When applying for a personal loan, you need to meet the eligibility criteria set by a lender. Basic eligibility criteria include age, salary or monthly income, employment type, and credit score. The salary of a personal loan application is one of the most important factors considered for a personal loan. With a minimum monthly salary, lenders figure out how much loan amount you can get, which you will be able to repay without any problem.
The minimum monthly salary requirement varies from lender to lender. It may also vary based on the location of the applicant. Lenders require borrowers to have higher income in metro and urban cities than semi-urban and rural areas. Some lenders also offer personal loans without salary, like a personal loan for pensioners. If you are a retired government employee, you can apply for an SBI pension loan, PNB pension loan, and BOI Star pensioner loan.
A personal loan from traditional lenders
Here is the minimum income required to get a personal loan from top lenders in India
| Personal Loan | Minimum monthly salary | Interest Rate | Tenure |
| HDFC Bank Personal Loan | HDFC Bank salary account holders: Rs. 25,000
Non-HDFC Bank salary account holder: Rs. 50,000 |
10.75% – 21.30% p.a. | 12 to 60 months |
| SBI Xpress Credit Personal Loan | Rs. 15000 | From 10.60% p.a. | Up to 60 months or remaining service (whichever is lower) |
| ICICI Bank Personal Loan | Mumbai & Delhi: Rs.30,000 | 11.25% – 21.00% p.a. | 12 to 60 months |
| Punjab Nation Bank Personal Loan |
|
11.50% – 14.50% p.a. | Up to 60 months |
| Axis Bank Personal Loan | Rs. 15,000 | 12% – 24% p.a. | 12 to 60 months |
| Tata Capital Personal Loan | Rs. 20,000 | From 10.99% p.a. | Up to 72 months |
| Canara Consumer Loan | Rs. 12,000 | 13.15% – 14.15% p.a. | Up to 36 months |
| Canara Teachers Loan | Rs. 10,000 | 12.05% p.a. onwards | Up to 48 months |
| Canara Budget Loan | Rs. 10,000 | 12.40% p.a. onwards | Up to 60 months |
| IDBI Bank Personal Loan | Rs. 15,000 | 11.55% to 13.25% p.a. | 12 to 60 months |
Personal loan app
Borrowers with relatively low income can get a personal loan using lending apps. Here is the minimum income required to get a personal loan through lending apps.
| App | Minimum monthly salary | Interest rate (Per month) |
| FlexSalary | Rs. 8,000 | Up to 3% |
| Money View | Rs. 13,500 | 1.33% – 2% |
| PaySense | Rs. 15,000 | 1.5% – 3% |
| CASHe | Rs. 15,000 | From 1.75% |
| Credy | Rs. 15,000 | 1% – 1.5% |
| EarlySalary | Rs. 20,000 | 2.5% |
Personal loan for pensioner
If you are a retired employee of center government, state government and quasi-government, multiple lenders offer a personal loan for pensioners without any salary.
SBI pension loan
Retired government employees who draw their pension through any of SBI branches can apply for SBI pension loan to meet their several financial requirements.
Key features of SBI personal loan for pensioner
| Interest rate | 9.75% -10.25% p.a. |
| Age limit | Maximum 76 years |
| Loan amount | Rs. 25,000 – Rs. 14 lakh |
| Term | Up to 84 months |
PNB personal loan for pensioners
All retired government employees who get their pension from Punjab National Bank can apply for a pension loan from PNB.
Key features of PNB pension loan
| Interest rate | TL/DL: BR+2.50% |
| Age limit | Maximum 75 years |
| Loan amount | Rs. 25,000 – Rs. 10 lacs |
| Processing charges | Not applicable |
| Documentation fees | Rs. 500 + GST |
Bank of India pension loan
Retired government employees, family pensioners and retired employees of Bank of India who get their pension from any of Bank of India’s branch can get a personal loan.
BOI Star pensioner loan features
| Loan type | DL/TL/OD |
| Age limit | Maximum 75 year |
| Loan amount | 15X of monthly pension subject to Max. Rs. 5 lakh |
| Interest rate | 1 Year MCLR + 2.50% p.a. |
| Repayment tenure | 60 instalments |
| Processing charges | 2% of the loan subject to Min Rs. 500 and Max Rs. 2,000 |
Here are the other eligibility requirements you need to meet to get a personal loan:
Eligibility for a personal loan
Eligibility criteria vary from lender to lender and loan scheme to scheme. For example, eligibility requirements for SBI Pension loan vary from SBI Express Credit Loan. Here are some common eligibility requirements for a personal loan:
Age Limit: Any salaried employee within the age limit of 21-58 years can apply for a personal loan.
Employment Status: Salaried individuals who have been receiving a regular salary for a minimum of the past 2 years can apply for a personal loan.
Credit Store: Applicants need a good CIBIL score to apply for a personal loan. Credit score ranges from 300 to 900. Typically, a credit score of 750 or above is considered good for a personal loan. A higher credit score means attractive loan offers.
Documents required
Documentation also varies based on the loan scheme and from lender to lender. Here is the list of documents you will need to apply for a personal loan.
- Completed personal loan application form along with photographs
- Age proof: A copy of any of birth certificate, PAN card, voter’s identity card, passport, Aadhaar card, driving license
- Address proof: A copy of any of electricity bill, telephone bill, water bill, ration card, passport with the same address as provided on the application form
- Income proofs for salaried applicants: Latest 3-month salary slips, salary certificate along with the latest Form 16, ITR of last 2 years (ITR)
- Bank statement of your salary account, showing salary credit for the past 3 months
- Credit report
Conclusion
With dozens of lenders offering a personal loan in India, the minimum salary requirement is very flexible, depending on lenders. If you are looking for small-ticket loans, you can apply for the loan through lending apps. For a higher loan amount, you can get a personal loan from traditional lenders. Pensioners don’t need to worry about the minimum salary requirement. Multiple lenders offer a personal loan for pensioners.
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