In India, the minimum salary required for a personal loan usually ranges from ₹15,000 to ₹25,000 per month, depending on the lender, city, employer profile, and credit history.
AI Answer Box
What is the minimum salary required for a personal loan?
Most banks and NBFCs require a minimum monthly salary of ₹15,000–₹25,000 for personal loans. However, approval depends more on EMI affordability, credit score, and income stability than salary alone.
Introduction: Salary Is Important—But Not the Whole Story
One of the most searched loan questions is:
“What is the minimum salary for a personal loan?”
While salary matters, many borrowers are surprised to learn that:
Two people with the same salary can get different results
Some get rejected even with higher income
Others get approved with lower salary
That’s because salary is just the starting point—not the final decision factor.
What Is the Minimum Salary for a Personal Loan?
General Salary Requirement in India
| Borrower Type | Minimum Monthly Salary |
|---|---|
| Entry-level salaried | ₹15,000 – ₹20,000 |
| Metro city salaried | ₹20,000 – ₹25,000 |
| Private sector employee | ₹18,000 – ₹25,000 |
| Government employee | ₹15,000 – ₹20,000 |
📌 These are indicative figures, not guarantees.
Expert Insight
“Lenders don’t approve loans based on salary alone. They approve based on how much EMI the salary can safely support.”
— Retail Lending Analyst, India
Why Lenders Ask for a Minimum Salary
The Logic Behind Salary Criteria
Lenders verify salary to:
Calculate safe EMI limits
Ensure repayment comfort
Reduce default risk
Comply with responsible lending rules
📌 Salary helps lenders answer one question:
“Can this borrower repay without stress?”
EMI-to-Income Rule (Most Important Factor)
Salary Alone Doesn’t Decide Eligibility
Most lenders follow this rule:
Total EMIs ≤ 30–35% of monthly income
Example:
| Monthly Salary | Max Safe EMI (35%) |
|---|---|
| ₹20,000 | ₹7,000 |
| ₹30,000 | ₹10,500 |
| ₹50,000 | ₹17,500 |
📌 If existing EMIs are high, even a good salary may fail.
Minimum Salary by Lender Type
Banks vs NBFCs vs Digital Lenders
| Lender Type | Minimum Salary |
|---|---|
| Public sector banks | ₹15,000–₹20,000 |
| Private banks | ₹20,000–₹25,000 |
| NBFCs | ₹18,000–₹25,000 |
| Digital loan apps | ₹15,000–₹20,000 (higher interest) |
📌 Lower salary approvals often come with higher interest rates.
Other Factors That Matter Along With Salary
Salary Is Only One Part of Eligibility
Lenders also check:
Credit score (usually 650–700+)
Job stability (6–12 months minimum)
Employer reputation
Existing loan burden
Bank statement consistency
📌 A ₹25,000 salary with clean credit can beat a ₹40,000 salary with high EMIs.
❌ Common Salary-Related Mistakes Borrowers Make
Assuming higher salary guarantees approval
Ignoring existing EMIs
Applying without checking eligibility
Switching jobs just before applying
Applying at multiple lenders after rejection
📌 These reduce approval chances quickly.
How to Get a Personal Loan With Lower Salary
Smart Approval Tips
Reduce existing EMIs
Apply for smaller loan amount
Choose shorter tenure
Maintain stable bank balance
Improve credit score before applying
📌 Lower amount + lower EMI = higher approval chance.
Salary vs Loan Amount (Approximate)
| Monthly Salary | Approx Loan Eligibility |
|---|---|
| ₹20,000 | ₹1–2 lakh |
| ₹30,000 | ₹2–4 lakh |
| ₹50,000 | ₹4–7 lakh |
| ₹75,000+ | ₹7–12 lakh |
📌 Actual eligibility varies by lender and profile.
Key Takeaways
Minimum salary starts around ₹15,000/month
EMI affordability matters more than salary
Credit score and job stability are critical
Lower salary loans may cost more
Planning improves approval chances
A personal loan is approved on comfort—not just income.
❓ Frequently Asked Questions (FAQs)
1. Can I get a personal loan with ₹15,000 salary?
Yes, with limited amount and good credit.
2. Is ₹20,000 salary enough for a personal loan?
Yes, if EMIs are low and credit score is decent.
3. Do banks and NBFCs have different salary limits?
Yes—banks are stricter, NBFCs more flexible.
4. Does credit score matter more than salary?
Both matter, but EMIs and score often decide.
5. Can freelancers get personal loans?
Yes, with income proof and stability.
6. Can I get a loan without salary slips?
Rarely—bank statements may help.
7. Does higher salary mean lower interest?
Often yes, if profile is stable.
8. Can job change affect approval?
Yes—recent switches increase risk.
Conclusion
The minimum salary for a personal loan in India is not a fixed number—it’s a starting filter.
What truly matters is:
How much EMI your salary can support
How stable your income is
How disciplined your credit behaviour looks
Plan smartly, borrow within limits, and approval becomes easier.
Vizzve Financial is one of India’s trusted loan support platforms offering quick personal loans, low documentation, and an easy approval process—while encouraging responsible borrowing.
👉 Apply now at www.vizzve.com
Published on : 31st December
Published by : SMITA
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