Personal Loan Eligibility Criteria

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Personal loan Eligibility Criteria

PayMe offers a personal loan in India to salaried and self-employed individuals and turns your imagination into reality with a personal loan. So go on your dream vacation. You've been putting off or renovating your pending home. You can make it all happen with a PayMe instant cash loan. In addition, you can utilize the personal loan EMI calculator to calculate your monthly instalments before applying for a loan.

Personal loan eligibility check criteria are mentioned below:

  • Individuals must be between 21 to 58 years.
  • Both salaried and self-employed individuals can apply for a cash loan.
  • The minimum monthly income for the applicant must be Rs. 15,000.
  • Your CIBIL score must be above 650 and above.

Factors Affecting Personal Loan Eligibility

Below are the key factors a lender considers before offering a personal loan to an individual. While these factors may vary from lender to lender when determining the borrower' eligibility:

  • Credit score: A score above 700 is considered appropriate by financial institutions. The lender does provide loans to the applicant with a low credit score but at comparatively high-interest rates. If your score is near 900, your chances of loan approval will be higher at lower interest rates.
  • Employment Type: The lenders prefer salaried individuals working in private, government, or multinational companies and self-employed people and professionals like business people, teachers, CAs, and doctors.
  • Age: Personal loans are typically made available to borrowers between the ages of 21 and 60. This score depends on a lender'.
  • Minimum income: The minimum income criteria for salaried professionals is Rs. 15,000. At the same time, self-employed individuals need to provide an ITR to the lender for income proof.

How can you improve your eligibility for a personal loan?

Multiple factors improve your loan eligibility. Following are some tips to enhance your eligibility for a personal loan:

  • Pay your credit card and loan EMIs on time: Always ensure that all your loan EMIs and credit card bills are fully paid. Timely payments will improve your credit score, enhancing your chances of having your loan approved.
  • Reduce ongoing debt: Lowering outstanding debt will reduce your burden of servicing pending loans. Furthermore, it will increase the portion of your income and the likelihood that your loan application will be approved.
  • Minimize your credit utilization: Your credit score will improve if you minimize your credit utilization ratio. In addition, when your credit score improves, prospective lenders will recognize responsible credit behavior.

Check your loan eligibility before applying for a loan to avoid any hassle. Your loan eligibility depends on various factors, including age, monthly income, and type of employment.