Personal Loan Eligibility: Who Can Apply?

Every lender has its own eligibility criteria, but most look at a few common aspects: age, income, employment type, credit score, and existing EMIs. Typically, salaried applicants need to be between 21 and 60 years with a stable income from a reputed employer.

Self-employed professionals and business owners may have a different set of norms, where lenders assess business stability, turnover, and vintage through bank statements and financials. A longer and consistent track record improves your chances.

Your fixed obligations, such as existing EMIs and credit card dues, are compared with your income to calculate the FOIR (Fixed Obligation to Income Ratio). A lower FOIR generally indicates better repayment capacity.

Meeting the minimum criteria does not guarantee approval, but it ensures your application is seriously considered. To strengthen your profile, maintain a good credit score, avoid frequent job changes, and keep your EMIs within a comfortable share of your income.