1.He/She should be citizen of India,
2. Minimum age for contesting in election is 25 years in both the cases,
3.Candidate should be registered as voter
i. If he/she wants to contest election for MLA, it is manditory to be registered as a voter at least in one of the constituency anywhere in that state.
ii. If he/she wants to contest electioon for Parliment member,
he/she can be registered in any state, and can contest from any of MP constituency in the country.
4. Candidate should not be a Criminal background. i.e. he/she should not jailed for more than 2 years imprisonment, in that case, his/her candidature would be disqualified
5. Atleast one proposer should propose his/her name for candidature in the case of candidate contesting from a recognized party. If he/she contesting as an independent candidate, then there should be 10 proposer to approve his candidature.
6. Still now, there is no limit on the number of candidates for contesting from a constituency, there were examples of more than 1000 candidates contested from a constituency.
Regarding Security deposit(not fees):
1. To contest for MP election, candidates has to deposit Rs. 10000/- as security deposit, but there is a concession for a SC/ST candidate contesting in MP election, he/she has to deposit Rs.5000 as security amount.
2. For those contesting in assembly elections, he/she has to make Rs. 5000 as security deposit, while for SC/ST candidates, it is Rs. 2500 only.
After completion of election process, the above security deposit would be refunded to the candidates, only if he/she succeeds to get more than one sixth of the valid votes polled in the particular constituency, otherwise he/she will lose deposit.
But even though candidate lose in election, but able to secure more than one sixth of the valid votes will get refund of the deposit.
Please go through the following link for elaborated details on election process.