Personal Loan Eligibility Criteria

A personal loan is one of the most popular unsecured loan options in the market. Since you don't have to surrender assets as security or collateral, it is relatively easy to use. As opposed to product-specific loans, personal loans can be used for anything, such as paying for a vacation, purchasing a gadget, funding a wedding or home renovation, covering unexpected medical expenses, paying for your children's education, etc. It operates similarly to how most loans do. You apply for a loan, and the bank verifies your creditworthiness and then extends an offer to you. The money is deposited to your bank account when you accept it, and you can use it however you like.

IIFL Finance’s Personal Loans are one of the most sought-after loans primarily due to their customized solutions and quick disbursal. Our streamlined application process is designed to save you from mountains of paperwork. Apply online from the comfort of your own home and receive a speedy response. No lengthy waiting periods or tedious documentation is required. Plus, the interest rates are attractive and affordable, thus ensuring manageable monthly payments. Just note that you have fulfilled all personal loan eligibility criteria requirements.

To simplify the process further, we also have the Personal Loan EMI calculator to help you estimate your personal loan eligibility against your monthly income.

So, don’t let financial constraints hold you back any longer. Go ahead and apply for an IIFL Finance Personal Loan today!

Factors Affecting Personal Loan Eligibility

Personal Loan Eligibility for Salaried Person
  1. Your minimum age at the time of application should be 23 years

  2. Your maximum age at the time of loan maturity should be 60 or retirement (whichever is early)

Personal Loan Eligibility for Self-employed Person
  1. Your minimum age at the time of application should be 25 years

  2. Your maximum age at the time of loan maturity should be 65

  3. Your business should be in existence and functioning for at least three years

Personal Loan EMI Calculator

Calculate your EMI and choose the most suitable product for you

How to improve your eligibility for Personal Loan?

If you want to improve your personal loan eligibility, here are some steps you can take

Build a Good Credit History

Your credit history plays a crucial role in determining loan eligibility. Make sure you pay your bills and debts on time to establish a positive credit history. Avoid late payments, defaults, or negative marks on your credit report.

Pay off Existing Debts

Reducing your existing debt burden can enhance your eligibility for a new loan. Prioritize paying off high-interest debts and make additional payments whenever possible.

Include all your sources of Income

This will help you prove that you have the necessary resources for timely repayment. It is an important criteria as it helps to ascertain your ability to repay the loan amount.

Lower Your Debt-to-Income Ratio

Besides paying off debts, you can also improve your eligibility by lowering your debt-to-income ratio. Avoid taking on new debts before applying for a personal loan.

Maintain Stable Employment

 Avoid frequent job/business changes and strive for income stability. If you're considering a career transition, securing new employment is advisable before applying for a personal loan.

How can I apply for personal loans?

Applying for an IIFL Finance Personal Loan is very easy and can be done within minutes

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    Click on the "Apply Online" button.

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    Fill in the required details in the online application form and verify OTP sent to the entered mobile number.

  • Verify your KYC details data to check income eligibility.

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    Choose the amount you want to borrow up to ₹5 lakhs.

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    Click submit to complete your KYC.

What are the documents needed to apply for personal loans?

In order to ensure a smooth process while applying for personal loans, these are the pre-requisite documents

KYC Documents

Valid KYC through government-issued documents such as PAN Card, Aadhar Card, and Driving Licence along with a selfie.

Income Proof

Three months of bank statements for income proof


Debit Card or Net Banking details for setting up e-mandate


eSign or eStamp for quick personal loan disbursal.

Personal Loan FAQs

If you are a salaried professional, your minimum age should be 23 (while applying) and the maximum age has to be 60 or retirement age (whichever is early) at the time of loan maturity. For self-employed individuals, your age should range between 25 and 65.
A co-applicant or guarantor might help you get a personal loan if your CIBIL credit score is poor. Naturally, you will need to consult the other candidate in advance as they will also need to give signatures and complete the KYC procedures.

Yes, self-employed individuals are eligible for personal loans if they fulfill certain criteria in terms of age, income, credit-worthiness, proof of a functioning business, ability to repay etc. Each bank/NBFC has its own eligibility criteria.

Personal loan eligibility for a salaried professional considers factors such as employment details, job stability, monthly salary, whether employed with private/public/MNC firm, CIBIL score among others. Age also plays a crucial role. Ideally it ranges between 21 and 60 or retirement age (whichever is early).

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