Personal Loan: Minimum Salary Myth Busted! Know What Banks Really Check

• Personal loan approval depends on your entire financial profile, not just a fixed minimum salary.
• Banks typically require ₹15,000-₹25,000 monthly income for salaried individuals, higher in metro cities; self-employed face stricter rules.
• Factors like city of residence, job stability, existing debts, and credit score significantly influence loan approval.
• A good credit score can improve loan chances even with lower income, while a poor credit score can hinder high earners.
• Banks assess repayment capacity, not just income, to manage risk; clear small debts and borrow only what's needed.

Why It Matters: Personal loan eligibility is holistic; income, credit score, and existing debts collectively determine approval.