One of the easier loans that one can avail of is a personal loan, which is an unsecured loan that does not require any collateral, however, there are certain eligibility criteria that the lender takes into consideration to ensure the repayment of a personal loan. 

How income affects personal loan

While applying for a personal loan is easy, getting it approved, and sanctioned can be challenging. The final approved amount depends on various factors, one important among them being your income. Let us see how your salary can impact your personal loan

1. The more your salary, the higher is your chances of getting a personal loan approved. 
2. Higher-income also provides the flexibility to choose your repayment tenure. 
3. Your interest rate on a personal loan will also depend on the salary. A higher salary ensures higher repayment capacity.

What is the minimum salary required for a personal loan?

If you are applying for Fullerton India personal loan, it is available for both salaried as well as self-employed professionals. The eligibility criteria for all eligible applicants above the age of 16 is as follows: 

1. For applicants residing in Mumbai and Delhi, the minimum salary for a personal loan is Rs 25,000 per month.
2. For applicants residing in other locations except for Mumbai and Delhi, the minimum salary for a personal loan is Rs 20,000 per month. 

Normally the loan amount eligibility is 30 times the monthly income. While salary plays an important factor in your personal loan, it may vary for each lender.  You must also ensure that you have a good credit history and check with the lender before you apply for a loan. 

Must Read: How to Get an Unsecured Loan? Here’s a Guide