New Delhi, July 20 -- If you draw a fixed salary every month, you are in a fairly good position when it comes to borrowing money. Lenders generally view salaried individuals as lower risk because of the predictable income. But before you start dreaming about that home renovation or family vacation, it helps to understand how eligibility for a personal loan actually works for someone in your position.

Income is the first filter. Most lenders set a minimum monthly salary requirement, often somewhere between Rs. 15,000 and Rs. 25,000 depending on the city and lender. Metro city applicants sometimes get slightly more flexibility because of the higher cost of living recognised by lenders.

Typically, applicants need to be between 21 and 60 ye...