A loan is given on the basis of income and age. People choose a lender on the basis of the interest rate it offers to them. Also, when you are in a world where you have so many options in front of you, confusion is quite obvious. Since different people have different repayment capacity, not each personal loan interest rate is low for everyone.
To get a personal loan, a person should go through the details such as offered interest rate and loan amount. When you have the option to compare all the lenders, you should do it. In this article, you will find the eligibility criteria for a personal loan at top banks such as SBI, Bajaj Finserv and Axis Bank.
Where Can You Get A Personal Loan?
Even though you have so many options in front of you, comparison can also be done for a few at one time. The options where you can apply for a personal loan if you match the criteria. Only if you match the criteria, you will be able to get suitable personal loan interest rate.
Personal Loan Eligibility Criteria for Bajaj Finserv
Bajaj Finserv also has a certain eligibility criteria which is as follows:
- Minimum age of the applicant-25 years
- Maximum age of the applicant-53 years
- Net monthly salary:
- ₹40,000 (Ahmedabad, Bangalore, Chennai, Coimbatore, Delhi, Faridabad, Ghaziabad, Gurgaon, Hyderabad, Kolkata, Mumbai, Noida, Pune, Surat, Thane)
- ₹35,000 (Chandigarh, Cochin, Jaipur, Nagpur)
- ₹30,000 (Aurangabad, Baroda, Bhubaneswar, Indore, Madurai, Mysore, Nasik, Trivandrum, Vijayawada, Vizag)
SBI Personal Loan Eligibility for Government Employees
This scheme is dedicated to the Pensioners and Family Pensioners (including Defence Personnel) and the loan amount of ₹14 lakhs. To apply, you must cover the below criteria set by the bank:
- The maximum age of the applicant should be 76 years
- The person must be drawing a pension from the central or state governments and have his/her pension account with SBI
- If the family pensioner is the spouse of a pensioner who is authorized to receive the pension then they too must not be over 76 years of age.
SBI Xpress Credit Personal Loan
This scheme is an ideal loan for the people who want instant money. If you are salaried or a self-employed professional, you can get this loan up to the loan amount of ₹15 lakhs. To get this loan, you must cover the below eligibility criteria:
- The applicant must be an employee of central and state government employee, Quasi-Government, Central PSUs, Profit making State PSUs, Educational Institutions of National Repute and selected corporates
- The minimum monthly income of the applicant should be ₹7,500/-
- The EMI/NMI ratio should not exceed 50
Axis Bank Personal Loan Eligibility
The eligibility criterion that an applicant has to match for a personal loan at Axis Bank is mentioned below as per the profession:
For Salaried:
- Maximum age of the applicant must be 58 years
- Minimum Net Monthly Income should be ₹15,000
- Maximum loan amount is ₹15 lakhs
- Minimum service period with current employer should be 1 year
- Good CIBIL score
For Self-employed:
- Minimum age of the applicant should be 24 years
- Maximum age of the applicant must be 65 years
- Minimum Net Annual Income should be ₹2 lakhs
- Maximum loan amount is ₹15 lakhs
- Minimum work experience in current Business or Profession should be 3 years
- Good CIBIL score
