What are the eligibility criteria for personal loans for salaried or self-employed individuals?

The following are the eligibility requirements for a FIRSTmoney personal loan for salaried or self-employed individuals: The applicant should be a salaried or self-employed individual. The salaried or self-employed individual should be aged between 21 years to 60 years. The applicant should have a credit score of 710 or more.

What is the tenure for a personal loan for a salaried or self-employed individual?

The tenure for a FIRSTmoney personal loan for salaried or self-employed individuals is between 9 months to 60 months.

What can a personal loan for salaried or self-employed persons be used for?

Personal loans for salaried or self-employed persons can be used for financing a dream vacation, covering emergency medical expenses, consolidating debts, renovating a home, celebrating significant life events like weddings, funding education, etc. It enables salaried and self-employed individuals to address several financial needs efficiently and promptly, ensuring financial stability and peace of mind.

What is the minimum salary required to get a personal loan?

There is no minimum salary requirement to get a loan on salary account through FIRSTmoney. You just have to fulfil the other specified eligibility parameters.

How much loan can a salaried individual get?

The loan amount that a salaried individual can get depends on various factors, such as monthly income, credit score, employment stability, and the bank’s policies. You can get loans of up to ₹15 lakh with FIRSTmoney. The exact amount will be determined based on your financial profile and repayment capacity.

Can I get a loan if my salary is ₹15,000?

Yes, you can get a loan with a salary of ₹15,000 per month. However, the loan amount might be limited based on your income and other financial obligations. Lenders will evaluate your overall financial health, including your existing debts and credit score to determine the loan amount.

What is the tenure for a personal loan for salaried individuals?

The tenure for a FIRSTmoney smart personal loan typically ranges from 9 months to 60 months. You can choose a tenure based on your repayment capacity and financial planning.

What are the processing fees for a personal loan for salaried individuals?

Processing fees for a FIRSTmoney loan is 2% of the loan amount including GST.

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Personal loan for salaried employees

Q: What is a personal loan for salaried employees?

Personal loans, like FIRSTmoney, are unsecured loans offered to individuals who require funds to fulfil certain obligations. These loans are called unsecured loans because lenders do not demand any collateral.

Q: How to apply for a personal loan for salaried individuals?

To apply for a personal loan as a salaried person: 1. Start by scanning the QR code or clicking loan from your smartphone. 2. Register using your mobile number and confirm basic/personal details to check your eligibility. 3. Select the loan amount of your choice and choose flexible repayment terms. 4. Link your bank account where you wish the funds to be disbursed. 5. Complete the video KYC verification process with your physical PAN card.

Instant funds from ₹50K to ₹15 Lakhs

Interest rate starting at 9.99% p.a.
Zero foreclosure charges with no lock-in period
100% digital process, no document uploads
Instant disbursal in as little as 10 minutes

Apply Now

Salaries Employee Loan EMI Calculator

Loan amount

₹1L ₹15L

Loan term in months

Repay anytime with 0 Foreclosure charges!

9 Months 60 Months

Choose the Interest Rate

Lowest interest rate unlocked!

9.99% 38 %

Your EMI will be

₹5,072/month*

Total Interest Payable

₹43,435

Total Amount Payable

₹2,43,435

Check your eligibility

Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply. **For select loan amounts

Overview
Benefits
Eligibility
How to apply
Fees & Charges
FAQs
Blogs

Apply Now

What is a personal loan for salaried employees?

A personal loan for salaried employees is an unsecured loan that helps working professionals borrow funds without pledging any collateral. The approved loan amount depends on factors such as monthly salary, employment stability, CIBIL score, and repayment capacity. The borrowed amount is repaid through fixed monthly EMIs over the selected tenure.

FIRSTmoney is a digital personal loan for salaried employees offered by IDFC FIRST Bank. You can borrow from ₹50,000 up to ₹15 lakhs in a 100% digital manner. Once your loan application is approved, the loan amount is credited directly to your bank account in as little as 10 minutes. You then repay the personal loan in fixed monthly EMIs over the chosen tenure. Each EMI includes both principal and interest, making repayments predictable and easier to budget.

How much loan can you get on your salary?

While salary is an important factor, lenders also evaluate your existing financial obligations and credit profile before approving a loan amount. A higher salary, stable employment and a healthy CIBIL score generally improve your borrowing eligibility.

Here’s an indicative amount you may be eligible for:

Monthly salary	Indicative loan eligibility
₹25,000	₹50,000 onwards
₹35,000	Up to ₹3 lakhs
₹50,000	Up to ₹5 lakhs
₹75,000	Up to ₹8 lakhs
₹1,00,000	Up to ₹10 lakhs
₹1,50,000 or more	Up to ₹15 lakhs

The actual loan amount offered depends on your eligibility criteria, mainly including income stability and a favourable CIBIL score.

What determines your loan eligibility?

Lenders typically consider:

• Monthly salary
• Employment stability
• CIBIL score
• Existing EMIs and debts
• Repayment capacity
• Age
• Employer profile

Why do salaried individuals take personal loans?

Even with a regular salary, some financial requirements can be outside the budget or require attention before the next payday. Such scenarios necessitate a salary loan. Since a personal loan has no end-use restrictions, eligible salaried borrowers can use it for planned expenses as well as financial emergencies as follows:

• Managing salary gaps: When expenses are due before the salary is credited, an instant personal loan helps manage the cash flow.

• Medical emergency: Unexpected treatment costs, not covered under the health insurance, often need immediate payment. You can manage them with 10-minute disbursal on FIRSTmoney personal loan.

• Home renovation: Essential repairs or remodelling often require hefty costs and can't wait until enough funds are saved.

• Upskilling: Paying for a certificate course or training programme fees upfront to advance in career.

• Big-ticket purchases: Buying a personal vehicle to manage a last-minute commute to the workplace, along with other essentials like a laptop, desk and other essentials for WFH setup. Cover a wide range of expenses with up to ₹15 lakhs FIRSTmoney personal loan.

• Family events contribution: Contributing to important family occasions such as weddings, anniversaries, and other milestones.

• Children's education fees: Admission fees that come as upfront mid-year or annual payments.

• Debt consolidation: Repaying multiple high-interest debts with one personal loan may make repayments easier to manage.

• Relocation expenses: Moving to a new city for work may involve rental deposits, furniture, transport and other upfront expenses that can be financed through a personal loan.

When should a salaried employee consider a personal loan?

Consider a personal loan when:

• The expense cannot be postponed.

• You want predictable monthly repayments.

• You don't want to break your long-term investments.

• The EMI comfortably fits your monthly budget.

• The purpose of loanjustifies borrowing.

Why choose FIRSTmoneypersonal loan for salaried employees?

A personal loan for salaried employees should be as simple as your stable income. FIRSTmoney combines instant digital processing with flexible repayment features designed for salaried borrowers.

• A 100% digital process

Apply anytime for a FIRSTmoney salary loan completely online. No branch visits or paperworkrequired. The entire process is digitised for your convenience.

• Loan of up to ₹15 lakhs

Based on your eligibility and requirements, FIRSTmoney personal loan lets you borrow between ₹50,000 and ₹15 lakhs. FIRSTmoney helps you manage small to big-ticket expenses with a sizeable loan offer.

• No penaltyon loan foreclosure

Repay your FIRSTmoneysalary loan with zero foreclosure charges before the end of the tenure. Go debt-free sooner as your financial situation changes without any extra charges.

• Multiple on-demand loans

Based on the expenses, you may need additional funds. In such cases, the FIRSTmoney personal loan offers multiple on-demand loans. Repay what you owe and borrow more against the same loan offer.

• Funds in 10 minutes

Complete the digital application and get approved instantly. Once approved, receive the loan amount directly in your bank account within 10 minutes.

• 9 to 60 months tenure range

You can control how your repayment schedule plays out by choosing the tenure convenient to you. Adjust the duration from the flexible range of 9 to 60 months on FIRSTmoney instant personal loan for salaried individuals.

Loan amount & tenure options for salaried borrowers

Whether you are covering an urgent expense or planning for a major purchase, you can meet varied financial requirements with FIRSTmoney. You get flexible borrowing options to meet your diverse needs.

Loan amount	₹50,000 to ₹15 lakhs
Repayment tenure	9 to 60 months

As for the EMI estimate, here's an indicative calculation for a repayment tenure of 24 months at an interest rate of 9.99% p.a.:

Loan amount	Indicative EMI
₹3 lakhs	₹13,842
₹5 lakhs	₹23,070
₹10 lakhs	₹46,140
₹15 lakhs	₹69,210

How to choose the right loan tenure

Usually, a shorter tenure will lead to:

• Higher EMI

• Lower total interest

Usually, a shorter tenure will lead to:

• Lower EMI

• Higher total interest

Before applying, ask yourself:

✓ How much do I actually need?

✓ Can I comfortably afford the EMI?

✓ Have I compared interest rates and fees?

✓ Do I have an emergency fund after taking the loan?

✓ Can I repay earlier if my income increases?

How to Apply for a Personal Loan for Salaried Individuals

Step 1

Click on Apply Now to start your personal loan application process

Step 2

Step 3

Confirm basic details to check your eligibility

Step 4

Choose your loan preferences and link your bank account

Step 5

Once verified, receive the loan amount in your account within 10 minutes

Apply for Personal Loan

Features and Benefits of Personal Loans for Salaried Individuals

Taking a FIRSTmoney salaried loan is beneficial in the following ways:

Instant Disbursement of Loan

Get funds quickly after approval to meet urgent financial needs.

No Collateral Required

As an unsecured loan, there’s no need for collateral, making borrowing hassle-free.

No Physical Documentation

The online application requires only basic information, ensuring faster processing with minimal paperwork.

Zero Foreclosure Charges

Enjoy the freedom to close your loan anytime with zero foreclosure benefits.

Flexible Loan Term

Choose a loan term that suits your budget, ensuring manageable EMIs.

Multi-Purpose Loan

Use the loan amount for expenses like medical treatment, home renovation, education, or a holiday.

Greater Flexibility

Get immense flexibility in obtaining an additional loan with just a few clicks, eliminating the need to apply for a loan from scratch.

Eligibility Criteria for Personal Loans for Salaried Individuals

Eligibility Criteria for Personal Loan for Salaried Individuals

To qualify for a salaried employee loan with FIRSTmoney, you need to meet the following criteria:

Age: Between 21 and 60 years.
Nationality: Must be an Indian citizen.
Employment: Salaried or self-employed with a regular income.
Credit Score: Minimum CIBIL score of 710 to ensure creditworthiness.

Documents Required for Personal Loan for Salaried Individuals

To apply for a personal loan from FIRSTmoney, all you need is to present your physical PAN card during the video KYC process. You are not required to upload any documents to get an instant personal loan online.

Minimum Salary for Personal Loans for Salaried Employees - To qualify for a FIRSTmoney Smart Personal Loan, a minimum income is not specified. Instead, applicants should have a strong credit profile, maintaining a credit score above 710, to facilitate instant cash loan disbursement within 10 minutes.

Our App Ratings from 2.64M+ happy users

Fees and Charges for Personal Loan for Salaried Individuals

Fees and charges

Low interest rate

Interest rate starts from 9.99% p.a., calculated on a reducing balance basis.

Processing fee

Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts)
[View fees & charges]

Flexible loan tenures

Choose between 9 and 60 months

Apply Now

Do’s and Don’ts about Personal Loan for Salaried Individuals

Do's

Review all loan details carefully before applying
Pick an EMI value that fits within your monthly budget
Maintain a consistent repayment habit
Check eligibility criteria before you begin
Apply digitally for quicker access to funds

Don’ts

Do not judge the loan only by EMI amount
Avoid ignoring your credit profile
Do not rely on back-to-back short-term loans
Avoid incorrect or incomplete applications
Do not borrow without a clear plan

Things to know about Personal Loan for Salaried Individuals

Eligibility Criteria

You need to have a steady income, meet a minimum salary requirement of ₹10,000, and maintain a CIBIL score of 710 or above to apply for a FIRSTmoney personal loan.

Processing fees & charges

Along with interest, make sure you review all other charges. With FIRSTmoney, you can experience a transparent structure with no surprises.

Interest rates

Understand that interest rates affect both EMI and total repayment. FIRSTmoney offers rates starting from 9.99% p.a.

Easy loan comparison

Comparing loan options helps you make informed decisions. FIRSTmoney provides clear details that enable accurate comparisons.

Better financial planning

Flexible repayment tenure up to 60 months helps plan EMIs and manage finances without disrupting monthly budgets.

Tips to smartly use your Personal Loan for Salaried Individuals

Tip 1

Align loans with your salary

Ensure your EMI value can be handled by your current and projected salary value during the tenure while applying for a personal loan for salaried individuals.

Tip 2

Avoid multiple liabilities

Limit additional loans to maintain financial stability and repayment ability.

Tip 3

Maintain timely repayments

Pay EMIs consistently to protect your credit score and avoid extra charges.

Personal Loan for Salaried Employee FAQs: Key Questions Answered

What is the EMI for an instant personal loan for salaried employees?

Your monthly EMI depends on three primary factors: the loan amount, interest rate, and repayment tenure. Selecting a longer tenure reduces your monthly EMI, while a shorter tenure may reduce the total interest payable over the loan's life.

Here's a calculation of EMI for various loan amounts at the lowest interest rate offered for a tenure of 60 months:

Loan amount	Interest rate	Tenure	Approx. EMI
₹1 lakh	9.99% p.a.	60 months	₹2,124
₹2 lakhs	9.99% p.a.	60 months	₹4,248
₹3 lakhs	9.99% p.a.	60 months	₹6,373
₹4 lakhs	9.99% p.a.	60 months	₹8,497
₹5 lakhs	9.99% p.a.	60 months	₹10,621
₹10 lakhs	9.99% p.a.	60 months	₹21,242
₹15 lakhs	9.99% p.a.	60 months	₹31,863

These EMI values are indicative. Your final EMI amount depends on your credit profile and approved loan offer.

How to choose the right personal loan

If you want to...	Consider...
Borrow a smaller amount	Choose only what you need. Avoid overborrowing
Lower your EMI	Longer tenure
Reduce total interest	Shorter tenure
Repay early	Check foreclosure charges before applying
Compare lenders	Evaluate total borrowing cost, not just interest rates

What is the minimum salary required for a personal loan?

You can apply for a FIRSTmoney personal loan as a salaried person with a minimum monthly salary of ₹10,000, subject to meeting other eligibility criteria.

Can I get a personal loan with a salary of ₹25,000?

Yes, you can get a personal loan for salaried employees with ₹25,000 salary, also depending on whether you meet other eligibile factors such as your age, credit score, and repayment capacity.

How quickly is the personal loan disbursed?

Once your application is approved, the FIRSTmoney instant personal loan for salaried individuals is disbursed in as little as 10 minutes.

What credit score do I need to apply for a personal loan?

A CIBIL score of 710 or more is required to apply for a FIRSTmoney personal loan.

Can I apply for a personal loan if I have recently started a job?

Yes, you can apply provided you meet the applicable eligibility criteria for a personal loan for salaried employees.

Can I use the loan for any personal expense?

Yes, a personal loan is a multi-purpose loan with no restriction on end use. Hence, you can use it for any personal expense.

How can I check if I am eligible before applying?

You can click on 'Check your eligibility' and provide your basic details for a quick eligibility assessment. Alternatively, you may use a personal loan eligibility calculator.

Can I apply for a personal loan for salaried employees if I already have an existing loan?

Yes, you may if you are eligible based on your age, income stability, credit score, and repayment capacity.

More FAQs

Choose your personal loan amount with FIRSTmoney

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Travel Loan

Ready for your next getaway? With a FIRSTmoney smart personal loan, you can plan premium vacations, last-minute getaways, or long-awaited adventures without financial stress. Whether it’s an international trip or an unexplored destination in India, our smart personal loan offers competitive rates and quick disbursal, so you never have to compromise on your experiences.

Know More

Educational loans

Invest in your future with a FIRSTmoney smart personal loan. Whether it’s tuition fees, online certifications, coaching classes, or study material, this education loan gives you the financial freedom to upskill without disruption. With easy eligibility, fast processing, and flexible tenures, you can focus on learning while we take care of the funds.

Know More

Wedding Loan

Turn your wedding dreams into a reality with a FIRSTmoney smart personal loan. Tailored for your big day, this wedding loan helps you cover venue costs, outfits, decor, and more, without exhausting your savings or relying on high-interest credit cards. With quick approvals and flexible repayment options, you can focus on making memories while we take care of the finances.

Know More

Home Improvement Loan

Transform your house into your dream home with a FIRSTmoney smart personal loan. Whether you are upgrading your kitchen, revamping interiors, or adding new furniture, this home renovation loan helps you manage costs without dipping into savings. With minimal paperwork, fast approvals, and convenient EMIs, you can renovate stress-free.

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Need up to ₹1 crore? Apply for our Personal Loans with minimal documentation

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Reference:

https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/debt-consolidation-loan

https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/fees-and-charges

https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan

https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/personal-loan-in-mumbai

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Personal loan for salaried employees

Salaries Employee Loan EMI Calculator

₹5,072/month*

₹43,435

₹2,43,435

Overview

Benefits

Eligibility

How to apply

Fees & Charges

FAQs

Blogs

What is a personal loan for salaried employees?

How much loan can you get on your salary?

What determines your loan eligibility?

Why do salaried individuals take personal loans?

When should a salaried employee consider a personal loan?

Why choose FIRSTmoneypersonal loan for salaried employees?

Loan amount & tenure options for salaried borrowers

How to choose the right loan tenure

Before applying, ask yourself:

How to Apply for a Personal Loan for Salaried Individuals

Features and Benefits of Personal Loans for Salaried Individuals

Instant Disbursement of Loan

No Collateral Required

No Physical Documentation

Zero Foreclosure Charges

Flexible Loan Term

Multi-Purpose Loan

Greater Flexibility

Eligibility Criteria for Personal Loans for Salaried Individuals

Eligibility Criteria for Personal Loan for Salaried Individuals

Documents Required for Personal Loan for Salaried Individuals

Our App Ratings from 2.64M+ happy users

Fees and Charges for Personal Loan for Salaried Individuals

Fees and charges

Low interest rate

Processing fee

Flexible loan tenures

Do’s and Don’ts about Personal Loan for Salaried Individuals

Do's

Don’ts

Things to know about Personal Loan for Salaried Individuals

Eligibility Criteria

Processing fees & charges

Interest rates

Easy loan comparison

Better financial planning

Tips to smartly use your Personal Loan for Salaried Individuals

Tip 1

Align loans with your salary

Tip 2

Avoid multiple liabilities

Tip 3

Maintain timely repayments

Personal Loan for Salaried Employee FAQs: Key Questions Answered

What is the EMI for an instant personal loan for salaried employees?

How to choose the right personal loan

What is the minimum salary required for a personal loan?

Can I get a personal loan with a salary of ₹25,000?

How quickly is the personal loan disbursed?

What credit score do I need to apply for a personal loan?

Can I apply for a personal loan if I have recently started a job?

Can I use the loan for any personal expense?

How can I check if I am eligible before applying?

Can I apply for a personal loan for salaried employees if I already have an existing loan?

Choose your personal loan amount with FIRSTmoney

Different Types of Personal Loans for you

Travel Loan

Educational loans

Wedding Loan

Home Improvement Loan

Need up to ₹1 crore? Apply for our Personal Loans with minimal documentation

Personal Loan Tips & Insights: Your Guide to Smarter Borrowing

Can a Personal Loan Fund Your Startup Dream? A Guide for New Entrepreneurs

Turning Your Side Hustle into Something Bigger? A Personal Loan Can Help