- By Brand Desk
- Fri, 10 Apr 2026 04:59 PM (IST)
- Source:JNM
As a first-time borrower, it is natural to get into the process of borrowing with a lot of uncertainty. This is especially true when trying to understand where you stand as an applicant. Your salary is one of the prime eligibility requirements for a personal loan. It assures the lenders of your financial bandwidth to manage the repayments. But that’s not all. They also evaluate your creditworthiness based on a detailed assessment. Learn how that pans out in this blog.
Eligibility requirements beyond salary
While a high income puts you in a good position, it is part of a bigger picture to confirm your eligibility. You still need to pass the checks on these additional factors to show that you can handle repayments comfortably:
- Age
Loan providers typically have an age eligibility criterion of 21 to 65 years for applicants. This is to assess your earning potential and repayment window. You are in a better place when you are in your prime years.
- Credit score
Your credit score is built with credit history, and thanks to credit cards and loans, it shows your repayment discipline. It is indicated through a three-digit credit score. You typically need a score between 750 and 900 to qualify for better loan terms. In case of a FIRSTmoney personal loan by IDFC FIRST Bank, you can apply with a CIBIL score of 710 and above.
- Existing debt obligations
Lenders consider your existing debts, including credit cards while deciding on your eligibility for a personal loan. Learn how much loan amount you can qualify for with existing obligations by using a personal loan EMI calculator.
- Employment stability
A high income can turn into nothing tomorrow. That is why momentary upticks are not valued. A steady job or business matters. Hence, lenders evaluate your employment or business consistently by understanding your reputation and future potential.
- Banking relationship
If you are an existing customer, your financial history with the bank, including your bank account, deposits, credit cards, etc., is evaluated. Your credit score is also checked to offer you a pre-approved personal loan.
Documents to gather ahead of the application
Most lenders have standard documentation requirements, and some, like FIRSTmoney by IDFC FIRST Bank, have no documentation involved. Here’s what you need to apply for a FIRSTmoney personal loan by IDFC FIRST Bank:
- PAN and Aadhaar number to apply
- Original PAN card to be displayed during video KYC
Tips to boost your chances of approval
Having understood how holistic evaluation of your eligibility works, you can take these effective steps to boost your profile as a first-time borrower:
Finalise a practical EMI: How comfortably you can repay the loan makes all the difference in qualifying for it. Before you apply, decide on an EMI that fits your monthly budget. Use a personal loan EMI calculator to get a realistic estimate and lower the risk of financial stress later.
Avoid multiple applications: When you submit applications to several lenders in a short span of time, you trigger hard credit inquiries. This hurts your credit score temporarily. It may indicate that you are desperate for credit, which may negatively impact your application. Hence, it is better to apply only when you are certain that you qualify.
Strengthen your credit score: Checking your credit score well in advance before you apply helps you fix it steadily. This involves steps like clearing your missed payments, keeping the credit balances low, checking for errors in the credit report, etc.
Apply with accurate details: Ensure all the information you provide in the loan application is complete and accurate. They should also be consistent with the documents you submit.
Select the right lender: Comparing various loan offers is crucial as a first-time borrower. This prudent step lets you find a lender with a competitive interest rate and flexible terms. FIRSTmoney personal loan by IDFC FIRST Bank fits this description with a simple and easy-to-obtain instant loan offering benefits such as:
- 100% digital application process
- Zero foreclosure charges
- Instant disbursal within 10 minutes
- Multiple on-demand loans anytime, anywhere
- Low processing fee starting at 0%
Final words
As a first-time loan applicant, it helps to take your time with the loan application. Assess your current and future finances and boost your profile before applying. When you get the basics of the eligibility right, approval doesn’t seem far away. Also, plan your repayments beforehand to better manage the loan.
(Note: This article has been written by the Brand Desk.)