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Personal Loan

Minimum Salary Requirements for Personal Loan: Eligibility Criteria Explained

Summary: For salaried individuals, banks have a set of requirements that involve credit score, employment status, age and proof of income, among a few others that one needs to fulfill, to obtain loan approvals. It is essential to check these requirements for flexi personal loans, in order to avoid any possible complications at a later stage of the application. Read on to learn about them in detail, for a quick and hassle-free loan application process.

01 Jun 2024 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 10.99%. 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.

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Basic eligibility requirements for FIRSTmoney smart loans


FIRSTmoney smart Personal Loan are available to individuals with exceptionally good credit scores, offering instant loans that go up to ₹10 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 730 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.

    Steps to apply for FIRSTmoney smart personal loans


    You can apply for a FIRSTmoney smart loan in 6 easy steps as mentioned below:

    • Start by scanning the QR code or clicking loan from your smartphone.
    • Register using your mobile number and confirm basic details to check your eligibility.
    • Select the loan amount of your choice starting and choose Flexible repayment terms.
    • Link your bank account where you wish the funds to be disbursed.
    • Complete the Video KYC verification process with your physical PAN card.

    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:

  • ZERO foreclosure charges


    • One of the key upsides of a FIRSTmoney smart loan is the ‘zero foreclosure charge’ feature wherein you can repay the loan in full prior to the scheduled repayment period without incurring any extra charges. You can choose to foreclose your loan and be debt-free as soon as you prefer.  

  • Easy on demand loan
     

    • Once your application is approved, you can obtain a single or multiple loans up to your approved loan offer in just a few clicks. 

  • One-time setup of your sanctioned loan with no maintenance charges
     

    • After applying for your FIRSTmoney smart personal loan, IDFC FIRST Bank sanction a loan offer based on your creditworthiness. There are no maintenance charges applicable on the loan offer.

  • Instant approval and quick disbursement of the loan


    • Apply for a FIRSTmoney smart personal loan via a completely digital application journey. The approval and disbursal processes are swift and once your documents are successfully verified; you can get your FIRSTmoney smart personal loan sanctioned. You can then apply for multiple loans on-demand.

    Conclusion


    Checking the eligibility requirements must be your primary practise when applying for a loan. It gives you an outline of your borrowing capacity and how easily you can manage your loans. Flexi loans may have varying eligibility requirements, so before you apply, ensure to go through the basic criteria for a hassle-free approval.

    FIRSTmoney loans come with transparent eligibility requirements and your sanctioned loan amount will be based on your creditworthiness. With such beneficial loan terms, FIRSTmoney loans prove to be one of the most flexible borrowing options in the market. So why wait any further? Apply for a FIRSTmoney smart loan today and meet your dynamic needs without any hassles.

    Explore our options for ₹70000 personal loan, and ₹80000 personal loan.

    Frequently Asked Questions

    Does the minimum salary requirement differ for salaried and self-employed individuals?

    Yes, salaried individuals and self-employed professionals often have different income eligibility criteria. Self-employed borrowers may need to show higher earnings and provide additional financial documents, as their income might fluctuate.

    How can I qualify for a personal loan if my salary is lower than the requirement?

    You can consider adding a co-applicant with a stable income, apply for a lower loan amount, or work on improving your credit score, which may help you get a loan approval even if your salary is slightly below the minimum requirement.

    Can my other sources of income be considered to meet the minimum salary requirement?

    Yes, many lenders allow you to include additional sources of income, such as rental income, freelance work, or spouse’s income, to meet the eligibility requirements

    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.idfcfirstbank.com for latest updates.

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