What is a personal loan eligibility calculator?
Checking your personal loan eligibility online helps you determine the loan amount you qualify for based on key factors such as monthly income, expenses, city of residence, and date of birth. By entering these details, you can evaluate your eligibility, plan your borrowing effectively, and simplify the loan application process for a smooth 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
Check your personal loan eligibility online for loans of up to Rs. 55 lakh. Personal loan eligibility for a salaried person depends upon several key factors. Anyone who meets the five basic criteria listed below can apply for our personal loan. If you meet all the loan eligibility criteria, you will require a set of documents to complete the application process. Check our loan eligibility criteria before applying.
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.
Benefits of personal loan eligibility calculator
Using an online personal loan eligibility calculator offers several advantages for borrowers:
Provides a quick and easy way to check loan eligibility based on factors like income, expenses, and credit score.
Helps assess how much you can borrow responsibly, reducing the risk of overcommitting financially.
Offers instant results, allowing for better financial planning before applying for a loan.
Supports informed and confident decision-making, increasing the chances of loan approval on favourable terms.
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
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.
To calculate personal loan eligibility, lenders primarily assess factors like your income, credit score, debt obligations, employment stability, and age. These factors help determine your repayment capacity, creditworthiness, and the risk associated with lending.
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.
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. With a Bajaj Finserv Personal Loan, you can apply for a maximum amount of 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.
In the calculator section of this page, enter your city, date of birth, monthly income, and monthly expenses. You will instantly see an estimate of the loan amount you can borrow, calculated from the provided inputs.
