Minimum Salary for Personal Loan
Minimum Salary for Personal Loan
In this changing socio-economic world, there is nothing that is permanent. Life in itself is so unpredictable that no matter how much planning for exigencies has been done- there is bound to be shortfalls. In the perfect old world scenario, the person would save a huge chunk of their monthly income for say marriage, education, home, vehicle etc. But today that just seems impossible. Also, there is the thought - why wait for all the good things in life, when you can buy them now with credit and repay it later on through balanced monthly payouts. If you’re looking to take a personal loan, there is a minimum salary that you’ll have to meet. So, what is the minimum salary for a personal loan in India?
So it is not uncommon to see banks, NBFC and other Fintech companies come up with a wide variety of loans - loans that were unheard of say in the past decade - marriage loan, used car loan, education loan etc. These loans come under the category of Personal loan. The personal loan is a type of unsecured loan, wherein there is no collateral pledged, making it a high-risk one. Banks and Fintech companies still do a variety of checks and approve such loans. The eligibility list includes the applicant's CIBIL score, employer details, bank details and most importantly the MONTHLY SALARY.
Your monthly salary is one of the major criteria that determines your personal loan application status. The financial institution understands that you will be repaying your loan amount from your monthly salary. They therefore do take into consideration your spending history and the way you manage your money. The minimum salary for personal loan varies from banks to fintech companies. These are internal policies and fintech companies like Qbera does give out loan for monthly take home amount is Rs. 20 000.
The minimum salary for personal loan is determined by a variety of factors and your city of residence plays a major role. For non-metro cities, a net salary of Rs. 10,000 and more is also considered but metropolitan cities it will be more. Each company has its internal criteria which determine the minimum salary for a personal loan. The cost of living is invariably more in an urban cosmopolitan set up than a non- metro city. This indirectly means that with a less salary in a big city, you will be struggling to pay the EMI for your personal loan. Whereas with the same salary in a small city, you can be comfortable managing. The income and expenditure ratio makes a huge contribution here. A ratio of more than 40 % of your monthly income going as EMI for loan is considered bad and may be the reason to reject your personal loan application.
So, it is not uncommon for the Fintech companies like Qbera to extend its personal loan benefits to individuals with less monthly take home, provided they are in a position to manage the same.
- 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%)
- You must be a Salaried Employee
- Age: 23-55 years old
- Net Monthly Income must be more than Rs. 20,000.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai or Hyderabad.
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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