The minimum salary required for a personal loan varies depending on the lender and the loan amount. Generally, banks and financial institutions require a stable income to ensure the borrower can repay the loan. A typical minimum salary requirement might range from $2,000 to $3,000 per month. However, this can differ based on factors like the borrower’s credit score, loan tenure, and the lender’s policies. Additionally, some lenders may not have a fixed minimum salary requirement but assess the applicant’s overall financial situation, including debt-to-income ratio and job stability, when considering approval.
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