Personal Loan for Salaried in India – All You Need to Know

Personal loans can be an excellent funding alternative for salaried employees in India. The recent economic downturn has been particularly tough on salaried employees. Job losses and wage cuts have been widespread, and many people have found themselves struggling financially. Personal loans in such times have proved to be vital lifelines in these difficult times.


Why are Personal Loans Relevant for Salaried Employees?

Personal loans can be used in so many situations. You can cover unexpected expenses or a costly purchase with the help of personal loans, as their interest rate is lower than credit cards in most cases.

Of course, getting a personal loan is not a decision to be taken lightly. You’ll need to be sure that you can afford the monthly repayments, and you should only borrow as much as you need. 

How Can You Qualify for a Personal Loan as a Salaried Employee in India?

Here is everything you need to know about qualifying for personal loans as a salaried employee in India.

Job Stability & Employer Reputation

One of the first things lenders will look at when considering you for a personal loan is your job stability and employer reputation. They want to see that you have a steady income and are employed with a reputable company. If you’ve been with your current employer for a long time and have a strong employment history, this will work in your favor.

Low Debt-to-income Ratio

Your debt-to-income ratio is another critical factor lenders will consider. This ratio is calculated by dividing your total monthly debt by your gross monthly income. Lenders consider a debt-to-income ratio of 40% or less good.

Good Credit Score & History

A good credit score is essential not only for getting approved for a personal loan but also for a competitive interest rate. Lenders will pull your credit report to see how you handle credit. If you haven’t taken any loan or credit to date, you can still qualify for a certain amount of salary-based loan with some FinTech companies.

Multiple Income Sources

Lenders like to see that you have a steady stream of income, even if it’s from multiple sources. This helps to show that you are a responsible borrower and have the means to repay the loan.

Complete Documentation

Finally, it’s essential to make sure you have all the required documentation when applying for a personal loan. This includes your employment letter, bank statements, and ID/address proofs. Having all your documentation in order will help the process go smoothly and increase your chances of getting approved.

Where Can You Get a Personal Loan for Salaried?

The good thing is that personal loans are available from multiple sources like banks, credit unions, etc. And, with the rise of FinTech, online instant personal loans for salaried professionals are also easily accessible.

One of the prominent FinTech companies that provide an online salary loan in India is KreditBee.

Personal Loan for Salaried by KreditBee

KreditBee’s online loan application process takes only a few minutes to complete. The entire process is hassle-free with flexible repayment tenure and you can get your loan disbursed in 10 minutes.

What Do You Need to Get Approved for a Salary-based Loan From KreditBee?


You need to submit the following primary documents:

  • Identity proof (PAN)
  • Address proof (Aadhaar, Passport)
  • Latest bank statement or other Income proof
  • Photo (Selfie)

Eligibility Criteria

You need to fulfill the following eligibility criteria to get a personal loan as a salaried employee from KreditBee:

  • Be an Indian citizen
  • Age above 21 years and below 45 years
  • Should have a regular monthly source of income
  • Give a mobile number for registration
  • Earn more than ₹10000 as a salary

Many FinTech companies and banks will offer you a salary-based personal loan. However, it is important to do your research to ensure that you are getting the best deal possible. Make sure to compare interest rates and terms before you choose a loan.

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