What Is The Minimum Salary To Get Personal Loan?

Your monthly income to get a personal loan should be at least Rs.

25,000.

However, some banks give loans to individuals with salary less than Rs.

25,000.

What is the minimum income for a personal loan?

Although, individuals with minimum monthly income of Rs. 25,000 are preferred more by the banks. And for self- employed individuals, a gross annual income of minimum Rs. 5 lakh is usually needed to qualify for a personal loan.

How much personal loan can I get on my salary?

However, most banks and NBFCs limit a personal loan at Rs. 25 lakh to an individual. Lenders evaluate the monthly income of loan applicants and the potential growth in it before approving a loan. In most of the cases, individuals are eligible for a personal loan amount of up to 30 times of their monthly income.

How can I get personal loan with low salary?

Offers: Rs. 5000 cashback on your personal loan disbursal.

How to Get a Personal Loan with a Low Income or No Salary Slip?

Commercial BanksIncome Eligibility Criteria (Minimum)
SBI Xpress Credit Personal Loan₹ 7,500. For state and government, PSUs selected companies
State Bank of India₹ Rs. 10,000 (rural/semi-urban)

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How much personal loan can I get if my salary is 15000?

Salary of 15000, Am I eligible for Loan? Check here online

ProductSalaryMax. loan amount
Personal Loan15000140000
Home Loan15000850000
Car Loan15000310000
Credit Card15000

How can I get a 50000 loan?

₹ 50,000 Personal Loan Eligibility Criteria

  • Age: Atleast 21 years (for salaried) and 23 years (for self-employed/business) at the time of taking a loan and maximum 60 (for salaried) and 65 years (for self-employed/business) at the time of loan closure.
  • Occupation: Salaried or self-employed/business.
  • Minimum income: Rs.

How can I get a 20000 loan?

Availing a personal loan of INR 20,000 is easy when you approach a flexible lending institution.

Some of the documents required are:

  1. Photo Identity Proof.
  2. Residence Address Proof.
  3. Residence Ownership Proof.
  4. Income Proof.
  5. Job Continuity Proof.
  6. Bank Statement.
  7. Investment Proof.
  8. 1 passport size color photograph.

Can you get a personal loan without a job?

Even if you don’t have a job, you can still get a loan. Lenders will still consider you for a loan when you are unemployed; being approved will depend on whether you prove that you can make regular payments on time.

Which bank gives loan easily?

HDFC Bank, Tata Capital, RBL Bank, Citibank, ICICI Bank are the best banks for personal loan, if you are looking for an instant personal loan with in 1-2 days. The interest rates of these banks are in the range of 10.5% to 18%.

How is loan amount calculated?

Divide your interest rate by the number of payments you’ll make in the year (interest rates are expressed annually). So, for example, if you’re making monthly payments, divide by 12. 2. Multiply it by the balance of your loan, which for the first payment, will be your whole principal amount.

Can I get loan without salary?

No Salary Slip – No Problem

Additionally, lenders also require your credit score and credit history in addition to financial statements. However, if you do not have salary pay slips, you can still avail instant personal loans.

Can I get loan without income proof?

FAQs on Personal Loan Without Income Proof

Yes, you can get personal loan without ITR submission. Yes, you can get personal loan up to Rs. 50,000 without PAN card. However, the loan approval process varies from lender to lender and few lenders would make PAN card submission mandatory.

Which bank gives personal loan without salary slip?

Take a look below to know which banks offer a personal loan to self-employed with no income proof: HDFC Bank: A self-employed individual needs to have 3-4 years of business stability and an operational current account with HDFC to avail the loan without an income proof.