BANGALORE: Personal loan eligibility differs from bank to bank. It depends upon various factors and one of the main factor, is your ability to repay the loan. Banks that offer personal loans have strict eligibility criteria. For example banks assess your repayment capacity with the kind of organization you work in and even rate organizations.

If you have a healthy CIBIL score then it will help in improving your eligibility towards getting a personal loan. Since a personal loan is given out without any kind of security, or guarantor, banks can get quite tough on eligibility.

Let’s have a look at some of the basic parameters that an individual requires to apply for a personal loan:

1. Age

The first and important criteria needed for applying for a personal loan is nothing but your own age. It plays a role in personal loan eligibility and repayment capacity of an individual. Banks generally give out personal loans to salaried individuals typically between the ages of 21 to 60 years. For self employed individuals this range is from 25 to 65 years.

2. Stable Employment

If you have a stable employment then the record goes a long way to improve your eligibility for a personal loan. Eligibility of salaried individuals for applying for a personal loan is that they should have a minimum of 2 years of professional service with 1 year in current profession and a self employed person with a minimum of 5 years of total earning tenure with at least 2 years in current profession. These factors might vary from bank to bank.