Any personal need, from debt repayment to major purchases, can be financed with a personal loan, which is a line of credit. However, there is a certain criteria to avail this loan. Coming to your query, can a 19 year old get a loan in India? No. As far as I know, the minimum age requirement is 21 year old.
Is It Allowed to Get Personal Loan for 19 Year Old?
No. In India, the minimum age to qualify for a personal loan varies significantly between lenders. But, the minimum age as far as I know is 21 year old.
Major lenders like Moneyview and Bajaj Finserv require applicants to be at least 21 years old, capping around 57 to 80 years.
Bajaj Finserv explicitly states that borrowers under 18 are not eligible, and the standard age bracket starts at 21.
The a minimum income to avail this loan is Rs 15,000 to Rs 25,000 and an active bank account.
Alongside age, these lenders require proof of income and employment verification.
A good credit score (CIBIL 600+) is also essential.
So, it depends heavily on the lender chosen and your meeting all other eligibility criteria. This is how to get loan at age 19.
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If you are thinking whether can a 19 year old get a loan, then the answer is Yes. 19-year-old people are eligible to get a loan as the minimum age required for availing a loan is 18 years. I came to know about this information while doing some research for a home loan. So, I have shared the details on the requirement to avail the loan.
How can a 19 Year Old Get a Loan?
As I mentioned before, 19-year-olds can get a loan, as the official eligibility age in India is 18. The process is the same for them as well. Here are a few eligibility criteria that they need to fulfil.
Minimum Income | Rs. 15,000 per month |
Age Limit | 18 to 60 years |
Minimum Work Exp | 1 year |
Apart from that, they also provide the necessary documents for the loan. Here are the types of documents that they need to submit.
KYC documentation
Income proof
Address proof
And that’s about it. This is how 19-year-olds can avail of loans. I hope you find this useful.
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Can a 19 Year Old Get a Loan?
Jonny
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10 months
2025-01-31T09:15:49+00:00 2025-01-31T09:15:50+00:00Comment
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