Personal Loan Eligibility Calculator 2025: Check in 2 Minutes

Every Personal Loan approval is subject to the borrower meeting the eligibility criteria. Your eligibility for a Personal Loan, however, depends on multiple factors, such as your credit score, age, salary, and existing debt. A Personal Loan eligibility calculator allows you to check your loan eligibility before you start the formal loan application process.

What is a Personal Loan Eligibility Criteria?

A Personal Loan eligibility criterion is a set of requirements that you, as a borrower, must meet to qualify. These criteria help banks and Non-Banking Financial Companies (NBFCs) assess your ability to repay the loan on time. Lenders consider many factors when deciding whether you are eligible. These include your monthly income, credit history, job stability, existing liabilities, age and previous repayment history.

By analysing these factors, lenders (Banks and NBFCs) can assess your repayment capacity and determine the maximum loan amount you can obtain. Lenders also decide whether to approve or reject a Personal Loan.

How is Personal Loan Eligibility Calculated?

Your Personal Loan eligibility is calculated based on several key parameters, such as:

• Minimum and maximum age

• Employment type (Salaried or self-employed)

• Income level (Monthly salary or business revenue)

• Credit score

• Business or employment stability

• Repayment capacity (Existing EMIs, debt-to-income (DTI) ratio, and cash flow)

• KYC documents

By evaluating these details, lenders can decide the final loan amount and loan tenure for the applicant.

Benefits of Using a Personal Loan Eligibility Calculator

Here are some benefits of a Personal Loan eligibility calculator you must know:

• Quick Results: The tool instantly provides loan eligibility results without manual calculations.

• Accurate Estimates: It helps you set realistic expectations based on your financial profile.

• Better Loan Planning: You can adjust the loan tenure and the final loan amount based on your repayment capacity.

• Time-Saving Tool: The calculator eliminates the need for repeated discussions with lenders before applying.

• Improved Approval Chances: Knowing your eligibility criteria increases the chances of loan approval.

Factors that Affect Your Personal Loan Eligibility

Here are some factors that affect Personal Loan eligibility: 

Income and Minimum Salary Required

Your monthly income and minimum salary play a significant role in determining your loan eligibility. For salaried employees, stable income from stable jobs is preferred. For self-employed applicants, consistent financial records are a must.

Credit Score and Repayment History

A good credit score shows good financial behaviour. Lenders expect a minimum credit score to assess the risk of non-payment. Your repayment history of previous loans and existing liabilities is also checked.

Age and Employment Stability

Applicants must meet the minimum age requirement and be below the maximum age limit, that is, 21 to 60 years in general. Lenders check employment stability, whether borrowers have a consistent salary or income source to support repayment.

Existing Debts and Liabilities

Existing debts, expenses, and financial obligations affect your repayment capacity, potentially increasing your debt-to-income (DTI) ratio. Hence, it is always advisable to keep the DTI ratio below 30%. Having a higher DTI ratio can reduce your chances of loan approval or limit the loan amount you can qualify for. 

Read Also: Personal Loan Eligibility & Documents

How to Use Personal Loan Eligibility Calculator

Using a Personal Loan Eligibility Calculator is simple. Here are some steps you must follow to calculate with Poonawalla Fincorp:

1. Visit the Poonawalla Fincorp website and go to the Personal Loan page.

2. Click on the Personal Loan Eligibility Calculator from the dropdown.

3. Fill in your monthly income, loan tenure, existing EMIs, age and other relevant details.

4. Click on “Apply” to see the loan amount you are eligible for.

The tool helps you quickly and accurately check Personal Loan eligibility, so you can plan the loan tenure, repayment capacity, and loan amount more effectively. Knowing your eligibility in advance allows you to make informed decisions, avoid overborrowing, and improve your chances of loan approval.

Understanding Your Loan Eligibility

Use the Personal Loan eligibility calculator to find out how much Personal Loan you can get. It considers your repayment capacity, stable income, job stability, and existing liabilities to calculate the maximum loan amount. To be eligible for the loan, here's what you need:

Note: The eligibility criteria may vary from one lender to another.

Read Also: Tips to Qualify for a Personal Loan

To Conclude

A Personal Loan eligibility calculator is a must-have for anyone who is planning to take a Personal Loan. By evaluating your monthly income, credit history, employment stability and existing debts, a lender estimates your final loan and helps you align the loan amount with your repayment capacity.

Using Poonawalla Fincorp’s Personal Loan eligibility calculator allows you to check Personal Loan eligibility quickly. It also allows you to confidently plan your loan repayments and apply for a loan amount that suits your needs.

FAQs

How accurate is a Personal Loan eligibility calculator?

A Personal Loan eligibility calculator is pretty accurate. The results, however, are as precise as your inputs.

How is Personal Loan eligibility calculated?

A lender considers your age, monthly income, CIBIL score, credit history, existing debts and repayment capability to calculate your eligibility.

What are the factors that affect personal loan approval?

Here are all the factors that affect your Personal Loan eligibility:

• Income stability

• Employment type

• CIBIL score

• Existing debt and liabilities

• Repayment history

Can self-employed individuals use a Personal Loan eligibility calculator?

Yes, self-employed individuals can use the Personal Loan eligibility calculator, but they need to provide bank statements, tax returns and proof of consistent income.

How does loan tenure impact the maximum loan amount?

Longer loan tenure reduces EMI and gives you a higher maximum loan; shorter tenure increases EMI but reduces interest paid.