Minimum Salary Required for a Personal Loan

Read on to know the importance of minimum salary and other eligibility criteria for a personal loan.
Minimum Salary Required for a Personal Loan
5 min read
21 July 2023

Personal loans allow individuals to meet their immediate financial needs, whether it is a wedding, home renovations, or medical expenses. However, to qualify for a personal loan, one must meet certain eligibility criteria, with the minimum salary being a crucial factor. In this article, we will delve into the concept of the minimum salary required for a personal loan and explore its significance in the loan approval process.

The minimum salary required to qualify for a Bajaj Finance Personal Loan is Rs. 25,001. Certain types of loans, such as our Insta Personal Loan, provide pre-approved offers to customers. In this case, you do not have to check eligibility criteria such as minimum salary or credit score, since these are checked before we extend the offer to you.

Importance of minimum salary for personal loans

When applying for a personal loan, lenders assess the borrower's creditworthiness and ability to repay the loan. The minimum salary serves as a benchmark for lenders to gauge whether the borrower has a stable income that would enable them to manage the loan repayments comfortably. A higher salary indicates better financial stability and lowers the perceived risk for the lender, increasing the likelihood of loan approval.

What is the minimum salary?

The minimum salary for a personal loan can vary significantly among lenders and is influenced by several factors, including the lender's policies, the loan amount, the borrower's credit score, and their employment history. Generally, larger loan amounts necessitate higher minimum salaries, as lenders aim to ensure that the borrower can comfortably manage the repayments.

What is the role of monthly salary in defining the personal loan eligibility?

Some lenders may have a fixed minimum salary requirement, while others might consider the debt-to-income ratio (DTI). The DTI is a crucial parameter that measures the percentage of a borrower's monthly income that goes towards paying existing debts. Lenders prefer a lower DTI, typically below 40%, to mitigate the risk of default.

Impact of credit score and minimum salary

Borrowers with excellent credit scores often enjoy more favourable terms and may be eligible for loans even with a lower income. individuals with lower credit scores may need a higher minimum salary to compensate for their perceived higher risk.

Here are some tips to improve eligibility for a personal loan

  1. Build a good credit history: Responsible credit usage, timely repayments, and a low credit utilisation ratio can bolster your credit score and improve your chances of loan approval with a lower minimum salary.

  2. Consider a co-applicant or collateral: If your salary falls short of the lender's requirement, involving a co-applicant with a higher income can strengthen your loan application.

  3. Reduce existing debts: Lowering your debt burden can improve your DTI ratio and enhance your eligibility for a personal loan.

Factors affecting instant personal loan eligibility

Instant personal loan eligibility is influenced by various factors that lenders assess to gauge an individual's repayment capacity and creditworthiness.

Key considerations include:

  1. Credit score: A higher credit score indicates a better credit history, boosting eligibility.
  2. Income stability: Lenders prefer borrowers with a steady income, as it ensures the ability to repay the loan.
  3. Debt-to-income ratio: Lenders assess the ratio of existing debts to income; a lower ratio signals better eligibility.
  4. Age and residency: Younger applicants may have shorter credit histories, however, they have a longer employment period ahead of them. Residential stability is also a factor.
  5. Loan amount and tenure: The desired loan amount and repayment tenure impact eligibility; lenders analyse the risk associated with the requested terms.

What documents do I need to submit for a personal loan?

Minimal documentation is one of the most significant advantages of Insta Personal Loans, and in some cases, you might not even need to provide any documents. In case you are asked for documents, you will only need the following:

  • KYC documents
  • Cancelled cheque
  • Bank account details
  • PAN card
  • Bank account statements for the last 3 months
  • Salary slips for the last 3 months

Eligibility criteria for a personal loan

For our regular personal loan, below are the eligibility criteria:

  • Nationality: Indian
  • Age: 21 years to 80 years*
  • Employed with: Public, private, or MNC
  • CIBIL score: 685 or higher
  • Monthly salary: Starting Rs. 25,001, based on the city you live in

Understanding the concept of the minimum salary required for a personal loan is crucial for individuals seeking loan approval. It serves as a significant factor in determining a borrower's eligibility, along with their credit score, employment history, and DTI ratio. By maintaining a good credit score, managing existing debts, and choosing the right lender, borrowers can increase their chances of obtaining a personal loan for minimum salary.

Bajaj Finserv App for All Your Financial Needs and Goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

Do more with the Bajaj Finserv App!

UPI, Wallet, Loans, Investments, Cards, Shopping and more


While care is taken to update the information, products, and services included in or available on our website and related platforms/ websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/ service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/ service document and applicable terms and conditions. In case any inconsistencies are observed, please click on reach us.

*Terms and conditions apply

Frequently asked questions

What is the minimum salary to get a personal loan?

The minimum salary to get our personal loan is Rs. 25,001.

Can I get a loan with a good salary but low CIBIL Score?

A CIBIL Score of 685 or higher is required to get our personal loan.

How much amount can I borrow with a salary of Rs. 25,000 per month?

The minimum salary to get our personal loan is Rs. 25,001.

Will my loan get instantly approved if I have a good salary?

There are several other factors, including from salary, that determine whether your personal loan will get approved or not.

Can I get personal loan if my salary is Rs. 20,000?

You can check if you have a pre-approved offer for our Insta Personal Loan.

How to get 30,000 rupees immediately?

You only need to follow the steps below to get Rs. 30,000 with our Insta Personal Loan.

  1. Click on ‘CHECK OFFER’.
  2. Enter your 10-digit mobile number and OTP.
  3. Go with the pre-assigned limit or choose a different loan amount.
  4. Choose a repayment tenure that suits you best.
  5. Click on ‘PROCEED’ to complete the online process.
Show More Show Less