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How the Banks decide about Eligibility for Personal Loan?

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My Bankers, the State Bank of India rejected my Personal Loan application on account of Bad CIBIL Score, Exhausted Repaying Capacity and lesser remaining service. Can anybody tell the eligibility criteria for availing Personal Loan from Banks in India? I am a Government Servant with 57 years of age with one Car Loan and Housing Loan still outstanding in my name. I cleared the Personal Loan of Axis Bank through one-time settlement procedure and I have no dues certificate from Axis Bank. How do the Banks decide about Eligibility for Personal Loan?




One Response to “How the Banks decide about Eligibility for Personal Loan?”

  1. Actually, banks will check your eligibility based on CIBIL Score and report. If your CIBIL Score is higher than 750, the bank can give a loan without any limitations unless you have existing EMI of a greater amount. All your loan details with the schedule will be shown in CIBIL report. So the bank will analyze whether to give or not. Well, coming to your case; you already owe two loans namely car and housing. Both loans may occupy more than 50% of your net salary, isn’t it? This might be the reason behind the rejection of personal loan.Bankers may be afraid that how will you repay it. Moreover, you are going to retire soon.This can be also a point for rejection.

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