Personal Loan: Income & Eligibility Decoded! Know Bank-Specific Salary Needs

• Personal loans are high-risk for banks due to lack of collateral, leading to strict eligibility checks and higher interest rates.
• Banks assess age, credit score, employment, and especially Debt-to-Income (DTI) ratio, typically seeking 40-45% for approval.
• Minimum salary requirements vary: HDFC Bank & Axis Bank (general) need Rs 25,000.
• Kotak Bank requires Rs 25,000 (with salary account) or Rs 30,000 (other bank); SBI needs Rs 20,000 (govt/military) or Rs 25,000 (corporate).
• Higher income and lower DTI ratio increase personal loan eligibility and amount.

Why It Matters: Personal loan eligibility hinges on income and DTI ratio; requirements vary by bank.