How can I check my eligibility for personal loan?
You need to be a residing citizen of India. You should be aged between 21 years and 67 years* You need to be employed with a private, public limited company, or an MNC. You should have a minimum CIBIL score of 750.
Borrowers with a salary of Rs. 15,000 can readily obtain modest cash loans starting from Rs. 50,000 – Rs. 1,50,000.15-Sept-2022
What is the eligibility for 5 lakh personal loan?
Eligibility Criteria for Personal Loan of Rs 5 lakh Minimum income required is Rs 15,000 p.m. for salaried borrowers. CIBIL score of 750 and above usually increases the possibility of availing personal loan of Rs 5 lakh. It might also help in availing personal loan at lower interest rates.09-Dec-2022
5,40,000. On the other hand, if you are wondering - how much personal loan can I get on a 40,000 salary, the loan sanction amount will be close to Rs. 10.80 lakhs.Multiplier Method.
Which bank gives loan without income proof?
Banks like Citibank allow you to take personal loans of up to Rs. 30 lakh in a span of 48 hours, without any documentation such as income proof, and address proof, provided your residence and office address is updated in the Citibank account. A personal loan, free of documentation, is a dream for most borrowers.
What is the minimum salary required to get a personal loan? The minimum salary fixed by most lenders is Rs. 20,000 while a few private-sector lenders may give you a personal loan even with a salary of Rs. 15,000.
Can I get loan with salary of 10000?
Your salary is a major factor that determines your loan eligibility. Most lenders do not entertain candidates with income less than Rs. 10,000. However, the chances are not completely ruled out.17-Jun-2019
How much personal loan can I get on a ₹20000 salary? According to the Multiplier method, on a salary of ₹20000, you will be eligible for ₹5.40 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹4.08 lakhs.13-Sept-2021
Can I get loan with 12k salary?
Most banks stipulate a minimum monthly salary of INR 15,000 – INR 20,000 for individuals to get a personal loan. However, those earning less than INR 15,000 can also get the loan.
EMI for Personal Loan of Rs 3 lakh for Tenures of 1-5 years
What is the EMI for 2.5 lakhs personal loan?
The EMI for 1-year loan tenure at 11.99% is ₹17,769. For 2-year tenure is ₹9,414, 3-year tenure is ₹ 6,642, 4-year tenure is ₹ 5,266 and 5-year tenure is ₹4,448.
10 lakh at the interest rate of 14% rate for a repayment tenor of two years will bring an EMI of Rs. 48,013.
What is the EMI for 2 lakhs personal loan?
The EMI amount will vary on the interest rate and repayment tenor. For instance, if you apply for Rs. 2 lakh personal loan for a tenor of three years at 13% interest, you will need to pay an EMI of Rs. 6,739.
For example, if you earn Rs 1 lakh and have expenses of Rs 30,000 a month, then you can easily go for a loan with Rs 40,000 EMI.18-Feb-2020
Can I get personal loan with 13000 salary?
Your minimum and maximum age limit must be 21 and 58 years respectively to apply for personal loan. Your minimum net monthly salary must be Rs. 13,000 per month and above.
Income certificates, ITR or form 16, and bank account statements are some of the most commonly accepted documents in place of a salary slip. Providing any of these documents can help you get an instant personal loan approval as per the bank's timelines for the process.31-Mar-2022
Can I get loan if I dont have salary slip?
You can still apply for a personal loan without salary slip, especially if you're self-employed. Below are some of the ways you can get the loan approved: You can validate your income by producing other financial documents like bank account statements, income certificate, Income tax returns or Form 16.
Both salaried and non-salaried professionals can avail personal loans as long as they are meeting the eligibility criteria set by the lenders, most of the time slightly different from the latter. In fact, personal loans have become a go-to option for both types of borrowers in recent times.
Which bank gives instant personal loan?
Top Instant Personal Loans from Banks
$12,000 monthly is how much per year? If you make $12,000 per month, your Yearly salary would be $144,000. This result is obtained by multiplying your base salary by the amount of hours, week, and months you work in a year, assuming you work 40 hours a week.
Does personal loan depend on salary?
In most cases, individuals are eligible for a personal loan amount of up to 30 times their monthly income. Additionally, to minimise the risk of default, lenders keep the EMIs of the loan to about 45-60% of your monthly income.
How can I check my eligibility for personal loan?