A Personal Loan is issued for lifestyle expenses and emergencies—banks and NBFCs market personal loans as a premium product for the salaried class. Salaried customers receive a monthly salary in the bank, offering transparency regarding their income and expenses. Lenders are comfortable providing short-term funds to customers based on their monthly income, which is repaid through Equated Monthly Instalments (EMI). A Personal Loan is primarily granted based on the monthly salary received by an applicant. Consequently, the Personal Loan Criteria, such as the loan amount and interest rate, are determined and applied according to the monthly wage. The salary bracket is broadly defined as follows: Salaries processed are segmented by banks as follows:

Eligibility criteria for a Salary of 25k to 30k: The minimum income benchmark set by Banks for a Personal Loan is a salary of ₹ 25k. This is the amount a graduate employee can expect at the start for basic expenses and spare funds to invest in a new mobile phone and home appliances with a personal loan. Banks that issue Personal loans to applicants with a salary of above ₹ 25k are YES Bank and IDFC Bank. NBFCs that offer Personal loans to applicants with a salary of ₹ 25k include Fullerton India, INCRED and Hero Finance. To Apply for a Personal Loan to YES Bank, an applicant must fulfil the other YES Bank Personal Loan Eligibility Criteria and have a CIBIL score of 700+.

Personal Loan Eligibility for applicants with a salary of ₹ 30k to ₹40k per month: With the rise in inflation and living costs and the corresponding increase in earnings, the previous benchmark of a salary of ₹ 20k is now increased to ₹30k to Apply for an HDFC Bank Personal Loan and an Axis Bank Personal Loan. An applicant working in a CAT A company featured in the HDFC Bank Company Category List is eligible for a loan amount of ₹ 500000 lakhs to be repaid with an EMI of 13167/- over a tenure of 48 months. HDFC Bank permits applicants with a salary of ₹ 30k and above without a CIBIL score and no previous credit history to Apply for a Personal Loan if the company features in the Approved Company Category List.

Personal Loan options for applicants with a salary of ₹ 40k and above: A monthly salary of ₹ 40k transferred to the Bank fulfils the eligibility for income criteria of most Banks. Applicants can apply for an ICICI Bank Personal Loan and an ICICI Bank Coral Credit Card with a salary of ₹ 40k and above. The income is sufficient to cover monthly expenses and apply for credit when required for a family wedding, home renovation, or education expenses. The maximum amount an applicant can get as a Personal Loan is ₹5lakhs to 8 lakhs depending on the CIBIL score and if the employer features in the approved company category list. It is not mandatory for the applicant to have a CIBIL score to Apply for a Personal Loan from HDFC Bank.

Eligibility for High-income applicants with an income of ₹ 50k, ₹75k and above: With a higher income, the terms of Banks are revamped; the multiplier applied for the loan amount an applicant is eligible for increases as the income allows expenditure over and above the monthly budgets. Maximum loan amounts of ₹ 30 to 35 lakhs are issued to eligible customers with discounted interest rates and extended repayment terms. Customers earning over ₹ 75000/- are treated as Elite customers, and the personal loan application is processed under the Golden Edge Personal Loan category with favourable terms. A waiver of the penalty clause for foreclosure of a personal loan after paying 12 EMI is offered for loan amounts above ₹ 10 lakhs.

Further, to verify the salary received to process the loan requirements, the following terms must be qualified according to the personal loan eligibility criteria:

• The salary slip with the applicant’s credentials and a corresponding Bank statement for three months are part of the documentation proof required to process a Personal Loan. A regular salary credit of three months without any intervals is necessary for the loan process.
• The Salary transfer must be reflected in the Bank account month on month on a regular on a fixed date. Banks expect employers to transfer the salary in the first week of the month and fix the EMI date accordingly.
• The salary should be transferred electronically through ECS (electronic clearing services) month after month. In this digital age of Online Personal Loans, banks do not process applications with salaries received by cheque or cash.
• The net income details in the salary slip submitted must correspond to the amount transferred. If there is a variation, proof of the same must be submitted.
• Banks consider the regular salary components as the applicant’s monthly income. Incentives are not counted unless received month on month as a fixed amount.

Personal Loan applicants can use an EMI Calculator to determine an affordable EMI based on their monthly earnings. Whether they’re an IT professional working for a company listed in the Economic Times or a government employee, their income and stability make them a preferred lending category. Personal Loans have become a convenient option, with loan amounts processed online, allowing salaried applicants to receive funds within 72 hours to address financial shortfalls!

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