Personal loans are unsecured - so banks are stricter. Typical eligibility cap is 10-15x your net monthly income, with the EMI not exceeding 50% of monthly income (FOIR). Higher-credit-score borrowers see 20x+ eligibility; new-to-credit or low-CIBIL applicants may get less. The calculator gives a realistic estimate before you apply (and trigger a hard credit pull).
When to use this
Use to: estimate the loan you'd get for medical emergency / wedding / home renovation / education abroad, compare eligibility across SBI / HDFC / ICICI / Bajaj Finserv before applying, decide between personal loan vs credit card EMI conversion for a planned big purchase.
Frequently Asked Questions
What's the minimum credit score for a personal loan?
Most banks need CIBIL 700+ for personal loans at standard rates. 650-700 may get a loan at higher rates. Below 650 is tough - try secured options (gold loan, FD-backed loan) instead. NBFCs sometimes lend to lower CIBIL but at 20-24% interest.
Can I get a personal loan with no income proof?
Hard. Without salary slips / ITR / bank statements, banks have nothing to verify income on. Some NBFCs offer 'instant personal loans' to gig workers / self-employed using alternative data (bank transactions, GST returns), but rates are higher (16-22%). For most borrowers, getting income proof first is the path.
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