What Is Personal Loan Eligibility?
Personal loan eligibility is the maximum unsecured amount a bank will approve based on your income, existing obligations, and credit score. Unlike home loans, no collateral is required, so your income and repayment history are everything.
Banks use two methods to calculate eligibility: FOIR (Fixed Obligation to Income Ratio) as the primary method and Salary Multiplier as a secondary check. This calculator shows both methods and compares 9 banks in real time, showing what each lender will actually approve for your specific CIBIL score.
How Much Personal Loan Can I Get?
Personal loan eligibility scales directly with salary. Below shows what you can borrow at 50% FOIR, 11% interest, 5-year tenure, and zero existing obligations. Add your own income and existing EMIs to the calculator above for your exact figure.
| Monthly Salary | EMI Capacity (50%) | Eligible Loan | Multiplier |
|---|---|---|---|
| Rs 12,000 | Rs 6,000 | Rs 2.76 L | 23.0x |
| Rs 15,000 | Rs 7,500 | Rs 3.45 L | 23.0x |
| Rs 17,000 | Rs 8,500 | Rs 3.91 L | 23.0x |
| Rs 20,000 | Rs 10,000 | Rs 4.60 L | 23.0x |
| Rs 23,000 | Rs 11,500 | Rs 5.29 L | 23.0x |
| Rs 25,000 | Rs 12,500 | Rs 5.75 L | 23.0x |
| Rs 27,000 | Rs 13,500 | Rs 6.21 L | 23.0x |
| Rs 30,000 | Rs 15,000 | Rs 6.90 L | 23.0x |
| Rs 31,000 | Rs 15,500 | Rs 7.13 L | 23.0x |
| Rs 32,000 | Rs 16,000 | Rs 7.36 L | 23.0x |
| Rs 35,000 | Rs 17,500 | Rs 8.05 L | 23.0x |
| Rs 40,000 | Rs 20,000 | Rs 9.20 L | 23.0x |
| Rs 50,000 | Rs 25,000 | Rs 11.50 L | 23.0x |
| Rs 70,000 | Rs 35,000 | Rs 16.09 L | 23.0x |
| Rs 1,00,000 | Rs 50,000 | Rs 23.00 L | 23.0x |
Each Rs 5,000 of existing EMI reduces eligibility by approximately Rs 2.76 lakhs at these parameters. Use the calculator above to adjust for your actual situation.
How Is Eligibility Calculated?
Banks use the FOIR (Fixed Obligation to Income Ratio) method as the primary calculation. Available EMI equals (Net Salary x FOIR%) minus existing EMIs. The eligible loan is the maximum principal whose monthly EMI equals this available amount.
Example: Rs 30,000 salary, zero existing EMIs, 50% FOIR cap. Available EMI = Rs 15,000. At 11% for 5 years, this supports a loan of approximately Rs 6.90 lakhs.
Need to calculate EMI?
Use the Personal Loan EMI Calculator for exact monthly payments at any loan amount or rate.
Personal Loan Eligibility Criteria
All banks assess these criteria during underwriting. Meet the minimums and you qualify for consideration.
| Criterion | Salaried | Self-Employed |
|---|---|---|
| Age | 21 to 60 years at loan maturity | 25 to 65 years |
| Minimum Income | Rs 15,000/month (SBI), Rs 25,000/month (HDFC, ICICI, Axis) | Rs 25,000/month average net profit (from ITR) |
| Work Experience | 1 year total; 6 months at current employer | 3 years in same business |
| CIBIL Score | 750+ for best rates; 700 minimum at most banks | 700 minimum; stricter scrutiny |
| Employment Type | Government, PSU, MNC, listed private company | Proprietor, partnership, private limited company |
| FOIR Cap | 40% to 55% of net monthly income | 40% to 45% of net monthly income |
| Loan Tenure | Up to 5 years (some banks 6 to 7 years) | Up to 5 years |
| Maximum Loan | Up to Rs 50 lakhs (ICICI); Rs 20 to 40 lakhs at most banks | Up to Rs 25 to 30 lakhs at most banks |
SBI Personal Loan Eligibility
SBI Xpress Credit accepts salaries as low as Rs 15,000 per month, lower than any major private bank. The interest rate is 11.15% for government and PSU employees, higher for others.
| Parameter | Details |
|---|---|
| Minimum monthly income | Rs 15,000 (one of the lowest in the market) |
| Interest rate | 11.15% p.a. onwards (best for government employees) |
| Maximum loan amount | Rs 20 lakhs to Rs 30 lakhs depending on employer category |
| Salary multiplier | Up to 24x net monthly income |
| Maximum tenure | 72 months (6 years) for select salary account holders |
| Who qualifies | Central/state government, defence, PSU, and select corporate employees with SBI salary account |
SBI eligibility at Rs 30,000 salary: available EMI at 50% FOIR is Rs 15,000; eligible loan at 11.15% for 5 years is approximately Rs 6.82 lakhs. SBI's 24x multiplier gives a ceiling of Rs 7.2 lakhs. The lower of the two (FOIR-based Rs 6.82 L) is the final sanction.
HDFC Bank Personal Loan Eligibility
HDFC Bank is India's largest personal loan lender and offers 10-second instant loans for pre-approved salary account holders. Minimum salary is Rs 25,000 (Rs 50,000 in top metros). Interest rate starts at 10.5% for CIBIL 750+ in Super A category jobs.
| Parameter | Details |
|---|---|
| Minimum monthly income | Rs 25,000 (Rs 50,000 in top metro cities like Mumbai, Delhi NCR) |
| Interest rate | 10.5% p.a. for CIBIL 750+ (Super A employer category) |
| Maximum loan amount | Rs 40 lakhs |
| Salary multiplier | Up to 27x net monthly income |
| Employer categories | Super A (MNCs, Big 4, top IT firms), Cat A, Cat B, Cat C; lower category = higher rate |
| Best for | Existing HDFC salary account holders; instant pre-approved disbursal in 10 seconds |
At Rs 50,000 salary with CIBIL 750+: available EMI is Rs 25,000, which supports approximately Rs 11.63 lakhs at 10.5% for 5 years. This is higher than SBI because the lower rate makes each EMI rupee go further. Existing HDFC salary account holders get instant approval within seconds.
ICICI Bank Personal Loan Eligibility
ICICI Bank offers the highest multiplier (30x) and highest loan cap (Rs 50 lakhs) among major private banks. Minimum salary is Rs 25,000. Interest rate starts at 10.75% for CIBIL 750+. Pre-approved loans available for existing ICICI salary account holders.
| Parameter | Details |
|---|---|
| Minimum monthly income | Rs 25,000 (standard); Rs 30,000 in some cities |
| Interest rate | 10.75% p.a. for CIBIL 750+ |
| Maximum loan amount | Rs 50 lakhs (highest cap among major banks) |
| Salary multiplier | Up to 30x net monthly income |
| Instant loan | Pre-approved in seconds for existing ICICI Millennia and ICICI salary account holders |
| Tenure | Up to 72 months (6 years) for select profiles |
At Rs 70,000 salary with CIBIL 750+: FOIR method at 10.75% for 5 years gives Rs 16.09 lakhs. Multiplier method gives Rs 21 lakhs (30x). ICICI approves the lower amount, so FOIR-based Rs 16.09 lakhs is typically the final approval.
Axis Bank Personal Loan Eligibility
Axis Bank offers the lowest starting rate (10.49% p.a.) among major banks for CIBIL 750+ in Burgundy or Prestige tier. Minimum salary is Rs 25,000. Maximum loan is Rs 40 lakhs with up to 27x multiplier.
| Parameter | Details |
|---|---|
| Minimum monthly income | Rs 25,000 |
| Interest rate | 10.49% p.a. for CIBIL 750+ (Burgundy / Prestige tier); higher for standard applicants |
| Maximum loan amount | Rs 40 lakhs |
| Salary multiplier | Up to 27x net monthly income |
| Tenure | Up to 60 months (5 years) |
| Best for | Axis Bank salary account holders; Axis Burgundy customers get higher multipliers |
At Rs 50,000 salary with CIBIL 750+: available EMI is Rs 25,000, which supports Rs 11.63 lakhs at 10.49% for 5 years. This is the highest among major banks at this salary because Axis has the lowest rate.
CIBIL Score Impact on Eligibility
Your CIBIL score controls both approval odds and the interest rate offered. A better score directly increases your eligible loan amount because the FOIR calculation uses your actual rate. Below shows the impact at Rs 50,000 salary, 5-year tenure.
| CIBIL Score | Est. Rate (HDFC) | Eligible Loan | Approval Likelihood |
|---|---|---|---|
| 750+ | 10.50% | Rs 11.63 L | High (instant pre-approval possible) |
| 700-749 | 12.00% | Rs 11.15 L | Moderate (approval likely, higher rate) |
| 650-699 | 14.00% | Rs 10.56 L | Low (private banks may reject; NBFC likely) |
| Below 650 | 16.50%+ | Rs 9.86 L | Very low (most banks reject; NBFC at 18-24%) |
Moving from 700 to 750 reduces your rate by about 1.5%, saving Rs 42,000 in total interest on a Rs 10 lakh, 5-year loan. It also changes your status from conditional approval to instant approval at most banks.
Self-Employed Personal Loan Eligibility
Self-employed applicants face stricter criteria because income is variable. Banks use average net profit from the last 2 to 3 years of ITRs (not gross revenue) divided by 12. A business with Rs 60 lakh turnover but Rs 10 lakh net profit is assessed on Rs 83,333 per month.
| Factor | Salaried | Self-Employed |
|---|---|---|
| Income proof | Salary slips (3 months) | ITR for 2 to 3 years + CA-certified P&L |
| Income used | Net take-home salary | Average net profit from ITR / 12 |
| Business continuity | Not required | Minimum 3 years in same business |
| FOIR cap | 40% to 55% | 40% to 45% (stricter) |
| Interest rate premium | 0% (base rate) | +1% to 2% above salaried rate |
| CIBIL minimum | 700 (some banks 750) | 700 to 750 (stricter scrutiny) |
| Max tenure | Up to 6 to 7 years | Up to 5 years at most banks |
NRI Personal Loan Eligibility
NRIs can borrow from HDFC, ICICI, Axis, and SBI through NRI branches. Loans are disbursed into NRO or NRE accounts and must be used for India-based expenses only. You typically need an India-based co-applicant.
| Criterion | Requirement |
|---|---|
| Residency | Non-Resident Indian (NRI) or Person of Indian Origin (PIO) |
| Age | 21 to 60 years at loan maturity |
| Minimum income | Equivalent of Rs 40,000 to Rs 60,000 per month in foreign currency (country-specific) |
| India-based co-applicant | Required by most banks; must be a resident Indian with income |
| Employment | Minimum 2 years abroad with current employer; government or MNC employment preferred |
| Account requirement | Active NRE or NRO account with the lending bank |
| Interest rate premium | 0.5% to 1% higher than resident rates |
| Loan purpose | Must be for India-based expenses (medical, marriage, home renovation); cannot be remitted abroad |
NRI loans are assessed on Indian income or a co-applicant's income, not foreign earnings. A resident Indian co-applicant with regular income typically unlocks better terms and faster approval.
Personal Loan Eligibility Formula for Excel
Use Excel's PV and PMT functions to replicate FOIR calculations. Enter income in A2, existing EMIs in B2, annual rate in C2, and tenure in years in D2.
| Calculation | Excel Formula |
|---|---|
| Available EMI (50% FOIR) | =A2*50%-B2 |
| Eligible loan amount | =PV(C2/12, D2*12, -(A2*50%-B2)) |
| Monthly EMI for the loan | =PMT(C2/12, D2*12, -E2) where E2 = eligible loan from above |
| Total interest payable | =PMT(C2/12, D2*12, -E2)*D2*12-E2 |
| Salary multiplier (x income) | =E2/A2 |
The PV function computes the present value of equal payments (your EMI stream). Note the negative sign: Excel treats outgoing payments as negative. The result is the maximum loan the available EMI can support.
Documents Required for Personal Loan
Document requirements vary by employment type. Pre-approved loans at HDFC, ICICI, and SBI may need zero documents for existing customers.
| Document Type | Salaried | Self-Employed |
|---|---|---|
| Identity proof | PAN card (mandatory) + Aadhaar / passport / voter ID | PAN card (mandatory) + Aadhaar / passport |
| Address proof | Aadhaar / utility bill / rental agreement / passport | Aadhaar / utility bill / business address proof |
| Income proof | Last 3 months salary slips | ITR for last 2 to 3 years (with computation) |
| Bank statement | Last 6 months showing salary credits | Last 6 months business + personal account statements |
| Employment proof | Offer letter / Form 16 / appointment letter | GST registration / trade license / CA certificate |
| Additional | Form 16 (for large loans) | CA-certified P&L statement, balance sheet |
How to Increase Your Eligibility
Three ways to boost your eligible loan: close existing loans, raise your CIBIL score, or add a co-applicant. Each has a measurable impact.
- Close small existing loans first. Each Rs 5,000 EMI you eliminate adds approximately Rs 2.76 lakhs of personal loan eligibility at 11% for 5 years. A Rs 10,000 monthly car EMI that you pre-close frees up Rs 5.52 lakhs of headroom.
- Raise your CIBIL score above 750. A CIBIL score of 750+ unlocks the best rate at every bank. Moving from 700 to 750 cuts your rate by 1 to 1.5 per cent. On a Rs 10 lakh loan for 5 years, that saves Rs 30,000 to Rs 42,000 in total interest.
- Extend the tenure. Increasing tenure from 3 years to 5 years reduces monthly EMI by 20 to 25 per cent, allowing you to borrow more for the same EMI capacity. At Rs 15,000 available EMI at 11%, 3-year tenure supports Rs 4.44 lakhs; 5-year tenure supports Rs 6.90 lakhs.
- Apply at your salary account bank. Banks apply preferential FOIR caps and rates for salary account holders. HDFC Bank, SBI, and ICICI Bank all offer better terms and faster processing to applicants whose salary is credited with them.
- Add a co-applicant. A working spouse or parent as co-applicant combines both incomes for the FOIR calculation. A co-applicant earning Rs 30,000 with no obligations adds approximately Rs 6.90 lakhs to joint eligibility.
If you own a business, the Business Loan Eligibility Calculator may unlock higher amounts with a different assessment framework than personal loans.
How to Use This Calculator
- Employment Type: Salaried or self-employed. For self-employed, enter average monthly net profit from your ITR.
- CIBIL Score: Select your score range. This adjusts rates and eligible amounts in real time.
- FOIR Cap: Default is 50%. Move to 40% for conservative or 55% if your bank confirmed a higher limit.
- Bank Comparison: The sidebar shows eligible loan amounts at 9 banks at their base rates, adjusted for your CIBIL score.
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Frequently Asked Questions
Disclaimer: All results are indicative estimates only and do not guarantee loan approval or any specific loan amount. Personal loan eligibility is subject to lender underwriting, CIBIL bureau assessment, employment verification, and other factors assessed by each bank. Interest rates, multipliers, and maximum loan amounts shown are indicative based on publicly available information as of June 2026 and are subject to change. This tool is for financial education and planning purposes only and does not constitute financial advice. Consult your bank or a SEBI-registered financial advisor before applying.