Usually, the minimum salary requirement for how much income do you need to get a personal loan is in the area of $15,000-$20,000 a year for the lowest loan amounts. If you're asking for a $100,000 loan then your income needs be about 10x the minimum salary.
When it comes to personal loans, there is no set minimum salary for your application to be approved. Some banks may keep a minimum limit (say Rs. 15,000 – Rs. 20,000 per month).
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
You can get the loan without having to submit any security. 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.
The minimum income for a salaried employee should be at least ₹ 18,000 per month to secure a personal loan from Yes Bank.
A who is 25 years old has a net income of ₹ 17,000. He wants to take a personal loan of ₹ 1 Lakh for 48 months. ... With a salary of ₹ 17,000, the maximum amount he is eligible for is ₹ 3.87 Lakh. The interest he has to pay for this amount for 48 months is 11.99%.
Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).
The maximum amount you can get for a personal loan on 25000 salary will be Rs. 250000/-This again depends on your income, repayment capacity and credit score. Credit Score because the interest rate depends on the credit score. The higher the credit score, the lower will be the interest.
The maximum loan amount may range between 8 to 10 times your monthly income. Henceforth, you may become eligible for a maximum loan amount of Rs. 1,60,000 which can be repaid in a tenure that is comfortable to you. In case you are looking for a loan at better terms, you may check your eligibility here.
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.
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With a salary of ₹ 27,000, the maximum amount he is eligible for is ₹ 5.93 Lakh. The interest he has to pay for this amount for 60 months is 12.99%.
Yes, you can get a loan even without a job. Many lenders in India offer loans to applicants who do not have a job. Of course, the terms and conditions for such loans are different from loans than the loans provided to income earners.
An equated monthly instalment (EMI) is a set monthly payment provided by a borrower to a creditor on a set day, each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.