Meet Personal Loan Eligibility & Let Your Aspirations Live Stronger than Ever Before

Dreams or say aspirations are very dynamic in nature. It can undergo changes with the time given the pace of innovation at the disposal. But there may be some dreams that occupy a permanent place in our mind and soul. This is what we strive hard for and make sure we are in the contention all the time.

While some would have a wish of surfing on the oceans of Barcelona, there can be many willing to buy the latest television that must have created a buzz in the market. But when you talk about the dreams that need a string of finance, invariably it's the personal loan that shows the light of the day.

Now if you are new to finance, the name personal loan may take you for a surprise. Let me explain you by saying the personal loan is a type of credit that you can avail from banks and non-banking financial companies (NBFCs) to fulfill your aspirations or even meet the contingency requirements. Even though the pond of personal loan is massive in terms of scope, still if my reasoning is right, you would require funds mainly for travelling, education, marriage, immediate cash needs, and buying a favourite car or a top-notch consumer durable product.

But to keep the tempo or say the aspirations to stay strong, it is vital you pass the test of eligibility sought by the lenders. More or less the eligibility parameters for a personal loan are same across the lenders. However, there can be few changes here and there for you to take note of. Therefore, I have chosen a moment to brief you on the eligibility criteria set by the different lenders to approve a personal loan application.

SBI Personal Loan Eligibility-

SBI offers a personal loan to both general public and government pensioners. The names under which the personal loans are offered include SBI Xpress Credit Personal Loan and SBI Pension Loan or Jai Jawan Pension Loan

Let's check out the eligibility of each of the loan types.

SBI Xpress Credit Personal Loan Eligibility-

• Both salaried and self-employed are welcome to avail the benefits of this loan.
• Net income must not be below ₹ 7,500 per month.
• Equated Monthly Installment (EMI) must not be more than 50% of the Net Monthly Income (NMI) of an applicant.

• Minimum Loan-₹ 24,000
• Maximum Loan-24 times NMI subject to a limit of ₹ 15,00,000
• Interest Rate-12.90%-14.90% p.a.
• Maximum Loan Tenure-Upto 5 Years

SBI Pension Loan/Jai Jawan Pension Loan Eligibility-

• Defence personnel or others retired from government departments are eligible for the pension loan.
• The pensioner must be within 76 years of age
• The person must be drawing the pension from either state or central accounts or has a pension account running with SBI.
• Equated Monthly Installment (EMI) must not be more than 33% of the Net Monthly Income (NMI) of an applicant.

• Minimum Loan- ₹ 25,000
• Maximum Loan-18 months' pension subject to a limit of ₹ 14,00,000
• Interest Rate-12.45% p.a.
• Maximum Loan Tenure-Upto 5 Years

ICICI Bank Personal Loan Eligibility-

One of the largest private lenders or so to speak the most prominent of all, ICICI Bank has customized its personal loan offers to suit the inherent needs of the customers. But it has also placed certain eligibility criteria for you to meet. Wanna know, what are they? Look at the below points.

• Both salaried and self-employed can walk the door or use their fingertips to apply for ICICI Bank Personal Loan.
• The salaried must have a minimum age of 23 years at the time of application, while they need to be not more than 58 years at loan maturity. For self-employed, the minimum application age is 25 years while they must not be over 65 years by the time loan expires.
• As far as income goes, salaried must earn a minimum of ₹ 17,500-25,000 with overall work experience of atleast 2 years and a year at the existing organization. Whereas, self-employed must have a minimum annual net profit of ₹ 1 lakhs-2 lakhs with a stay of atleast 5 years in the business.
• You are also required to have a minimum 1 year of association with ICICI Bank in terms of CASA (Current Account & Savings Account), or have a running loan relationship or a closed one in the last 3 years with satisfactory repayment track.

• Minimum Loan- ₹ 50,000
• Maximum Loan-₹ 20 lakhs for salaried, 30-40 lakhs for self-employed
• Interest Rate-11.59%-22% p.a.
• Maximum Loan Tenure-Upto 5 Years  

Kotak Bank Personal Loan Eligibility-

Get ready to experience an exhilarating trip to Maldives or get instant cash requirements met with Kotak personal loan. For that, you need to crack the eligibility norms of the bank. All that and more are explained below.

• The minimum age at which you can apply for a personal loan is 21 years, while the maximum time permitted at the time of loan maturity is 58 years.
• Minimum net salary of the applicant must be ₹ 25,000
• Minimum work experience should be 2 years with a year of stay in the city.   

• Minimum Loan- ₹ 50,000
• Maximum Loan-₹ 15 lakhs for salaried
• Interest Rate-11.29%-24% p.a.
• Maximum Loan Tenure-Upto 5 Years

So, keep a tap on the personal loan eligibility and plan your ways to fit into the criteria to realize your dream.