A personal loan is a line of credit available to finance almost any personal expense, from paying down debt to making large purchases. While personal loans are mostly unsecured, they can come from banks, along with a host of other sources such as NBFCs and online lenders.
Personal loans are typically easy to obtain and require little paperwork, but an individual debtor’s credit score can influence both the amount and the interest rate charged by lenders.
There are also several factors that determine the borrower's credibility for securing a personal loan, such as the minimum age required, the salary received, and the age at the end of the repayment tenure.
In this article, we will discuss the minimum age required to acquire a personal loan in India.
In India, all banks or lending institutions provide loans to individuals who fulfill their eligibility criteria. Most of these lenders set the minimum age to at least 21. However, a few banks offer loans for 18 year olds, if they are earning a certain amount of income.
Before taking a loan from a bank, NBFC, or an online lender, check with the lender if you satisfy their eligibility requirements.
Moneyview, one of India’s leading digital lending platforms, assists in applying for instant personal loans for those in need. Moneyview’s lending partners' unique credit rating model allows individuals with low credit scores to avail of loans as well. To avail of a personal loan from Moneyview, you have to satisfy the following criteria:
The applicants must be between the ages of 21 years and 57 years
These applicants must at least have an in-hand income of Rs. 13,500*
They should receive the salary directly in their bank account
Most importantly, they must have a CIBIL score of 650 or above
The minimum age requirement for a personal loan from Moneyview is 21 years. Moneyview's lending partners offer loan amounts of up to Rs. 10 Lakh if you are an eligible applicant. You can use this loan for any personal expense such as medical bills, home renovation, education loan, or more.
Personal loans are a savior in times of financial crisis. However, to avail a personal loan from banks, NBFCs, or online lenders, you must fall within the eligibility criteria.
Each lending institution has its own qualifying parameters, especially a minimum and maximum age requirement. Ensure you check these parameters carefully before applying for a loan.
If you are a 21 year old looking for instant personal loans with low interest rates, then Moneyview is the best place to go! Just go to the Moneyview website or download our loan app to avail of a loan in 24 hours!
While most banks do not prefer to give loans to 19 year olds, some banks do. You can also try to get a loan from online lenders or NBFCs if you have sufficient income. Some lenders ask for a guarantor to sign before approving the loan.
Yes. Loans are given to those applicants who fall within the given age limit. However, other parameters such as interest rate, and loan repayment tenure do not completely depend on the age of the applicant.
No. The minimum and maximum age limit for a personal loan differ from bank to bank.
Your age does not affect your chances of getting a loan unless you are either too young or too old to get a loan. If you are considered a liability or risk by the bank at your age, then they may increase your rate of interest or deny you a loan altogether.
Yes. As banks offer credit cards to 18 year olds who have a bank account, you can easily start building your credit.
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