Can You Get a Personal Loan? Lenders evaluate several factors to determine if you are eligible for a personal loan and how much they can offer. Understanding these criteria can help you prepare a stronger application.

1. Age Most lenders require applicants to be between 21 and 60 years of age. This ensures that you are old enough to have a stable income and young enough to repay the loan during your working years.

2. Monthly Income This is a critical factor. Lenders have a minimum monthly income requirement (e.g., ₹25,000 for salaried professionals) to ensure you can comfortably pay the EMIs. A higher income generally makes you eligible for a larger loan amount.

3. Credit Score (CIBIL Score) Your credit score reflects your credit history and repayment behavior. A score of 750 or above is considered excellent and can get you better interest rates. However, at MoneyWideCapital, we specialize in helping individuals with lower scores or even no credit history (a score of 0 or -1).

4. Employment Stability Lenders prefer applicants with stable employment. This means having a total work experience of at least 2-3 years and being with your current employer for at least one year.

5. Debt-to-Income Ratio (DTI) This ratio compares your total monthly debt payments (including existing EMIs) to your gross monthly income. A lower DTI indicates that you have enough disposable income to take on new debt, improving your eligibility.

Key Takeaway While a good income and credit score are important, platforms like ours can help you find loan options even if your profile isn't perfect.