1. Check Your CIBIL Score First
Taking a personal loan feels deceptively simple these days — download an app, fill in a few details, and boom, money's in your account.
But honestly? Slow down a bit. I've seen so many people rush into this without checking the basics, and they end up regretting it later. So let's actually go through this checklist properly.
Checking CIBIL is non-negotiable. If your score's hovering around 650, don't stress — getting a personal loan with 650 CIBIL is still possible, just maybe not through your usual bank.
2. Bank or NBFC — Choose Smartly
Here's the real difference between bank loan and NBFC loan: banks are cheaper but slower and stricter, NBFCs are slightly costlier but way faster and more flexible with approvals. That's exactly why personal loans for salaried with low CIBIL cases often get approved quicker through NBFCs.
And yes — is it safe to take a personal loan from NBFC? Completely safe, as long as they're RBI-registered. Just stay away from those 'instant cash loan without documents' ads floating around, they're usually not what they claim to be.
3. Check If Your Salary Qualifies
If you're earning a personal loan for salary of ₹25,000 per month, you can still get approved, just for a smaller loan amount. Minimum salary for personal loan NBFC generally starts around ₹15,000–₹20,000.
4. Understand FOIR
What is FOIR in personal loan? It simply shows how much of your salary is already tied up in existing EMIs. A high FOIR is one of the biggest personal loan rejection reasons in India.
5. Know the Disbursement Timeline
The personal loan disbursement process in India usually takes 24–48 hours once your documents are verified.
6. Read the Fine Print
Always check personal loan prepayment charges in India before signing — many lenders charge 2–5% for early closure.
7. Reduce Your EMI Smartly
Wondering how to reduce personal loan EMI? Extend your tenure slightly, or make partial prepayments whenever possible.
Final Thoughts
Loans aren't the problem — rushed decisions are. Take a few extra minutes, tick these boxes, and you'll thank yourself later.
Frequently Asked Questions
Q1. Can I get a personal loan with a 650 CIBIL score?
A 650 CIBIL score may allow you to apply for a personal loan, but approval depends on factors like your income, job stability, existing financial obligations, and lender eligibility criteria.
Q2. What are the main personal loan rejection reasons in India?
Common personal loan rejection reasons in India include a low credit score, high existing EMIs, unstable income, incomplete documents, and applying for multiple loans within a short period.
Q3. How can I reduce my personal loan EMI?
You can reduce your personal loan EMI by choosing a suitable loan tenure, borrowing only the required amount, comparing different loan options, and making part-prepayments whenever possible (as per lender terms).
Need Quick Financial Assistance?
Apply for a personal loan with Cash My Salary. Get money credited in minutes with secure, digital KYC and low eligibility thresholds.
