personal loan

Building Creditworthiness for Personal Loans with a Minimum Salary

Regarding personal loans, the significance of strong creditworthiness cannot be overstated. It can make a difference between acceptance or denial of your loan application. Therefore, it is important to improve the score if it is not good enough, especially with a low salary.

Read on to explore how you can build your creditworthiness and how you can apply for a personal loan with minimum salary.

Eligibility Criteria for a Personal Loan with Minimum Salary

The eligibility criteria differ from one lender to the other. However, on average, the minimum salary required to apply for a personal loan online remains around Rs 15000.

Here are some conditions to take into consideration:

  • You must have a credit score of 750 or above if you want a personal loan at low-interest rates. You don’t have to worry even if your credit scores are low, as you can avail of a loan at slightly higher interest rates.
  • You must submit the necessary ID, age, and address proof to show your Indian citizenship and age, which should be between 21-58 years.
  • You must submit important documents like the past six months’ salary slips and bank statements.

How Can You Improve Your Creditworthiness Before Applying for Personal Loans?

Whether you are applying for a personal loan in Chandigarh, Mumbai, Delhi, or any other city, there are a few things you need to consider to improve your creditworthiness.

Given below are things you need to do to improve your creditworthiness:

  1. Maintain Your Credit Score

If you are salaried and are applying for a personal loan, you must understand the importance of a high credit score. These are unsecured loans, so a high credit score assures and secures the loan provider about your solid repayment capacity.

Simply maintain a high credit rating, don’t miss any payments, and keep your debt low to improve your credit score.

  1. Show Stability in Employment and Income

You can get quick approval on your loan request if you have worked for an organisation for over six months with a stable income. You can also get the benefit of low-interest charges.

  1. Keep your CUR Low

If you are using credit cards, you have a strong chance to build your creditworthiness.

However, misuse of credit cards can lead to a lower credit score, which can eventually affect your credit ratings. Keep your credit utilisation ratio within 30%-50% and ensure you don’t surpass it, as it may reflect your dependency on credit.

  1. Lower Your Financial Obligations

Keep your obligations low and close your existing loans and debts before you apply for a personal loan with a minimum salary. This will increase your chances of getting quick loan approval and show your low dependency on credit.

  1. Opt for the Maximum Loan Tenure

Going for a long-term personal loan ensures the financial institution you are in for a long-term relationship with them. This builds trust in the loan providers. You have ample time to prove your creditworthiness and diligence in making timely payments considering a long loan tenure.

How to Apply for a Personal Loan with a Minimum Salary?

Here are some very simple steps that you need to follow to apply for a personal loan online:

Step 1 – Fill out an online application

Step 2 – Use a Personal Loan EMI Calculator to compare various financial institutions and reach the desired loan amount and loan tenure

Step 3 – Submit the required documents online

Step 4 – Wait for the online verification and approval

Step 5 – After you get the loan approval (within minutes), you simply need to wait for a maximum of 24 hours, within which you shall receive the loan amount in your account.


Applying for a personal loan with a minimum salary will require you to move further strategically. Following the suggested tips, you can get a loan of up to Rs. 5 lakhs. Besides this, compare different loans and lenders to ensure your selected loan suits your requirements and repayment capabilities.