How much personal loan can i get on my salary?
How much personal loan can i get on my salary?
Thanks to the extensive advertisements done by financial companies, it’s a well-known fact that the Personal loan is the go-to solution in case of a financial crisis. Unlike a home or a vehicle loan, instant personal loans can be used to meet any kind of financial needs. The picture is quite rosy, however, there is still a question in every salaried person’s mind- How much personal loan can I get on my salary?
Well, if you want to know "how much personal loan you can get on your salary", the question will depend on your income and your monthly debt obligations. The salary is one of the most important factors that determines if you do get the loan or not. Personal loans are unsecured loans which simply put means that there is no need to pledge any kind of valuable with the financial company. These loans are given out, mainly by checking your repayment capacity based on your salary and employment history. The instant personal loan which falls in the high-risk category calls for stringent eligibility criteria from traditional banks and NBFCs.
The minimum salary requirement is varied. If you are in a metropolitan city like Delhi or Mumbai, a minimum salary of Rs. 30,000 or more is the norm. While for a non-metropolitan city, a lesser take home amount too is considered. So, the question of - How much personal loan can I get on my salary? is also dependent on the city where you reside and work. Fintech companies cater to the group that falls just below the criteria of a traditional bank. For example, if your minimum take home is Rs.20, 000 you are still eligible for an instant personal loan with Qbera.
There are other criteria too that contribute to the approval of the loan application. Banks and NBFCs now have a database of companies and the employees of such companies have higher chances of approval. This also translates to the fact that your application may be rejected simply because the company you work for is not in their database. Qbera has a large database of more than 7 lakh companies, so the probability of your loan being approved is high.
Your CIBIL score too is very important. Banks consider a score of 750 and above to approve your instant cash loan. However, a score of 575 is also considered by Fintech companies. The secret being the advanced risk calculation algorithms that use socio-economic data and your saving habits. Fintech companies are not completely dependent on your CIBIL score. The age of the person is another factor. If you are 23 years of age, you are young and can manage a longer tenure for your personal loan. So there are high chances of your loan being approved in comparison to a person who is nearing 60 years of age. Qbera ideally looks at the age group of 23-55 years of age.
You also need to provide financial institutions with Aadhar card, PAN card, proof of income, salary slips and bank statements so keep them handy while applying for a personal loan.
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai, Hyderabad, Jaipur, Ahmedabad or Kolkata.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
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