With the availability of different options in Personal Loan being provided by different financial institutions. The eligibility for such loans varies from bank to bank. However, there are common guidelines on which the all of the lenders mostly rely on while approving these loans.

Age Criteria:

• For salaried individual, the ideal age range varies from 21 to 60 years.
• For Self Employed people the ideal range varies from 25 to 65 years of age.

Employment Stability:

• For Salaried Persons, a person with a minimum experience of 3 years and 6 months in the current job is eligible.

• For Self Employed People, a person with a minimum of 5 years of business with a total ITR of 2.5 lakhs to 3 lakhs is eligible for availing Unsecured Loan.

A Financial Situation:

Present and the previous financial situation of a person are the important point while approving unsecured finance.  Some levels of income have been specified by different banks like Rs 12,000 per annum or Rs 18,000 in urban cities.

 Credit rating:

Credit History is the most critical aspect of the individual that a lender looks while approving these loans. Your loan eligibility can go down due to delay in EMI payments or credit card payments. A person with good credit rating has better chances to avail the good deal on Personal Loans.

 Employer:

Being unsecured in nature, the employer of the applicant is taken into dully consideration while deciding the loan eligibility. People working in government organizations and reputed MNC’s companies are eligible for availing the best rates of interest.

 Outstanding credit liability:

Since the Emi’s of the running loans is exempted from the monthly income, thus the eligibility can go lower. Thus, it will result in lowering the loan amount to the individual.