The minimum age for personal loan ranges between 21 years, depending on the lender's policies. However, most major banks and financial institutions require applicants to be at least 21 years old. This age criterion is established to ensure that applicants have a stable income and are financially mature enough to handle debt responsibly. At this age, individuals are usually employed or earning a regular income, which is crucial for lenders to assess their repayment capacity.
What is the Personal Loan Minimum Age?
For salaried individuals, the minimum age required for personal loan is often set at 21, while self-employed individuals may find the minimum age requirement slightly higher, usually around 23 to 25 years.
This distinction exists because salaried employees generally have a more stable and predictable income stream, making it easier for lenders to assess creditworthiness.
In contrast, self-employed individuals might have variable earnings, and lenders may require additional assurance of financial stability.
Meeting the minimum age requirement is one of the first criteria evaluated in the personal loan application process. I hope your query about
minimum age for applying personal loan
should be solved.
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Recently, I considered applying for a personal loan to pay for my sister's college education. However, my friend's father told me that in India, all banks and other lending organisations lend money to those who meet the age limit and other requirements. Additionally, he informed me that the minimum age for personal loan is typically 21 years. In addition, he provided a list of banks along with their age criteria for personal loans.
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What is the Minimum Age to Apply for Personal Loan?
My friend's dad told me that the age requirement needed for personal loans varies based on the lenders. However, in India, lenders typically demand that applicants must be at least 21 years old in order to be eligible to apply for personal loan. This is due to the possibility that younger borrowers are riskier prospects for lending because they may have less income or credit history.
I have shared the personal loan minimum age requirement for different lenders in India:
| Lender’s Name | Age Criteria |
|---|---|
HDFC Bank |
21 to 60 years |
Bajaj Finserv |
21 to 80 years |
ICICI Bank |
20 to 58 years |
Axis Bank |
21 to 60 years |
IDFC First Bank |
23 to 60 years |
Kotak Mahindra Bank |
21 to 60 years |
IndusInd Bank |
Salaried Employees: 21 to 60 years Self Employed Professional: 25 to 65 years |
Bank of Baroda (BOB) |
Salaried Employees: 21 to 60 years Non-Salaried Employees: 21 to 65 years |
In case you are planning to apply for a personal loan, it is crucial that you thoroughly check the age criteria and qualifying standards of various lenders. I hope you get an idea of the minimum age required for personal loan.
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What is the Minimum Age Required for Personal Loan?
Zarnab
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2024-05-03T18:05:40+00:00 2024-05-06T11:16:20+00:00Comment
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