If you are looking for a personal loan for a medical emergency, marriage, or any other important work, banks and Non-Banking Financial Companies (NBFCs) often give first chances to salaried people. This is because they have income security by getting a salary every month.
Lenders expect that stable income will reduce the chances of loan default. Especially, employees working in the public sector, Multinational Corporations (MNCs), or other top corporations usually get personal loans easily. Now you can also know how you can also take advantage of this facility.
Banks look at your details while giving a loan
Apart from this, banks also check factors like age, income, credit score, and job profile of salaried applicants to give personal loans and decide the interest rate. The minimum salary for the personal loan totally depends on the loan-giving bank and the NBFCs. If an applicant meets these criteria, he can easily get an instant loan online. Nowadays, applying for personal loans through online loan-giving platforms has become even easier.
What is a Personal Loan
A personal loan is the amount of money that you borrow from the recognised bank or the NBFC. It can be used for various purposes. For example, you can use a personal loan for home renovation, wedding expenses, paying medical bills, or many other purposes. Banks and other financial service providers in India offer personal loans. It is a versatile means to meet your personal financial needs.
Know who can apply
To apply for a personal loan, you must meet certain eligibility criteria:
- You must be at least 21 years of age.
- You must be at least 58-60 years of age by the end of the loan repayment period. You must meet the minimum salary requirement for a personal loan.
- Your credit score should be above 700
- You must be salaried or self-employed and have some work experience!
- You must be an Indian citizen.
These criteria ensure that the person taking the loan has the financial capacity to repay the loan.
Minimum salary for personal loan
The minimum salary for personal loans varies from bank to bank. Some banks offer loans even for a salary of ₹ 25,000 to ₹ 30,000 per month. Some lenders or banks may offer loans even if the salary is less than ₹ 10,000 per month! Your monthly salary will determine whether you will get a loan or not.
The higher your salary, the higher your chances of getting a loan. People with lower salaries usually get personal loans of lower amounts because banks fear that they may lose money. Understandably, banks look at salary as a safety net to reduce their risk.