A personal loan is an unsecured loan — no collateral needed — which makes eligibility checks stricter. Here is what lenders look at, and how to prepare.
Who is eligible?
- Age 21–60 years
- Minimum monthly income of Rs 15,000–25,000 (varies by lender)
- Credit score of 700+ gets the best rates
- Stable employment: 6+ months in the current job, or 2+ years in business
Documents you need
- PAN card and Aadhaar card
- Last 3 months' salary slips (or ITR for self-employed)
- Last 6 months' bank statement
- A passport-size photo
How to improve your approval chances
- Check your credit score first and fix errors in the report.
- Keep your total EMIs under 50% of monthly income (lenders call this FOIR).
- Do not apply to many lenders at once — every hard inquiry drops your score slightly.
- Compare offers on SetuMoney first, then apply to the best-matched lender.
How much can you borrow?
Most lenders offer 20–40 times your monthly income, capped by your repayment capacity. Use our EMI calculator to see what fits your budget before applying.