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Check Personal Loan Eligibility

Finnable offers personal loans to salaried individuals through a quick and easy process. However, before applying for a personal loan, you must check your eligibility for a personal loan.

At Finnable, we also have created a personal loan eligibility calculator, so you can easily check if you meet the requirements before applying for a loan.

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Money borrowing has now become more convenient and faster. In today’s modern financial market, you can easily get a personalized loan within just a few minutes. Almost every bank these days offers personal loans for salaried individuals. Here at Finnable, you can easily get a personal loan and can know your personal loan eligibility with just a few clicks. We fully understand the needs of our customers, which is why we offer many types of loans, including wedding loans, business loans, car loans, travel loans, education loans, home renovation loans, medical loans, etc. 

In just a few minutes, you can easily apply for a personal loan and get your loan sanctioned. Finnable is one of the top personal loan finance companies in India that offers various personal loans at a much cheaper interest rate. However, before you apply for a personal loan, you must check personal loan eligibility. At Finnable, you can easily check personal loan eligibility in just 2 minutes using our personal loan eligibility calculator. If you want to know how to use our personal loan calculator, read this article.

Simple 3 Step process to check your Personal Loan Eligibility

Free credit score check process

Personal Loan Eligibility Check 

Personal loans are short to medium-term unsecured loans granted to a salaried individual. Personal loans do not have any end-use restrictions except for speculative purposes. So you can easily get a personal loan for any reason such as a wedding, education, travel or home renovation, vehicles, etc. To avail of a personal loan, you need to meet some eligibility criteria and submit the necessary documents in order to process the personal loan. The reason why personal loans are more popular among many money borrowers is that it has a shorter repayment tenure, from 1 to 5 years.

Getting a personal loan is a one-stop solution for all your financial crises. Personal loans are easy to avail of and have a faster approval process with zero collateral needs and no end-use restrictions. You can easily get an instant loan if you match some standard eligibility criteria. Every bank has different personal loan eligibility criteria for different individuals. These criteria determine your creditworthiness and pay out the loan amount accordingly. Here is a list of common eligibility criteria for granting personal loans. 

  • Applicants must be residents of India.
  • Individuals must have stable income status at a public/private company. 
  • He or she must be 21 years old and above. 
  • Individuals must have a CIBIL score of 700 or above.

Personal Loan Eligibility Calculator 

When it comes to personal loan calculators, different lenders use different methods to calculate loan eligibility. That’s why it’s very important for any individual who is applying for personal loans to check their eligibility since it not only helps them to find the right lender but also they can know how much money they are qualified to borrow. Usually,  loan eligibility is calculated based on the individual’s fixed monthly income status. 

Some lenders use the FOIR (Fixed Obligations to Income Ratio) method to calculate personal loan eligibility and the borrower’s repayment tenure. The formula for calculating a lender’s eligibility via FOIR is – 

  • FOIR = (Sum of Existing Obligations/Net Take Home Monthly Salary) * 100

Using this method borrowers can also calculate EMI payouts. The net Monthly Income method (NMI) is also another best way to calculate a borrower’s eligibility. Here, lenders calculate the maximum loan amount with the help of a  multiplier that depends on the net monthly income of borrowers. Using NMI, you can get a loan principal of up to 30 times your net monthly income. 

How to Check Personal Loan Eligibility?

It’s very important to check your loan eligibility before applying for a personal loan. At Finnable, you can easily check personal loan eligibility using our personal loan eligibility calculator just within 2 minutes. You simply need to follow only three easy steps. 

Step 1– Login: Go to Finnable and log into your Finnable account. 

Step 2– Profile details and PAN: Click on the “apply now” option below to check your personal loan eligibility. There you can submit all your details and PAN Card details. 

Step 3– Check loan eligibility: Now just simply click on the “Check loan eligibility” option and you can see your eligibility details and whether you are eligible for a personal loan or not. 

Factors that Affect Personal Loan Eligibility 

The following are the five factors that can affect your personal loan eligibility. They are as follows:

Credit score: 

Your credit score is one of the main factors that can affect your personal loan eligibility. If you have a credit score of 700 or above, you will be considered more financially stable and easily get a personal loan. That’s why banks and NBFCs prefer to lend personal loans to individuals with good credit scores. If you have a good credit score, then you can also avail many interest-rate discounts and offers. Finnable offers personal loans to those individuals who have a credit score of 700 or above. We always recommend our applicants to keep a good credit score close to 900 if possible. Although, we do offer personal loans to those who have a lower credit score as well. 

Employer reputation: 

Many banks offer personal loans to salaried and self-employed applicants. However, applicants who have a stable income can get a lower interest than self-employed applicants. Usually, Government employees are the most preferred followed by reputed corporates and MNCs. Applicants’ reputation is also one of the many factors that can affect their personal loan eligibility. For salaried individuals, if you have better work experience and have been a good employee for your company, you can easily get a recommendation from your company that can make your personal loan much easier to avail. Finnable offers personal loans to only salaried individuals. 

Age: 

Age is among the most key factors that can determine whether you are eligible for a personal loan or not. Age determines your financial stability. If you are too young or too old, then you will not be able to apply for a personal loan. Many banks have a standard for applicants who wish to apply for a personal loan. If you are older than 60, you will no longer be eligible for taking a personal loan. Usually, you can get personal loans if you are in the age group between 21 to 60 years.

Income: 

Income is the most vital factor that determines your personal loan eligibility. When you are taking a loan, you need to have the financial stability to fully repay the loan amount with interest. If you don’t have a stable source of income, you will not be granted a personal loan. For salary individuals, the minimum salary requirement set at Finnable is Rs. 15,000 or above.

Repayment tenure:

Most banks usually sanction personal loans to those with an EMI/NMI ratio of less than 50% to 55%. Also, the proposed loan cannot exceed 50% of the applicant’s annual income. 

Documents Required for Personal Loan Eligibility

For those who wish to apply for a personal loan, there are some standard requirements of necessary documents that need to be submitted at the time of application. 

  • PAN Card
  • Identity proof
  • Address proof
  • Signature Proof (PAN card, Passport, etc.)
  • Salary slips for the last month
loan application step one: login to finnable
credit score check step 2
Check Loan eligibility

Learn with Finnable

FAQs

To avail a personal loan from Finnable, your monthly salary needs to be more than Rs.
20,000/-. You can avail a loan starting from Rs 50,000 to Rs 10 lakhs through Finnable.
However, you will need to keep in mind that the higher your monthly salary, the higher your
personal loan amount. If you feel that your salary may not be sufficient to get you a loan of
your required amount, then you can take a joint loan or avail a personal loan with a family
member as a co-applicant.

There are a few factors that affect your personal loan eligibility:
1. Income: You will need to have a monthly income of at least Rs. 20,000.
2. Employer: You can avail a loan through Finnable if you are employed in a private or public
limited company. 
3. Credit score: A low credit score will affect your personal loan eligibility as it hampers your
chances of availing a personal loan. However, Finnable disburses personal loans with low
cibil score

Use a personal loan EMI calculator online to calculate personal loan interest and principal amount components that you need to pay every month.

You can repay your personal loan through flexible repayment schedules. Prepayments are possible
after 6 months of availing the loan. Borrowers can prepay in any way they want, either in one go or
by increasing their monthly EMI amounts. 
Foreclosure or prepayment of your personal loan beyond 6 months the charges will be :
After 6 months - 4.5%
6-12 months - 4%
12-24 months - 3.5%
24-36 months - 3%
Prepayment can be done by all online methods including, bank transfer methods like, NEFT,
RTGS, IMPS, Credit or Debit card or even UPI as a mode of payment.

Personal loan eligibility lets you know if you are eligible to avail a personal loan. Use our
personal loan eligibility calculator and add your detail like Monthly income, loan amount,
loan tenure, birth date, etc. to check your personal loan amount eligibility.

The amount of personal loan you can get depends on your monthly salary or your annual income. Other factors like existing loan repayment obligations and co-applicants income (if any) can also affect your loan. Best on your income, you can apply for a personal loan, but it cannot exceed 50% of your total income. Many banks and NBFCs also consider EMI/NMI ratio (not more than 50-55%) to calculate your loan amount eligibility. In Finnable, to avail of a personal loan, the minimum monthly salary needs to be more than Rs. 15,000. If you match all the criteria, you can easily get a personal loan between Rs 50,000 to Rs 10 lakhs

The following are the factors that can affect your eligibility:

  • CIBIL score and credit history
  • Stable monthly or annual income
  • The reputation of the employer in his company
  • Age and residential address
  • Repayment tenure

In order to avail of a personal loan, it's very important to check your personal loan eligibility beforehand. It's a must-check step in the process of a personal loan application. Checking your loan eligibility can tell you whether you're eligible to take a loan or not.

You can easily check your personal loan eligibility at the Finnable website just in 3 simple steps. Following are the three steps to check your personal loan eligibility.

Log in
Personal details and PAN
Check loan eligibility

At Finnable, you can easily check personal loan eligibility free of any cost.