A Personal Loan Eligibility Calculator helps you assess your loan eligibility based on your income, EMI obligations, and loan tenure. Plan your finances in seconds with Hero FinCorp, an RBI-licensed NBFC.
Personal loans are no less than saviours in times of financial distress. Simple personal loan eligibility criteria, easy application process and instant disbursement of funds make it one of the most convenient loan options. We ensure that you face no hurdles at any step. We have kept our eligibility requirements minimal so you can easily avail of a personal loan just when you need it the most.
| Eligibility Criteria | Details |
|---|---|
| Age | You must be between 21 to 58 years of age. |
| Citizenship | You must be an Indian citizen to apply for a Rs 5 Lakh Personal Loan. |
| Work Experience | Salaried applicants need 6+ months of experience; self-employed businesses must be operational for 2+ years. |
| Monthly Income | You must earn a minimum of Rs 15,000 per month to qualify for a Personal Loan. |
| Maximum Loan Amount | You can apply for the maximum loan amount of Rs 5 lakh. |
| Maximum Loan Tenure | Flexible repayment tenure up to 36 months. |
| Credit Score | A score of 700 or above is generally preferred for instant approval. |
Before applying, it’s important to review the loan eligibility criteria to see if you qualify. These usually include factors like age, income, employment type, work experience, and credit history. Once you’ve checked the basics, use Hero FinCorp’s online calculator to quickly check loan eligibility and find out the exact amount you are eligible for.
Here is a stepwise process to check your eligibility for a personal loan:
When you apply for personal loans, banks and credit bureaus check your personal loan eligibility based on several factors. These include your age, income, credit score, housing situation, financial obligations, and existing debts. Meeting the loan eligibility criteria before applying is important, as it improves your chances of getting the loan amount you are eligible for. Banks usually calculate the loan amount based on two methods:
Multiplier Method
In this method, we calculate your Personal Loan salary amount based on a predetermined multiple of your net monthly income.
FOIR (Fixed Obligations to Income Ratio)
We assess your repayment capacity using this method to check your Personal Loan eligibility. We consider your fixed expenses, including your existing EMIs, and subtract them from your monthly income. The formula is:
FOIR = (Sum of Current Obligations/Net Monthly Salary) x 100
Your debt-to-income ratio should be at most 40% to obtain a loan with favourable terms and rates.
Several factors determine your Personal Loan eligibility and EMI. Understanding them can help you plan better and manage repayments smoothly.
If your personal loan eligibility is low, don’t worry. You can take simple steps to improve it and increase your approval chances.
Before you proceed with your personal loan eligibility check, consider the following factors:
*Approval & Agreement: Loan approval is at Hero FinCorp's discretion. By applying, you agree to our Terms & Conditions, Privacy Policy, and Loan Agreement.
*Data Use: You consent to electronic processes and data use for loan assessment, as per our Privacy Policy.
*Security: Keep your account and device secure. Report our customer care for unauthorized activity immediately.
*Grievances: For concerns, refer to our Grievance Redressal Policy.
*EMI Payment: Refer to our T&Cs here*
*RBI Mandate: RBI requires transparent disclosures. Learn more from RBI.
