What Is a Personal Loan Eligibility Calculator?
A personal loan eligibility calculator tells you the maximum unsecured loan amount a bank will approve based on your net income, existing EMI obligations, credit score, and tenure preference.
Unlike home loans secured by property, personal loans carry no collateral. The only guarantee a lender has is your income and repayment history. Lenders use two methods to quantify your eligibility: the FOIR (Fixed Obligation to Income Ratio) method and the Salary Multiplier method. This calculator uses FOIR as the primary method and shows the resulting salary multiplier as an output.
This calculator also shows live bank-wise eligibility across 9 lenders, adjusted for your CIBIL score range. This is the one feature no bank calculator offers: a neutral comparison of what each lender will approve for your specific profile.
Personal Loan Eligibility Formula
Personal loan eligibility is calculated as the maximum loan whose EMI fits within your available FOIR capacity. Once you know the eligible amount, use the Personal Loan EMI Calculator to compute the exact monthly payment at any tenure. The formula has two steps:
Step 1: Available EMI
Available EMI = (Net Monthly Salary x FOIR%) - Existing EMIsStep 2: Eligible Loan Amount
Loan = Available EMI x [(1+r)^n - 1] / [r x (1+r)^n]where r = monthly interest rate (annual rate / 12 / 100), n = tenure in months
Example: Rs 60,000 salary, Rs 10,000 existing EMIs, 11% interest, 5 years, 50% FOIR. Available EMI = (60,000 x 50%) - 10,000 = Rs 20,000. Eligible loan = Rs 9.20 lakhs. Total interest = Rs 3.38 lakhs.
The multiplier method is the shortcut: Loan = Salary x Multiplier (10x to 30x depending on bank and employer tier). Banks take the lower of FOIR-based and multiplier-based eligibility as the final amount.
How Much Personal Loan Can I Get on My Salary?
Personal loan eligibility scales directly with salary. The table below shows eligibility at each salary level at 50% FOIR, 11% interest rate, 5-year tenure, and zero existing obligations. These are the same inputs used by this calculator at default settings.
| 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 |
Add your existing EMI obligations in the calculator above to see the adjusted figure. Each Rs 5,000 of existing EMI reduces eligibility by approximately Rs 2.76 lakhs at these parameters.
Personal Loan EMI Calculator
Know your eligible amount? Calculate the exact monthly EMI for any loan amount, rate, and tenure.
Personal Loan Eligibility Criteria in India
Meeting the following criteria is necessary before applying for a personal loan. Banks assess all factors simultaneously during underwriting.
| 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 (Xpress Credit)
SBI Xpress Credit is the most accessible personal loan in India, accepting salaries as low as Rs 15,000 per month, which no major private bank matches.
Key eligibility parameters
| 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 Based on Salary
HDFC Bank is the largest personal loan lender in India by volume, processing millions of applications monthly with its industry-leading 10-second instant loan feature for pre-approved customers.
| 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 |
HDFC eligibility at Rs 50,000 salary, CIBIL 750+: available EMI at 50% FOIR is Rs 25,000; eligible loan at 10.5% for 5 years is approximately Rs 11.63 lakhs. This is higher than SBI (Rs 11.46 L) at the same salary because HDFC's lower rate makes each EMI rupee support more principal. If you are also planning a home purchase alongside a personal loan, the Home Loan Eligibility Calculator shows how both obligations together affect your total FOIR headroom.
ICICI Bank Personal Loan Eligibility Calculator
ICICI Bank offers the highest multiplier (30x) and the highest loan cap (Rs 50 lakhs) among major Indian private banks, making it the best option for high-income borrowers seeking large personal loan amounts.
| 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 |
ICICI eligibility at Rs 70,000 salary, CIBIL 750+: FOIR method at 10.75% for 5 years gives approximately Rs 16.09 lakhs. Multiplier method gives Rs 21 lakhs (30x). ICICI will run both calculations and sanction the lower amount. For this salary, the FOIR-based figure (Rs 16.09 L) is typically the binding constraint.
Axis Bank Personal Loan Eligibility
Axis Bank offers the lowest starting interest rate (10.49% p.a.) among major banks, making it a strong option for borrowers with CIBIL scores above 750 in the Burgundy or Prestige customer tier.
| 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 |
Axis eligibility at Rs 50,000 salary, CIBIL 750+: available EMI at 50% FOIR is Rs 25,000; eligible loan at 10.49% for 5 years is approximately Rs 11.63 lakhs, the highest of any major bank at this salary level because of the lowest rate. This is shown live in the Bank Comparison panel in this calculator.
Credit Score Impact on Personal Loan Eligibility
Your CIBIL score affects both approval and the interest rate offered, which directly changes your eligible loan amount through the FOIR calculation. The table below quantifies 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%) |
Improving your CIBIL score from 700 to 750 reduces your rate by approximately 1.5 per cent, which on a Rs 10 lakh loan for 5 years saves Rs 42,000 in total interest. It also changes your loan status from "conditional approval" to "instant approval" at most banks. Before applying, use the Debt-to-Income Ratio Calculator to confirm your total obligations stay within the bank's FOIR limit.
Personal Loan Eligibility for Self-Employed Individuals
Self-employed individuals can get personal loans, but the criteria differ significantly from salaried applicants because income is variable and harder to verify through payslips alone.
Banks use the average net profit from the last 2 to 3 years of IT returns as the income base, divided by 12 to get a monthly figure. They do not use gross revenue or turnover. A business with Rs 60 lakh turnover but Rs 10 lakh net profit is assessed on the Rs 10 lakh figure: approximately Rs 83,333 per month as effective income.
| 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 in India
NRIs can apply for personal loans in India, primarily from HDFC Bank, ICICI Bank, Axis Bank, and SBI (through NRI branches). The loan is typically disbursed into an NRO or NRE account and must be used for India-based expenses.
| 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 personal loans are assessed on Indian income or a co-applicant's income, not on foreign earnings alone. If you have a resident Indian family member with regular income, adding them as a co-applicant typically unlocks better terms and faster approval.
How to Calculate Personal Loan Eligibility in Excel
Excel's built-in financial functions replicate the FOIR calculation exactly. Use the formulas below with your income in cell 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 a stream of equal payments, which is exactly what an EMI represents. Note the negative sign before the available EMI: Excel's convention treats outgoing payments as negative. The result is the maximum loan principal that the available EMI can repay at the given rate and tenure.
Documents Required for Personal Loan
Documents required vary between salaried and self-employed applicants. Pre-approved loans for existing customers at HDFC, ICICI, and SBI may require zero documents, with the bank using existing records.
| 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 Improve Personal Loan Eligibility
Improving personal loan eligibility comes down to three levers: reducing existing obligations, improving the rate offered (via CIBIL improvement), and adding income (via co-applicant or tenure extension).
- 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 last ITR. The calculator adds a 1.5% rate premium automatically for self-employed profiles.
- CIBIL Score Range: Select the range that matches your current CIBIL score. This adjusts the rate used in the bank comparison and the eligible amount output in real time.
- FOIR Cap: Set to 50% by default, which is the standard. Move it to 40% for a conservative estimate or 55% if your bank has confirmed a higher cap for your employer category.
- Amortization Schedule: Click "View Amortization Schedule" below the results to see the full month-by-month breakdown of principal and interest for the eligible loan amount.
- Bank Comparison: The sidebar table shows your eligible loan at each of the 9 banks at their actual base rates, adjusted for your selected CIBIL score range. The bank with the lowest rate gives the highest eligible amount.
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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.