Is There a Minimum Salary Required for a Personal Loan?

Are you looking for a Personal Loan with a low salary? If so, this article will help you out. Although salary is not the only factor, most NBFCs consider it when approving a loan request. Hence, if you are running into a cash shortage, have a medical emergency, or need funds for higher education, you can take a Personal Loan with some eligibility criteria. 

Is There Any Reason Why People Choose a Personal Loan? 

Many people prefer a Personal Loan because it’s an all-purpose loan. It does not stipulate any condition and lets the person use the loan amount as they want. Therefore, people take a Personal Loan whenever they need to travel, get higher education, do a home renovation, and need funds for a medical emergency. 

Minimum Salary Required for a Personal Loan

Generally, the minimum salary requirement for personal loans varies from one loan provider to another. Different NBFCs can have different minimum salary requirements to approve low-salary Personal Loans. 

Nevertheless, most loan providers require a minimum monthly salary to consider the loan application. For example – Rs 20,000 per month. Remember, this salary limit can vary based on other factors that loan providers consider.  

What Else do you Require to Get a Personal Loan? 

Above, we discussed the minimum salary limit for Personal Loan approval. However, you must check all the Personal Loan eligibility requirements before applying for a loan. This will give you an idea of how much loan amount you can apply for and be able to repay based on your monthly income.  To help you, we have mentioned some key points below to understand what else you need to get a Personal Loan. 


NBFCs provide low-salary Personal Loans to country residents. For example, many loan-service companies in India offer their services to Indian residents only. In addition, if you live in metro cities like Delhi, Mumbai, and Hyderabad, you will have a high chance of getting approval for your loan request.  

Age Limit 

It’s another factor that decides the loan amount and approval status. Most lending institutions keep the age limit from 21 years to 58 years. However, the maximum age limit for a Personal Loan can be higher in some cases.  

Good Credit Score

Ensure that your minimum credit score for a personal loan, preferably Experian, is 630 or above. With this credit score, you can easily get approval on a Personal Loan application. 

Employment Status 

Your monthly earnings can match the minimum salary required for a Personal Loan. But you might not be getting approval for a loan request.  This can be because many NBFCs also have eligibility criteria around work experience. Most Personal Loan providers ask applicants to have at least 12 months of total work experience, including six months in the current company.  

Required Documents 

Besides work experience, you will also have to provide some digitally scanned copies of the required documents. These documents are mostly your address proof, identity proof, and other details. 

Below are some key documents you might have to submit while applying for a low-salary Personal Loan. 

  • Passport size photo 
  • Aadhaar card 
  • PAN card 
  • Account statement 
  • Salary slips

Debt-to-Income (DTI) Ratio 

NBFCs also use the DTI ratio to decide your capacity to handle loan amounts. This ratio checks your monthly debts to pay from the earned salary. Thus, you must try to keep the DTI as minimum as possible so that the lending institution can easily approve your loan request and you can meet the financial requirements.  In addition, you can use tools to run a Personal Loan eligibility check online. It gives you a basic understanding of what type of Personal Loan you can get approved easily.


NBFCs usually provide loans to salaried professionals with a minimum salary of Rs 20,000 per month. When you want a low-salary Personal Loan to meet your financial requirements, Clix Capital can be a great choice. Make sure to use tools for Personal Loan EMI Calculator online, as they will give you a better idea about the loan limit you can bear with your salary. 

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