Personal Loan Eligibility in India: Income, CIBIL Score and Documents

A personal loan is unsecured, so the lender has only your repayment record and income to rely on. That is why eligibility rules look strict, and why two lenders can give different answers for the same applicant.

The main eligibility factors

1. Age

Most banks and NBFCs lend to applicants between roughly 21 and 60 years of age (the limit is usually tied to the retirement age for salaried people). Some lenders go slightly lower or higher, so check each policy.

2. Income and employment

Every lender sets a minimum monthly income, and it often varies by city. Salaried applicants are preferred when they work for a well-known company and have been in their job for at least six months to a year. Self-employed applicants are asked for business vintage (commonly two or more years) and income tax returns.

3. Credit score

Your CIBIL score shows how you handled past credit. Scores of 750 and above are generally treated as strong. Between 650 and 750 you may still be approved, but with a higher interest rate or a lower loan amount.

4. Existing EMIs (FOIR)

Lenders add up your current EMIs and the new one and compare them to your income. This ratio is called FOIR, and most lenders keep it near 40 to 55 percent. Read our guide on what FOIR is or test your own number with the FOIR calculator.

Documents usually asked for

• Identity and address: PAN, Aadhaar, and sometimes a passport or voter ID.
• Income proof (salaried): recent salary slips and 3 to 6 months of salary-account statements.
• Income proof (self-employed): ITR for the last two years, business proof and 6 to 12 months of bank statements.
• Photograph and a signed application form.

How to improve your chances

• Pay every EMI and card bill on time for at least six months before you apply.
• Close small loans you no longer need so your FOIR drops.
• Apply for an amount your income can comfortably support. Use the EMI calculator first.
• Avoid sending many applications at once. Each formal application creates a hard enquiry on your report.
• Check your eligibility across lenders with our loan eligibility checker.

Frequently asked

Can I get a personal loan without salary slips?

Some lenders accept bank statements showing regular salary credits, but approval is easier and rates are better with salary slips.

Does the loan amount depend on my score?

Mostly on income and FOIR; the score decides whether you are approved and at what rate.

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This article is for general information only and is not financial, legal or tax advice. Interest rates, fees and rules change, so confirm current terms with the lender or the regulator before you decide. Examples use illustrative figures. Last reviewed: October 2026.