Salary eligibility factor for Personal Loan

A personal loan will help you to meet personal loan expenses like wedding, medical, educational, travel, etc. It is an unsecured loan, meaning, nothing is required to keep as collateral. Hence, your salary plays an important role in getting a personal loan. You must have a minimum salary of Rs. 20000 and your age must be between 21 to 58 years. The personal loan amount for a salaried-employee range from 75000 Rs to 15 lacs and the loan tenure will be from 12 to 72 months.

Following are the other salary eligibility factors for a personal loan.

Company Status

The company in which you work plays a very important role in getting a personal loan. A stable or a big company indicates that your salary will not be hampered, hence you will be able to repay the loan amount on time. Furthermore, the number of years you worked for the company also determines your personal loan eligibility. Generally, 2 years of work experience or more will give better chances of getting a personal loan.

Salary eligibility factor for Personal Loan

Tenant or Owner

If you are a tenant then that means some portion of your salary goes into paying the rent. Hence, it questions your repayment capacity. In such a condition, either you should have a good salary or take a small amount of personal loan. But, your chances of getting a personal loan increase, if you are the owner of the house.

City / Town / Village

Staying in a big city is more costly than staying in the town or a village. A city offers a high standard of living, hence more will be the expenses. So in cities like Pune, Bangalore, Mumbai, Delhi, Chennai etc., bank’s expectations for your salary eligibility will be more. Whereas, in Tier-II cities, towns and villages you will be easily qualified for the personal loan even if you are not having a high salary.

In short, if you are living in a big city, you must have a good salary package.


Your credit history plays an important role in not only getting the personal loan but also in getting any other kind of loan. You must have a CIBIL Score of more than 750 to get the personal loan. Your CIBIL score depends on your past repayment of the loan. If you have failed to repay the loan amount on time in past, then you will face difficulties in getting the personal loan or you might also not get the personal loan. Hence, keep your credit history in a disciplined manner to increase the chances of getting a personal loan. Also note, if you send the application even if your CIBIL score is not good then also your CIBIL score will downgrade more. 

Previous Loans

If you are already having existing loans like a home loan, loan against property, credit card bills, car loan or any other loan then bank will expect you to have more salary. This is because too many loans question your loan repayment capacity.