Salaried Employees

Compared to other loans, approvals for personal loans are comparatively quicker. You might have received multiple calls telling you that you’re pre-approved for a personal loan. 

Personal loans are a convenient way to meet immediate financial needs and improve your credit score. You can use it for several purposes like home renovation, family vacations, debt consolidation, and much more. 

While instant personal loan is easy to get approval for, meeting the eligibility criteria for a personal loan can be challenging. If you are a salaried individual looking to get approval for a personal loan, take a look at these steps to help you along the way. 

Tips for Salaried Professionals to Qualify for Personal Loans:

1. Meet the existing eligibility criteria:

Every lender has a different set of criteria and conditions that you must meet before getting approved for a personal loan. One example of eligibility criteria set by lending institutions are as follows:

  • You must be between 21 to 60 years of age.
  • You must be an Indian citizen.
  • Your minimum monthly income should be Rs.25,000 in Mumbai and Delhi and Rs. 20,000 in any other part of India. 
  • You need at least one year of paid work experience. 
  • You should be employed in the same company for at least 6 months.

2. Keep your documents ready:

An eligible candidate should submit all required documents promptly. For any financial application process, proper documentation is a vital step. It helps in preventing delays and speeds up the process. Salaried individuals need to submit government-approved proofs like

  • PAN card
  • Any government identity proof such as a driving license or Aadhaar card
  • Any signature proof such as passport
  • Any residence proof like an Aadhaar card
  • Bank statements for the past six months
  • Salary slips for the past three months
  • Form 16

3. Ensure a credit score above 750:

Leading lending institutions generally ask for a score of 750 or more. A healthy credit score is easy to maintain for people who pay credit card bills or EMIs promptly and don’t have too much outstanding credit at a time. 

Other factors that affect a user’s credit score are the diversity of their credit portfolio and the duration of their credit history.A high credit score means the lowest personal loan rates, more favorable loan conditions, and increased credibility. 

You can improve your initial credit score by maintaining lower DTI and CUR rates, diversifying your credit, and paying bills regularly in full. Before you go to the bank to apply for a loan, make sure your credit score is at least 750 for faster approval.

4. Reduce your DTI ratio:

DTI stands for debt-to-income ratio. If you have too much credit while applying for a personal loan, your chances of loan approval could reduce. Generally, a high DTI of more than 50 to 60% is seen as a red flag. 

To get the best of your personal loan, you should get flexible terms for repayment. It makes your monthly EMI convenient and affordable. 

If you clear your existing debt before applying for a new personal loan, you have more disposable income and can pay a higher EMI each month. You become a far more creditworthy loan applicant in this case. 

5. Include all your income sources:

Individuals often have more sources of income than just their salaries. They could have multiple sources of income such as flat rent, investments, part-time jobs, side gigs, etc. A lender always prefers an applicant who has lower financial obligations and higher income. 

Thus, it will help your application to add every income source you have. Multiple sources of income will show the lending institution that your disposable income is sufficient to repay the loan and will thus increase your chances of approval. It also helps to add a co-applicant in the form of a family member with a good credit score or stable income sources. 


Applicants can get low-interest personal loans instantly approved online. You can start your loan approval process right away and enjoy your newfound financial freedom.