What is the Minimum Age Required to Get a Personal loan?

Easy availability and unsecured nature make a personal loan for self-employed and salaried borrowers the best choice in financial emergencies. However, borrowers need to meet basic eligibility criteria to get a personal loan from any lender. The eligibility criteria such as the age of the applicant, income, employment status and FOIR (fixed obligation to income ratio) etc. vary from lender to lender.  

What is the minimum age required for a personal loan?

While assessing your application for a personal loan, first of all, lenders look at your age. Your age plays a very important role; it also affects the loan amount you can get and interest applicable. Age limit varies from lender to lender. Here are the age limit other basic criteria required by leading lenders.  

Lender	Age limit	Work experience	Minimum income (per month)	CIBIL Score
State Bank of India	21 – 76 years	Varies from loan scheme	Rs. 10,00	750+
HDFC Bank	21 – 60 years	Minimum 2-year experience	Rs.  20000 for individuals residing in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)Rs. 15,000 for the rest	750+
Punjab National Bank	21 – 75 years	Doctors practising continuously at the current residence for at least 2 years Except for doctors, depends on the bank’s policy	Monthly income should be at least Rs. 15,000 in metro cities, Rs. 12,500 in urban centres, and Rs. 10,000 in semi-urban and rural centres	750+
Axis Bank	21 years to 60 years	Depends on borrower to borrower	Rs. 15,000	750+
ICICI Bank	23 – 58 years for salaried employees; 25 – 65 for self-employees	Minimum 2-year experience	For salaried: Resident of Mumbai & Delhi Rs. 25,000Resident of Chennai, Hyderabad, Bangalore, Pune and Kolkata Rs. 20,000. For others Rs. 17,500Self-employed non-professional: Minimum turnover of Rs. 40 lakh For self-employed non-professional: Minimum turnover of Rs. 15 lakh for professionals	750+
Bajaj Finserv	For salaried: 25 – 58 yearsFor self-employed: 23 – 55 years	2-year experience	Rs. 25,000 per Month: Goa, Lucknow, Baroda, Indore, Bhubaneswar, Vizag, Nasik, Aurangabad, Madurai, Mysore, Bhopal, Jamnagar, Kolhapur, Raipur, Trichy, Trivandrum, Vapi, Vijayawada, Jodhpur, Calicut, RajkotRs. 28,000 per month: Jaipur, Chandigarh, Nagpur, Surat, CochinRs. 30,000 per month: Ahmedabad, KolkataRs. 35,000 per month: Bangalore, Delhi, Pune, Mumbai, Hyderabad, Chennai, Coimbatore, Ghaziabad, Noida, Thane	750+
Tata Capital	22 – 58 years	1 year (at least 6 months with current company)	Minimum income Rs. 15,000 per month	750+
Kotak Mahindra Bank	From 21 – 58 years	1 year	Rs. 20,000	750+
IndusInd Bank	21 – 65 years	2 years for salaried employees5 years for self-employed individuals	For salaried: Rs. 25,000For self-employed: Rs. 4.8 lakh	750+
IDBI Bank	23 – 60 years	Subject to bank’s policy	Rs.15,000	750+
Bank of Baroda	21 – 65 years	Minimum 1-year service with the current employer For insurance agents, they should have at least 2 years of continued service	For salaried applicants: 60% of gross salary	750+
Fullerton India	21 years to 60 years	Should be working in private limited company or PSUs (including central, state, and local bodies)At least one year of work experience and should be working with the current employer for a minimum of six months	Net monthly salary should be at least Rs. 15000 and for applicants residing in Mumbai and Delhi minimum monthly salary is Rs. 20,000	750+
IIFL	25 years to 60 years	Minimum 2-year experience with at least 6 months with current employer	Rs. 35,000	750+
Indian Overseas Bank	From 21 – 60 years	Subject to terms and conditions	Rs. 5000	750+
HDBFS	21 – 65 years	For salaried: 1 yearFor self-employed: 3 years	For salaried: Rs.15,000 For self-employed: Rs.1 lakh p.a.	750+
Federal Bank	Up to 60 years	3 years in the current company	Rs. 25,000+	750+
Andhra Bank	Up to 55 years	Depends on bank’s policy	As per the loan agreement	750+
Capital First	23 – 68 years	3 years	Depends on lender’s policy	750+
RBL Bank	25 – 60 years	Total 3-year experience with a minimum 1 year of experience in the current job	For salaried individuals: 25,000	750+
UCO Bank	21 – 65 years	Minimum of 1-year experience	For salaried applicants: Rs.30,000 per month at metro cities andRs.20,000 per month for other placesFor self-employed: Rs.4 lakh per annum at all centres	750+
Karnataka Bank	21 – 58 years	Minimum 3 years of residual service	As per the terms and conditions in the loan agreement	750+
United Bank of India	Maximum 75 years	For salaried applicants: Minimum 2 years For others: As per the bank’s policy	As per the bank’s policy	750+

Note: Age limit and other criteria may vary from applicant to applicant based on the place of residence, quantum of loan, existing debt and credit history. 

For example, if you apply for a Fullerton personal loan your age should be between 21 years and 60 years. It has very flexible personal loan eligibility criteria, but Fullerton personal loan interest rates vary based on the eligibility criteria. 

How your age affects your eligibility for a personal loan

When lenders assess your loan application, they look at your age to determine your eligibility for a personal loan, like Fullerton personal loan. The age requirements typically range between 21 years and 60 years to qualify for a personal loan. Since young borrowers have much time to earn and repay the loan, lenders easily approve their application for a personal loan. On the other hand, individuals who are in their 50s or approaching the retirement, may find it difficult to get a personal loan.

Fullerton India offers a personal loan for self-employed individuals and salaried people for a variety of reasons like health problem, wedding, child’s education, vacation and credit card payments. Fullerton personal loan interest rates are one of the lowest in the market. Use can use Fullerton personal loan EMI calculator to find out how much instalment you would be paying each month. Before apply for Fullerton personal loan, check your eligibility online.  

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