Personal Loan Credit Policy & Eligibility Rules
Personal loan eligibility: income, FOIR, CIBIL score and employment criteria used by banks and NBFCs.
How lenders evaluate applications
Personal loans are unsecured; lenders rely on income, FOIR and credit score. Minimum income and employment stability are key.
FOIR caps ensure sufficient surplus after EMIs; CIBIL score affects approval and interest rate.
Eligibility at a glance
| Parameter | Typical Requirement |
|---|---|
| Minimum Income | Often ₹15,000–₹25,000/month |
| Minimum CIBIL Score | Usually 650–750+ |
| FOIR limit | Typically 50–60% |
| Maximum loan tenure | 1–5 years |
| Employment type | Salaried preferred; some self-employed |
Policy rules
Typical personal loan underwriting criteria.
FOIR
Proposed EMI + existing EMIs as % of net income; cap usually 50–60%.
Income requirements
Minimum net salary/income; proof via salary slip and bank statement.
Credit score rules
Higher score improves approval and rate; low score may mean rejection or high rate.
Tenure
Shorter tenures (1–5 years) common for unsecured loans.
Example eligibility scenario
Sample borrower
Example inputs
- Income: ₹75,000/month
- Existing EMI: ₹10,000
- Loan amount: ₹5L
Result
Eligibility depends on FOIR and tenure
Check that proposed EMI + ₹10,000 stays within lender FOIR (e.g. 50–60% of ₹75,000).
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