Lenders specify the eligibility criteria to apply for their loans. You can apply for loan only when you qualify for the specified eligibility parameters. Some of the common eligibility criteria are as follows:

• Age
  A minimum and maximum age are specified to apply for Personal Loan. For instance, Axis Bank offers Personal Loans to individuals aged 21 years and above. The maximum age at the maturity of the repayment tenure is 60 years.
• Income
  A minimum monthly income is also required to apply for Personal Loan. With Axis Bank, the minimum monthly income criterion is ₹15,000 for existing customers and ₹25,000 for new ones.

• Employment
  Personal Loans are issued to both salaried and self-employed individuals. Salaried individuals include professionals (like doctors, engineers, etc.), non-professionals (like private and public sector employees), and government employees.
• Credit score
  A good credit score, usually 700 and above, is required to get the loan approved and sanctioned.
• Debt-to-income ratio
  This ratio measures your existing EMIs to your monthly income. Lenders prefer a low debt-to-income ratio as it shows a better repayment capacity.