While getting a personal loan is easy; the maximum loan amount you can get and the interest rate offered to you depends on various factors. One of these is your monthly salary as it will determine your repayment capacity. Apart from your income, your CIBIL score and credit history also play a vital role in determining your loan amount and interest rate.
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Getting Your Personal Loan
People take a personal loan for various requirements, and one of the most common questions that people have is- how much personal loan I can get on my salary? Well, the approved loan amount for your personal loan always is directly proportional to your salary. The eligibility criteria for different lenders may vary, and so can the loan amount on a particular salary.
A personal loan is not secured and is not backed by any asset. So, one of the most common ways of ensuring the repayment of the loan in the given tenure is through the income of the applicant by checking the salary slip, ITR documents, and bank statement. So, the higher your monthly salary is, the higher will be the approved loan amount.
How Much Personal Loan will be approved on your Salary?
With Fullerton India personal loan online, you can get your loan approved with their salary. While there is no fixed standard to decide the loan amount, it may vary from lender to lender and depends on the applicant’s profile. The eligibility criteria for salary professional as well as self-employed professional is as follows:
1. For Salaried Professionals:
Applicants residing in Mumbai or Delhi, with minimum income of Rs25,000/month.
Applicants residing in the rest of India, with a minimum income of Rs 20,000/month.
2. For Self Employed Professionals:
The minimum yearly profit after tax set based on profession/industry
How Salary Affects Personal Loan?
Your monthly income is a vital standard for lenders, prior to extending a personal loan. There are other reasons too:
∙ The Higher your income, the more is your scope of borrowing.
However, please note that your overall net monthly obligations (including credit card dues) shouldn’t exceed 30% of your monthly salary. Else, even if your monthly salary is high, you may not succeed in getting the loan you need, or may have to settle for a lower amount / higher interest rate.
Personal loan eligibility also depends on various other factors, such as:
- CIBIL Score: The more your CIBIL score, the more are your chances of getting lower interest rates on a personal loan.
- Availability of required documentation∙ Previous Credit History: Responsible financial behaviour reflected in your credit history may help you get a loan at a lower interest rate. However, any history of defaults may affect your application adversely.
How to check your personal loan eligibility?
If your income fits the criteria mentioned above, you can check your personal loan eligibility with the Fullerton India personal loan eligibility calculator. This will help you in working on the factors that will help increase your chances of the loan being approved. Follow the steps below to get an estimate of the loan amount you may be eligible for using the personal loan eligibility calculator:
∙ Enter your details like location, age, date of birth.
∙ Enter your monthly income (for salaried Professionals) and enter profit after tax (for self-employed professionals)
∙ Mention your net monthly obligations (include the sum of all existing EMIs)
These details will provide you a tentative amount of the loan you are eligible for. Using the personal loan EMI calculator, you can get an estimate of the EMI you may need to pay per month for a given interest rate and select your tenure.
It is important to evaluate your loan requirement before you apply. Make sure you have checked the eligibility criteria and worked on all the points that can help you get your required loan amount approved with minimum interest rate and required tenure.