According to a 2023 study, 53% of Indians took their first personal loan (PL) before turning 30, while 22% did so before the age of 25. This rising demand for personal loans to address various financial needs is quite evident. However, to mitigate the risks involved in lending, lenders are quite selective about the applications they approve. Several factors determine personal loan eligibility. Applicants must meet lenders’ criteria regarding age, income, residency, credit score, and employment to secure personal loans with favourable terms. In this article, we’ll understand the importance of navigating loan eligibility and help you understand whether you qualify for a personal loan.