A personal loan is an unsecured loan that offers instant funds to individuals, that can be used for any purpose. While getting a personal loan is easy, there is an eligibility criterion, that one must follow to get the loan approved. 

Eligibility criteria for personal loan apply 

1. The applicant must be a resident citizen of India. 
2. The applicant must be between 21 to 60 years of age. 
3. The applicant must be either a salaried employee of a private limited company or a public sector undertaking or self-employed.
4. The applicant must have a minimum income, which depends on various criteria like an individual’s credit record, relationship with the bank, etc.
5. The applicant must be employed for at least 2 years/in business.
6. The applicant must have a credit score of over 700. 

These are some of the criteria, that are necessary or getting a loan, but not the only one for personal loan apply. The minimum salary is an important criterion which has the following points:

1. For salaried individuals: If the applicants are residing in Mumbai or Delhi the minimum income must be Rs 25,000. 
2. If the applicants are residing in some other city except Mumbai or Delhi, the minimum income must be Rs 20,000. 
3. For self-employed applicants, the minimum yearly profit after tax is determined based on the profession/industry the applicant is working in. 

Conclusion

These eligibility criteria are not just for qualifying for a personal loan, but also help in determining the loan terms. So, if you are wondering what is the interest rate on a personal loan, then your loan application will answer that for you.

Additional Read: Everything You Need To Know About Pre-approved Personal Loan