and monthly expenses.
- The tool will display the loan amount you are eligible for.
- You can then apply for this amount and enjoy quick online loan approval.
To calculate personal loan eligibility, lenders consider your income, credit score, existing debts, employment stability, and age. Assessing these factors helps determine your loan eligibility, repayment capacity, and overall creditworthiness, ensuring you can borrow responsibly and secure approval for a personal loan.
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 685 or higher
After checking the eligibility criteria you can also calculate your loan EMI using our Personal Loan EMI Calculator based on your loan amount.
The personal loan amount you can get depends on your income, credit score, existing debt, and city of residence. Lenders assess eligibility using methods like the Fixed Obligation to Income Ratio (FOIR), which ensures total monthly obligations don’t exceed 50–60% of your income. Your work history and credit score also play a key role in determining the final loan amount. With Bajaj Finance, eligible applicants can borrow up to Rs. 55 lakh.
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. Generally, your debt-to-income ratio should not be above 50%.
Anyone who meets the eligibility criteria set by the lender can be eligible for a personal loan of Rs. 1 lakh.
Whether you can get a Rs. 15,000 salary loan 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 Rs. 10 lakh personal loan. It generally includes a stable high income, strong credit score, and a clear repayment history.
Using the Bajaj Finserv Personal Loan eligibility calculator is simple and quick. Just input your city, date of birth, monthly income, and monthly expenses. The calculator will instantly estimate the loan amount you may qualify for, helping you plan your borrowing more effectively and apply with confidence.
A personal loan eligibility calculator lets you determine the maximum loan amount you can avail based on your financial profile. It also helps identify areas where you may need to improve your eligibility to qualify for a higher loan. By checking your eligibility before applying, you reduce the risk of loan rejection and make more informed borrowing decisions.
