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For a salaried employee, it is challenging to get an instant personal loan with a low credit score. In times when a common man needs some money to fulfil their individual needs or in case of any emergency, it is almost impossible to get a personal loan without giving away your assets as collateral. But, with the growing demand for a personal loan for salaried individuals, a lot of schemes are available that will help get a loan.

You may need a personal loan for various purposes like travel expenses, medical emergency, marriage expenditures, etc. Any bank or lender will check your credit score and your need for the loan before approving the application. 

Here are a few things that you must consider before applying for a loan –

  • Creditworthiness – 

Any lender will judge your creditworthiness just by looking at your credit score. As it is an unsecured loan and there is no collateral involved. So, the lenders are assured about granting you a personal loan only if your credit score is good enough. Or, they may think that you might not be able to repay it on time. It is easy to improve your credit score by paying all your ongoing monthly instalments on time and also by paying your credit card dues. If your credit score is around 800, then it is easy to get any loan approved. Even a credit score of around 700 is also considered good. But you will have to maintain it by always paying your bills on time.

  • Clearing current debts –

Another criterion that a lender reviews before granting a personal loan for a salaried individual is your monthly income. 

The amount that is required to be paid for some ongoing debts or EMI is deducted from your current income as you will not be able to use to pay off another loan. It reduces your chance of getting a higher value. If you need a higher amount of loan, then it is recommended that you clear your current debts.

  • All other sources of income must be added –

You must mention all the sources of your income apart from your salary to the lender. This increases your probability of getting an instant personal loan. The lender will be sure about your financial status and also your capability to repay the loan.

  • Make sure that you fit into the eligibility criteria of the lender-

With so many schemes and lenders available in the market, there are also several different eligibility criteria. Before applying for a personal loan, you must go through them very carefully. It is always the best choice to opt for a loan with the least criteria.  

  • Length of the loan – 

If the duration of the loan is long, then it assures the lender that you will be able to pay it back quickly. The stress of monthly EMI also decreases when you choose a longer tenure.

  • Do not apply for several applications –

You may find various loan schemes online favourable to your requirements. But you must avoid using multiple applications as they will decrease your score by some points. Also, it doesn’t create a good impression on the lenders.


If you are a salaried individual and looking for an instant personal loan, then you must be mindful of these points. You must keep a track on your credit score and also calculate the interest rates applicable to the loan. 

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