Individuals with a monthly salary of ₹18,000 can qualify for a personal loan if they are Indian residents aged 21–60, with a CIBIL score of 700-750+. Key requirements include at least 1–2 years of total work experience, with 3-6 months in the current organization, and a stable, traceable income.
As of 2025, the required minimum salary for Personal Loan varies among lenders. However, on average, most banks and financial institutions require a minimum monthly salary of ₹25,000 for salaried individuals. Some lenders may have higher requirements, ranging from ₹30,000 to ₹50,000 per month.
What is the minimum credit score required for a ₹15,000 salary personal loan? The minimum credit score required for a personal loan with a ₹15,000 salary usually ranges from 650 to 750. A higher credit score improves your chances of loan approval and better terms.
Eligibility criteria to get a Personal Loan of ₹2 Lakhs
The applicant should be between 21 and 60 years of age. Existing Axis Bank customers should have a minimum monthly income of ₹15,000 while a non-Axis Bank customer needs a minimum monthly income of ₹25,000.
While income documents are usually required, some lenders offer a 3 lakh loan without income proof by accepting alternative documents like: KYC documents: Aadhaar/ passport/ voter's ID/ driving license/ Letter of National Population Register/ NREGA job card. PAN card.
Personal loan eligibility criteria
The Underwriting Process of a Loan Application
One of the first things all lenders learn and use to make loan decisions are the “Five C's of Credit": Character, Conditions, Capital, Capacity, and Collateral. These are the criteria your prospective lender uses to determine whether to make you a loan (and on what terms).
Eligibility Criteria for Muthoot Finance Personal Loan
If residing in a metro city, the minimum net monthly income must be between ₹20,000 – ₹30,000 (subject to the employer) If residing in a non-metro city, the minimum net monthly income must be between ₹15,000 – ₹25,000 (subject to the employer)
Minimum CIBIL Score Required for a Personal Loan
The minimum CIBIL score for Personal Loan approval required by most lenders is 750. However, some lenders may consider applicants with scores as low as 650, depending on their lending criteria and risk appetite.
Here's what lenders look for on a personal loan application.
The applicant should be an Indian national between 21 to 60 years of age. Salaried employees having their salary account with SBI are eligible for SBI Personal Loans. Individuals employed with Central Government/State Government/Railway/Public Sector Undertakings/Police can avail SBI Personal Loan.
Yes, you can get a 0% interest loan, commonly found as promotional offers for cars, furniture, or credit cards, but they usually have strict terms like a high credit score requirement and a limited time period, with high retroactive interest or fees if you miss payments or don't pay in full by the deadline. True 0% APR loans are different from "deferred interest" offers where all accrued interest is charged if the balance isn't cleared by the end of the promo. Always read the fine print for details on fees, timelines, and what happens if you're late.
Under this scheme, the Union Bank of India doesn't ask you to provide salary slips but considers other factors such as your age, regular source(s) of income, and bank account details. To meet personal expenses such as marriage, purchase of consumer durables, travel, holiday, etc.
Eligibility for a Personal Loan
Applicants must be at least 21 years old. The maximum age at loan maturity should be 60 years. A minimum net monthly income of ₹15,000 is required.
In case of Defence and Government salary packages account holders, the minimum CIBIL score required to avail SBI Personal Loan is 650. In case of corporate salary package account holders, the minimum CIBIL score required to avail SBI Personal Loan is 670.
Representative example of repayment terms for an unsecured personal loan: For $15,000 borrowed over 36 months at 13.99% Annual Percentage Rate (APR), the monthly payment is $513. This example is an estimate only and assumes all payments are made on time.