There are a few factors that will be taken into consideration before you qualify for a personal loan. One of the main criteria that will be checked is your monthly salary. The minimum monthly salary you would need to apply for a personal loan will be approximately Rs. 15,000. People who have a salary below that might find it difficult to qualify for a loan. They might have chances of qualifying, but might not get high loan amounts and would have to pay higher interest rates. But banks usually prefer borrowers to have a monthly salary of Rs. 25,000.
Other factors like your credit score will also be checked by your lender to make sure that you have a good repayment history. The higher your credit score the more chances you have of qualifying for high loan amounts at low-interest rates. If you had any negative accounts in your credit history, you would have to clear your dues before applying for a loan. Lenders wouldn’t want to lend to people who have defaulted on their loans or other bills.