Steps for Personal Loans
Personal Loans are the easiest and quickest way by which you can get funds. To avail personal loan you usually don’t need to provide any security or collateral and these funds can be utilized according to your needs. But before applying for a personal loan you should check your personal loan eligibility to avoid hassle during the loan approval process and it also gives you an idea of the loan amount you are eligible for.
Here are the things which you should know to check your personal loan eligibility.
How much personal loan can I get on my salary?
• Eligibility for a personal loan against salary depends on the following factors-
- Age is one of the important factors while applying for a personal loan. The minimum age is 21 and the maximum is 60 to apply for a personal loan. The age criteria can differ from lender to lender.
- The minimum salary required to apply for a loan is 18 to 20 thousand. It may also vary.
- The minimum work experience required to apply for a personal loan is 3 years.
What are the minimum and maximum age required to apply for a personal loan?
The minimum age to apply for a personal loan is 21 and the maximum age at the time of maturity is 60 for salaried people and 65 for self-employed. This personal loan eligibility criteria may differ from lender to lender.
Personal Loans are the easiest and quickest way by which you can get funds. To avail personal loan you usually don’t need to provide any security or collateral and these funds can be utilized according to your needs. But before applying for a personal loan you should check your personal loan eligibility to avoid hassle during the loan approval process and it also gives you an idea of the loan amount you are eligible for.
Here are the things which you should know to check your personal loan eligibility.
How much personal loan can I get on my salary?
• Eligibility for a personal loan against salary depends on the following factors-
- Age is one of the important factors while applying for a personal loan. The minimum age is 21 and the maximum is 60 to apply for a personal loan. The age criteria can differ from lender to lender.
- The minimum salary required to apply for a loan is 18 to 20 thousand. It may also vary.
- The minimum work experience required to apply for a personal loan is 3 years.
What are the minimum and maximum age required to apply for a personal loan?
The minimum age to apply for a personal loan is 21 and the maximum age at the time of maturity is 60 for salaried people and 65 for self-employed. This personal loan eligibility criteria may differ from lender to lender.https://189922fab83bbebb6452cfaf8236416f.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
What are the factors that affect eligibility for a personal loan?
• Monthly or annual income
• Type of accommodation – owned house or rented house
• Locality or the city in which you live
• Profile of the company you work for
• Current debt-to-income ratio
• Credit rating or credit history
Is my personal loan eligibility determined by the salary?
Yes, the eligibility is determined by the salary drawn by you monthly. The minimum salary required to get eligible for a personal loan is ₹ 20,000 and it varies from lender to lender. Every lender follows a different limit to calculate the ratio of your fixed v/s monthly obligations. You can check your loan eligibility with the help of a personal loan calculator provided by various Banks and NBFCs.
How much loan can I get if my salary is 40000?
The personal loan amount that you are eligible to get depends upon the Fixed Obligation to Income Ratio [FOIR] and multiplier. The lowest of the two will be the amount you are eligible to get. Let’s understand with an example –
Let’s say the bank gives a loan at a FOIR of 45%, and the maximum multiplier is 25 and you don’t have any EMI to pay. The maximum EMI you can pay if you avail of the personal loan is Rs 40,000 * 45%= Rs 18000/-. And if you avail a loan for 5 years then your loan amount will be Rs18000125= Rs 10,80,000. The loan multiplier is 25, and according to this, the amount would be Rs 40,000*25 = Rs 10,00,000. Hence, you are eligible for a loan of Rs 10,00,000 if you have a salary of Rs40,000 pm.
How much loan can I get if my salary is 60000?
The personal loan amount that you are eligible to get depends upon the Fixed Obligation to Income Ratio [FOIR] and multiplier. The lowest of the two will be the amount you are eligible to get. Let’s understand with an example –
Let’s say the bank gives a loan at a FOIR of 45%, and the maximum multiplier is 25 and you don’t have any EMI to pay. The maximum EMI you can pay if you avail of the personal loan is Rs 60,000 * 45%= Rs 27,000/-. And if you avail of the loan for 5 years then your loan amount will be Rs27000125= Rs 16,20,000. The loan multiplier is 25, and according to this, the amount would be Rs 60,000*25 = Rs 15,00,000. Hence, you are eligible for a loan of Rs 15,00,000 if you have a salary of Rs 60,000 pm.