Personal Loan Eligibility

Personal Loan Eligibility Calculator

The amount of loan that you can avail of depends on your eligibility, i.e., your occupation, age, and income, among others. You can check the eligible loan amount using Kotak Mahindra Bank’s personal loan eligibility calculator. Just enter some simple details and check your personal loan eligibility within minutes with Kotak Mahindra Bank’s personal loan eligibility calculator.

Personal Loan Eligibility

Availing of a personal loan is easy. However, you need to meet the personal loan eligibility criteria specified by the lender to get the loan sanctioned.

Kotak Mahindra Bank offers personal loans with simple eligibility parameters. Employed individuals aged between 21 and 60 years can avail of personal loans for their financial needs.

Kotak Mahindra Bank offers personal loans ranging from Rs. 50,000 to Rs. 25 lakhs for various personal and commercial purposes. So, check your eligibility and avail Kotak Mahindra Bank’s quick personal loans.

The personal loan eligibility criteria vary across salaried and self-employed borrowers. Here’s a quick look at Kotak Mahindra Bank’s personal loan eligibility for a salaried person -

Factors Affecting Personal Loan Eligibility

Many factors might affect the personal loan eligibility criteria of borrowers. These factors are as follows:

• Age: Your age determines the amount of loan that you can avail of. If you are younger, you have a longer working life ahead of you. This factor makes you eligible for a higher amount of personal loan.
• Income: Your monthly net income is directly proportional to your eligibility. The higher the income, the higher would be the loan amount that you can receive.
• Location: People living in metropolitan cities can get a higher loan amount because of their increased expenses.
• Type of occupation: Salaried individuals make better borrowers as they have a regular source of income. In the case of self-employed borrowers, the income depends on the business performance and varies.
  As such, salaried employees have easier eligibility requirements.than self-employed borrowers. Moreover, the documents required for personal loans are also less for salaried employees.
• The reputation of the employer: For salaried borrowers, the reputation of their employer also impacts their personal loan eligibility. If you are working with a reputed company, your job is perceived to be stable, making you eligible for a higher loan amount.
• Existing debts: Existing loans reduce your repayment capacity. As such, they reduce the loan amount that you can avail.
• Credit score: Lastly, a good credit score, i.e., 700 and above, is needed to avail a personal loan. The credit score shows your creditworthiness. The higher the score, the more eligible you become to avail the loan.

General Questions

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