Personal loans are perfect to fulfil any emergency financial obligation. You can meet your financial need via a personal loan and repay the money later. Middle class and lower-class individuals often do not have a huge amount of money. When there is a need for a huge sum of money, personal loans are the best choice. Personal loan for salaried individuals is available in banks and digital lending platforms. Many people want to know how much personal loan they can get on their salary. Read on to know the maximum personal loan you can get on your salary.
Conditions for Getting a Personal Loan on My Salary
Before you know the amount of loan you can get on your salary, you should know the conditions for getting a personal loan. Usually, lenders offer personal loans in India without collateral. However, it doesn’t mean that you aren’t responsible to repay the loan amount. The lender will have your contact information, and you need to repay the loan timely. Some of the general conditions for getting a personal loan on your salary are as follows:
- The minimum salary per month for getting a personal loan can change from one lender to another. Usually, personal loans start for individuals that have a salary of INR 15,000 per month. The minimum salary per month for getting a personal loan can change for metro and non-metro cities.
- You need to be more than 21 years of age to get a personal loan on your salary. Many lenders also place a maximum age limit for a personal loan on salary. Usually, lenders offer personal loans to salaried individuals up to 58-60 years of age.
- Many lenders also check your previous months’ salary slips before offering a personal loan. They do so to check your stable working experience before offering a personal loan.
How the Loan Amount is Decided on Salary?
The process for evaluating the loan amount on salary can change from one lender to other. Every lender has its technique of evaluating the maximum loan amount that can be offered to an individual. Many lenders offer a low salary personal loan, while some offer loans only to stable employees. Many factors are considered before deciding the maximum loan amount for a salaried individual. These factors can be income stability, credit history, credit score, salary per month, and others.
The most common rule for deciding the maximum loan amount on salary is the rule of thumb. The rule of thumb says that an individual can be offered a personal loan up to 30 times the monthly salary. According to the rule of thumb, you can get a personal loan of up to 4.5 lakhs on a monthly salary of INR 15,000. However, it does not mean that you will be offered a loan based on the rule of thumb every time. The lender will offer you 30 times the salary only in an ideal condition.
If you have a bad credit history with many non-payments, your maximum loan amount will decrease. Lenders will get to know that you may not repay the loan timely. Also, your maximum loan amount will be decided based on your credit score. If your credit score is 700 or above, you may get a huge loan on your salary. Before applying for a personal loan, it is better to know the maximum loan amount that a bank or lending platform can offer.
Where to Apply for a Personal Loan on my Salary?
You can go to a bank or NBFC to get a personal loan on your salary. However, you have to complete the documentation for getting a personal loan on your salary via a bank/NBFC.If you want to ditch the documentation process, you can apply for a personal loan on any online lending platform. Online lending platforms offer personal loans on salary from INR 5,000 to INR 5 lakhs.
Low salary personal loan is also available on online lending platforms. Usually, personal loans are available for individuals with a salary of INR 15k per month. Ease your financial burden with low-cost personal loans that fit your budget. Apply for a personal loan on your salary in 2022!
