PERSONAL LOAN (Unsecured)

Citizenship / Residency

• Applicant must be an Indian resident

• NRIs may be eligible as per bank policy

Age

• Minimum: 21 years

• Maximum: 58–60 years at loan maturity (some banks allow up to 65)

Employment / Income Type

• Salaried individuals (government, PSU, private sector)

• Self-employed professionals / business owners

Minimum Income

• Salaried: Generally ₹15,000 – ₹25,000 per month (varies by bank & city)

• Self-employed: Stable income with regular profits

Work / Business Experience

• Salaried: Minimum 6–12 months in current job

• Total experience: Usually 1–2 years

• Self-employed: Minimum 2–3 years business continuity

Credit Score (CIBIL)

• Preferred 700 or above

• Clean repayment history with no major defaults or settlements

Loan Amount Eligibility

• Based on income, credit profile, and repayment capacity

• EMI usually limited to 40–50% of monthly income

Banking Relationship

• Existing salary account or relationship with bank may improve eligibility

Existing Liabilities

• Other EMIs, credit cards, and debts considered during assessment

Purpose of Loan

• Personal expenses (medical, education, travel, marriage, etc.)

• Speculative or illegal purposes not permitted

Guarantee / Collateral

• No collateral required

• Personal guarantee implied through loan agreement