What is the minimum age requirement for a personal loan?
Accepted Answer ✓ Accepted
The minimum age requirement for personal loans in India is typically 21 years across most banks and NBFCs. Some lenders like HDFC Bank, SBI, and ICICI Bank accept applications from 21 years. A few lenders may accept 18 years for specific products but with stricter conditions like parental co-borrower or higher income requirements. Maximum age is usually 60 years at loan maturity, though some extend up to 65-70 years for salaried and up to 70-75 years for self-employed professionals. Age affects tenure: younger borrowers (21-30) get longer tenures; older borrowers (55+) get shorter tenures to ensure repayment before retirement.
Suggested Answers
You must be at least 21 years old to apply for a personal loan in India. The maximum age is usually 60 years when the loan ends, though some lenders extend this to 65 or 70 years depending on your employment type and income source.
Leave a Reply