A personal loan can be a great way to handle unexpected expenses, fund a big purchase, or consolidate debt. However, banks and financial institutions consider several factors before approving a loan. Among these, age and financial stability play a crucial role in determining your personal loan eligibility. If you are planning to apply for a personal loan, here are ten key things to consider.

1. Age Criteria for Personal Loan Eligibility

Lenders set minimum and maximum age limits for personal loan eligibility. Generally, applicants should be between 21 and 60 years old. Some banks extend the limit to 65 years for salaried professionals and 70 years for self-employed individuals. Younger applicants may face stricter income requirements, while older applicants should ensure they can repay the loan before retirement.

2. Employment Status and Stability

A stable job with a regular income significantly improves your personal loan eligibility. Lenders prefer salaried employees with at least one year of work experience or self-employed individuals with a steady business history of at least three years.

3. Monthly Income and Repayment Capacity