PAYTM launched New personal loan up to 2lakh in 2021/PAYTM Personal Loan Eligibility Criteria: All you Need to Know

PAYTM  launched New personal loan up to 2lakh in 2021/PAYTM Personal Loan Eligibility Criteria: All you Need to Know

Application Link: https://play.google.com/

Quick loans are the type of needs that are meant to fulfill the short-term needs of the users. ‘Short-term’ needs refer to those financial needs that need to be met right away. Quick loans allow users to make use of the money immediately after getting their application approved. Since these loans are literally ‘quick’, they have minimal documentation process.



Let’s learn more about what are quick loans and how you can apply for them.

PAYTM are enabling more and more active Paytm customers to avail Quick and easy Personal Loan through Paytm! You can check your loan eligibility by searching for "Personal Loan" on Paytm APP and clicking on the Personal Loan icon.


Paytm Personal Loan offers start from as low as Rs. 10,000 and upto 2 lakh. The maximum amount can differ from person to person.

Factors Affecting Eligibility of Personal Loan

Here is a list of the basic factors that affect your eligibility for a personal loan-

1. Age- The borrower’s age plays an important role in determining the personal loan eligibility as it proves the capability of the borrower to earn and repay the loan amount in the specified time period

2. Income- A borrower’s personal loan eligibility depends majorly on his/her income. Higher the income, higher will the chances of personal loan approval

3. Credit score- Credit score is a very important factor in determining the personal loan eligibility of a borrower. Higher the credit score, higher will be the chances of getting the loan approved

4. Credit/debt history- More debts/credits in the past leave a negative impact on the borrower’s credit worthiness. Hence, credit history is an important factor in the loan approval process

5. Geographic location- The area in which the borrower resides plays an important role in determining whether or not the applicant would be eligible for the personal loan

6. Employment organization/Employer- The organization/individual with whom the borrower is employed is also an important factor while determining your eligibility for a personal loan. For instance, if you are employed with a reputed and well established organization, then your chances of getting approved for the personal loan are high in comparison to being employed in a startup

7. Residential status- Since living in a rented house lowers your disposable income, and hence your repayment capability, it reduces your chances of getting approved for a personal loan. Living in your own house, on the other hand, increases your chances of personal loan eligibility.

PAYTM personal Loan Eligibility :

Before you apply for a personal loan, pass yourself through these conditions as an eligibility check for loan-

1. Age: 

The personal loan applicant must be between 21 and 68 years of age

2. Type of Professional: 

Salaried employees such as the ones working with the government, or reputed organizations, and self-employed professionals like Doctors, Architects, Professors, etc.

3. Salary: 

Personal loan applicants must have a minimum monthly salary of INR 25000 or annual income of INR 5Lakh

4. Credit score: 

It is beneficial to have a credit score of at least 750 points to be eligible for a personal loan

5. Work experience: 

The applicant must be working for at least 2-3 years, depending upon the loan amount and the bank’s conditions

6. EMI amount:

The borrower’s maximum EMI should be equal to 65% of his income


Paytm personal loan Documents Required:

To check your eligibility for personal loan eligibility, 

Self-employed individuals are required to furnish the following documents –

  • PAN Card
  • Documents for KYC (Identity proof, Address proof, Birth proof)
  • Residential proof
  • Income proof
  • Bank statement (last 6 months)
  • Office address proof
  • Proof of continuity of business

Salaried employees must provide the following documents-

  • Residential proof
  • Identity proof (Passport, Driver’s license, Voter’s ID)
  • PAN Card
  • Bank statement (last 3 months)
  • Salary slips (last 3 months)
  • Passport size photographs – 2

Eligibility Calculator: What is it? How to Use it?

A personal loan eligibility calculator helps you get accurate results on whether or not you are eligible for a personal loan. All you need to do is enter your income, credit score, employment details such as work experience, and repayment capacity in the personal loan eligibility calculator. The calculator reviews your financial details and provides you with accurate results on your personal loan eligibility.

The personal loan eligibility calculator by Paytm is a very simple and efficient tool to find out your eligibility status. Here’s how you can use Paytm’s personal loan eligibility calculator-

>> Select your geographical location

Enter your age (Note that you must be between 21 and 68 years of age to be eligible for a personal loan)

Enter your monthly salary or annual income after making all the necessary tax deductions

Next, you need to select your monthly EMI amount (Note that your monthly EMI amount should include all your current EMIs)

Click on ‘Ok’ after entering all the above details. Your personal loan eligibility status will be displayed right on the screen

Note that you can change the interest rate and loan tenure as per your preference. When you borrow a personal loan from any financial institution, you have an option to select the loan duration, depending upon which your interest rate would vary.


1. What are the personal loan eligibility conditions?

  • The eligibility conditions for personal loans include the following-
  • Borrower should be between the ages of 21 and 68
  • Borrower should have a work experience of around 2-3 years in a reputed organization
  • The borrower must have a fixed annual/monthly income of more than INR 25000.

2. Is credit score an important factor in personal loan eligibility?

  • Yes, credit score is an important factor while checking your personal loan eligibility. To apply for a personal loan, the borrower must have a credit score of 750 or more.

3. Can I get a personal loan if I am unemployed?

  • You can get a personal loan if you are unemployed only if you have an alternate source of income. Without having any fixed source of income, banks would not be willing to lend you a personal loan.

4. What is the minimum salary required for personal loan eligibility?

  • As a personal loan eligibility condition, the minimum salary requirement is INR 25000.

5. What is the minimum credit score required to be eligible for a personal loan?

  • To be eligible for a personal loan, the borrower must have a credit score of at least 750 points or more.

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