Quick Guide on Personal Loans for Salaried Employees

Personal Loans

The loans industry in India has reached an unprecedented level, catapulting credit availability and accessibility. Lenders have made loans extremely easy to get, which is excellent considering personal loans are almost becoming necessary to fund expenses. 

From marriages to home renovation, medical emergencies to higher education, gadgets to automobiles, it has become a prevalent form of financing to fund these using personal loans. This enables people to aspire for bigger and better things without waiting years to save up to buy them. 

Instant personal loan for salaried employees in India has different requirements based on the lender. Let us explore some of these requirements and how to get a loan. 

What is a Personal Loan?

A personal loan is an unsecured loan where an individual is not required to use any collateral as a security. It is the most common type of loan and is popular because of its comprehensive use cases. 

It requires a person to pay back the principal amount along with interest in Equated Monthly Installment, or EMI, spread out over a period which is the repayment tenure. 

What are the requirements for loans for salaried employees?

The requirements for getting personal loans for salaried employees differ from those for self-employed individuals. As a salaried employee, there are certain things you should keep in mind when applying for a loan. 

The following are some things a salaried individual needs to keep in mind when considering getting a loan. 

  • Age limit 

Several lenders have set a hard limit on the minimum and maximum age to get a loan. For salaried employees, this can range from 18 to 60 years, with 62 being the year of maturity. 

  • Minimum income 

There are different minimum income requirements from other lenders. They range from Rs 15,000 to even Rs 40 to 50 thousand. This is used to determine the EMI and the tenure, as lenders usually look for the EMI to stay within 40-50 % of the monthly income. 

  • Loan-to-income ratio

The loan-to-income ratio is an essential aspect that lenders consider when providing a loan. They consider a borrower’s monthly debt and expenses and compare that with the monthly income to assess creditworthiness. 

  • CIBIL Score

After the RBI made it mandatory to check CIBIL scores before providing a loan to an individual, different lenders have set different requirements they follow when offering loans. Typically lenders for loans for salaried person look for a credit score of 750, but some lenders allow for scores as low as 685 but at higher interest rates. 

For example, for the app that I use, Stashfin, the minimum requirement is lax. It allows someone at least 18 years old and earning Rs 15,000 monthly to avail of the loan. This will enable people with a lower income to get a loan and fund their expenses. This requirement is higher for different lenders and can result in being unable to avail of the loan. 

How to get a Personal Loan?

Getting an instant personal loan online for salaried employees is now effortless. All that is required is to follow these steps that I followed when getting a loan myself. 

  1. Download the Stashfin app from the Apple App Store or Google Play Store. 
  2. Sign in using your phone number.
  3. Fill in your details and find out your credit limit.
  4. Complete the KYC and wait for the money to be disbursed.


These are some things that a salaried employee needs to keep in mind when considering getting a loan. The factors include your monthly income, age, loan-to-value ratio, and CIBIL Score. When considering loans for salaried person, you must check all these factors and see where you get the best offer based on your requirements and which lender’s criteria you can fulfill.

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