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Minimum Salary Requirements for Personal Loan: Eligibility Criteria Explained

Key Takeaways

Minimum salary rules vary by lender, city and product, so always check lender specific criteria before you apply.
Eligibility depends on credit score, employment stability, age and proof of income, not salary alone.
For flexi personal loans confirm net take home, documentation and drawdown terms early to avoid hiccups later.
IDFC FIRST Bank provides online eligibility checks, EMI calculators and flexible digital products like FIRSTmoney to clarify salary expectations and simplify applications.

24 Oct 2025 by IDFC FIRST Bank

What is the Minimum Salary Required to Take a Personal Loan?

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Flexi loans are personal loans that come with a pre-approved amount, offering the freedom to access funds multiple times as and when needed. However, banks have varying sets of eligibility criteria with regards to employment status and credit profile, so it is necessary to check your lender’s specific requirements before applying.

If you are looking to apply for a loan, make sure to consider IDFC FIRST Bank’s FIRSTmoney. FIRSTmoney is a smart personal loan through which you can get a loan sanctioned to deal with multiple expenses at an affordable interest rate of 9.99%. Read on to know the basic eligibility requirements for FIRSTmoney loans and how you can conveniently apply for these smart loans.

Wondering if you qualify for an instant cash loan? IDFC FIRST Bank explains the minimum salary criteria for personal loans.

How much Personal Loan can I get on my salary?

How to get a Personal Loan without a salary slip?

What is the minimum salary for personal loans?

The minimum salary for a personal loan refers to the least monthly income a borrower must earn to qualify for loan approval. Lenders use salary as a key indicator of repayment capacity and financial stability. A higher and consistent income improves eligibility and helps secure better interest rates, higher loan amounts, and flexible repayment options on personal loans.

Eligibility for FIRSTmoney smart loans

FIRSTmoney smart Personal Loan are available to individuals with exceptionally good credit scores, offering instant loans that go up to ₹15 lakhs. You can apply for a single loan or multiple on-demand loans, depending on your requirments. The approved amount may vary depending on your creditworthiness. Basic eligibility criteria to apply for FIRSTmoney smart loans are as follows:

CIBIL score

To be eligible for a FIRSTmoney loan, you need to have a CIBIL score of 710 or more.

Employment

You need to be a Salaried and Self-Employed individual earning a steady income.

Age

You need to be between 21 to 60 years to apply for this loan.

Documents

You must present your physical PAN card to complete the video KYC process.

FIRSTmoney smart personal loans are available for both salaried and self-employed individuals with a stable income source.
Applicants must be between 21 and 60 years of age at the time of loan maturity.
A CIBIL score of 710 or above improves approval chances and helps secure better interest rates.
Eligibility is assessed based on income, employment stability, existing EMIs, and overall repayment capacity.

Steps to apply for a FIRSTmoney smart personal loan

You can apply for a FIRSTmoney smart loan in 5 easy steps as mentioned below:

Click on Apply Now on the website or app
Register using your details and verify with OTP
Select your preferred loan amount and repayment tenure from 9 to 60 months.
Link your bank account for disbursal
Complete your video KYC by showing your physical PAN card.

Once verified, the approved loan amount is credited directly to your bank account within 10 minutes.

Meeting the minimum salary requiremen

Meeting the minimum salary requirement is essential for personal loan approval, as it reflects your ability to repay the loan comfortably. A stable monthly income improves your eligibility and allows lenders to offer better interest rates and higher loan limits. With FIRSTmoney, applicants with consistent income and a good credit profile can access instant loan approvals through a simple digital process.

What are the advantages of applying for a FIRSTmoney loan?

So, why should you apply for a FIRSTmoney loan instead of a standard personal loan? Take a look at the following benefits offered by FIRSTmoney that make it a smart alternative to opt for:

FIRSTmoney offers personal loans of up to ₹15 lakhs based on eligibility, making it suitable for a wide range of financial needs.
Borrowers enjoy competitive personal loan interest rate starting at 9.99% p.a. on a monthly reducing balance basis.
The loan comes with flexible repayment tenures ranging from 9 to 60 months for better financial planning.
FIRSTmoney provides zero foreclosure charges, allowing borrowers to close their loan anytime without penalties.
The entire application process is digital, doesn’t required any document uploads, and designed for quick approvals and fast disbursals.
Borrowers also get the flexibility to avail additional funds on demand without starting a fresh application.

Conclusion

Understanding the minimum salary requirement is an important step before applying for a personal loan. It helps you assess your eligibility and choose the right loan product based on your income and repayment capacity.

With FIRSTmoney smart personal loans from IDFC FIRST Bank, eligible borrowers can enjoy fast approvals, competitive interest rates starting from 9.99% p.a., flexible repayment tenures up to 60 months, and a complete digital process for a smooth borrowing experience.

Frequently Asked Questions

What’s the minimum salary for a personal loan?

There is no single minimum salary that fits every lender. Each lenders sets internal thresholds by city category, employer type, and risk appetite. Regular, credited income helps, along with clean banking behaviour that shows stable cash flows. Lenders also review obligations such as existing EMIs and card dues before indicating eligibility. If your pay fluctuates, they may average recent credits. Check the product page or app dashboard for current criteria. For FIRSTmoney personal loan by IDFC FIRST Bank, you need a minimum salary of ₹10,000 per month.

Does the salary requirement change for different cities?

Salary requirement for personal loan differs by location and lender policy. Many lenders keep higher thresholds for metros, reflecting higher living costs and portfolio risk. Non metro cities can have different ranges. Internal employer lists and sector exposure also influence the minimum income figure. If you moved cities recently, lenders may consider your new cost profile and payslips from the latest employer. Review eligibility on the website and keep bank statements handy.

Can I get a personal loan with variable income?

Applicants with variable income may qualify after assessment. Lenders typically average salary credited over recent months and look for consistency in deposits. Contract roles, incentives, and allowances are reviewed case by case. Strong employer reputation, lower existing debt, and clear bank entries help. Keep salary slips, six months’ statements, and ITR acknowledgements handy. If cash components exist, ensure declared figures match credits, since underwriting relies on verifiable banking records.

Will my CIBIL score matter if I meet the salary limit?

Meeting a minimum income threshold does not guarantee sanction. Lenders review your credit score, repayment history, and outstanding obligations to judge capacity and risk. High utilisation on cards or multiple recent enquiries can reduce eligibility or affect pricing materially. A stable employment record and clean banking conduct support the case. Consider reducing unsecured balances, limiting fresh applications, and paying dues on time to present a stronger overall profile for assessment.

Can self-employed applicants qualify with low income?

Self-employed applicants may qualify at modest income levels subject to policy. Lenders examine audited financials, recent GST returns where applicable, bank turnover, and vintage of business. Consistent deposits, low cheque bounces, and timely tax filings help. Collateral is usually not required for personal loans, yet underwriting still weighs stability and obligations. Keep ITRs, computation sheets, and six to twelve months of statements ready to support assessment and faster decisioning.

What if my salary is just below the requirement?

If your salary sits just below a published threshold, consider adjusting the loan amount to lower EMIs, choosing a shorter tenure, or clearing small debts to improve ratios. Some lenders allow a co applicant within policy. Strengthen your application with stable credits and clean statements. Waiting a few months to build track record can help. Check offers periodically on the app or website, since eligibility rules may refresh over time.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.