When applying for a personal loan, lenders assess your income stability to ensure repayment capability. The minimum salary requirement varies across banks and NBFCs, but most lenders expect a monthly income of ₹15,000 to ₹25,000 for salaried individuals.
At Today Finserv Consulting India, we help borrowers understand lender expectations and improve approval chances. Here’s a detailed breakdown.
Minimum Salary for Personal Loans in India
1. For Salaried Individuals
- Private & Public Sector Banks: ₹15,000 – ₹25,000 per month
- NBFCs & Digital Lenders: ₹12,000 – ₹15,000 per month
2. For Self-Employed Professionals/Business Owners
- Banks: ₹2.5 – ₹5 Lakhs annual income (varies by lender)
- NBFCs: ₹1.5 – ₹3 Lakhs annual income
3. Factors Affecting Salary Requirements
- Credit Score (CIBIL): A higher score (750+) may relax income norms.
- Employer Reputation: MNC/govt. employees may get better terms.
- Existing Debts: Lower EMIs improve eligibility.
How to Get a Personal Loan with Low Salary?
If your income is below the standard threshold, try these tips:
✔ Apply with a Co-Applicant (spouse/parent with stable income)
✔ Opt for a Smaller Loan Amount (lenders may approve lower incomes for smaller loans)
✔ Choose NBFCs or FinTech Lenders (more flexible than banks)
✔ Improve Credit Score (reduces lender risk)
✔ Show Additional Income (rental, freelance, investments)
FAQs: Minimum Salary for Personal Loan
1. Can I get a personal loan with a ₹10,000 salary?
Some NBFCs may approve, but loan amounts will be small (₹50,000–₹1 Lakh).
2. Do lenders consider bonuses & incentives as income?
Yes, if reflected in bank statements or salary slips.
3. Is the salary requirement higher for bigger loans?
Yes, lenders expect higher income for loans above ₹5 Lakhs.
4. Can a low CIBIL score affect salary eligibility?
Yes, a poor score (<650) may lead to rejection despite meeting salary criteria.
5. Do part-time earnings qualify for personal loans?
Only if consistent and verifiable via bank statements.
