A personal loan is unsecured — no collateral needed — so banks lean heavily on your income and credit profile to decide. Here's exactly what they look at in 2026.
Core eligibility criteria
- Age: typically 21 to 60 years.
- Income: most banks want a minimum monthly salary of ₹15,000–₹25,000 (higher in metros).
- Credit score: 750+ gets the best rates; 700–750 is workable; below 650 is tough.
- Employment: salaried with a stable job, or self-employed with 2–3 years of business vintage.
- FOIR: your total EMIs (including the new one) should stay under ~50% of your income.
Documents you'll usually need
- PAN and Aadhaar
- Last 3 months' salary slips (or ITR for self-employed)
- Last 6 months' bank statements
- A passport-size photo
How much can you borrow?
Lenders often cap the loan so your EMI fits your FOIR. As a rough rule, you can borrow 10–24× your monthly income, depending on your profile and existing obligations.
5 ways to improve your approval odds
- Raise your credit score before applying — see our credit score guide.
- Lower existing EMIs to free up FOIR.
- Add income proof (rent, bonus, second income) where allowed.
- Apply with the right lender — don't scatter applications.
- Use an eligibility check first so you only apply where you'll likely qualify.
Compare before you apply
Interest rates vary widely between lenders — comparing can save you thousands over the loan tenure.
Ready to check your options? Compare personal loans on RupeeQuik — soft check, no impact on your credit score.
