What Personal Loan Amount Am I Eligible for With My Salary?

-

personal loan for salaried professionals

Financial institutions provide personal loans to salaried professionals to assist them in meeting their short-term financial needs and preparing for life's uncertainties. However, a common concern among applicants is how much of a personal loan I can get based on my salary.


Salary is a key factor in determining whether you qualify for a personal loan for salaried professionals. Your wage establishes your reliability for making the loan repayment promptly because it is your primary source of income. Online lending institutions like Clix Capital ask for a minimum monthly salary of Rs 20,000 to be eligible for a Personal Loan of up to Rs 10 lakhs at competitive interest rates and flexible repayment tenures. 


However, besides salary, the eligibility for a Personal Loan is determined by a combination of various other parameters, including:

● Credit score

● Age

● Work experience 

● Current obligations


So, check your eligibility on the lending institution's website before applying for the loan.


Popular posts from this blog

How to Get the Best Personal Loan in Bangalore?

-
Image
Karnataka's capital, Bangalore, is home to more than 1 Crore of people leading a modern lifestyle. However, sudden financial crunches are typical, with increasing expenses. However, people handle them conveniently with the help of a personal loan in Bangalore . Personal Loans help finance urgent needs without pledging collateral, from big purchases to medical emergencies. The most attractive features include flexible repayment, fast approvals, minimal documentation, and competitive interest rates. Here is a stepwise procedure to apply for an instant Personal Loan in Bangalore and finance your capital goals without adding a burden on your finances. Start with the application process by filling out an online application form on the website of your preferred lending institution. Furnish the documents required to verify your details. Submit the application and wait for a loan offer. You can accept the loan offer and receive the amount in your savings account within a few hours. Pers
Read more

What are the types of Personal Loans for Approved Borrowers?

-
Image
If you are an approved borrower with a good credit history, you may be able to qualify for a personal loan . Many companies approve instant loans online . The types of personal loans available include: Secured Personal Loan : Secured personal loans require collateral, such as a car or home equity. If you default on the loan, the lender can seize the collateral. Unsecured personal loans : These loans do not require collateral and consider your creditworthiness. If you default on the loan, the lender can take legal action against you but will not be able to seize any assets. Consolidation loans : These loans can assist you with paying off the high-interest debt by consolidating it into a single loan with a lower interest rate. Home Improvement Loan : Home improvement loans can help finance house renovations or repairs. need money for renovation just apply for personal loans online . Wedding loans : These loans can help you cover the costs of a wedding, including the venue, catering, flo
Read more

Why Ignoring Your Credit Score Can Cost You Money?

-
Image
A credit score is one of lending institutions' most crucial parameters to determine an applicant's eligibility. A high score means consistent repayment history and responsible credit behavior. As a result, NBFCs sanction bigger loans at lower interest rates to high-score individuals.  Ignoring the credit score can cost money, as those with low credit scores end up paying a higher interest rate. A higher interest rate eventually leads to bigger EMIs and more considerable interest outgo, increasing the total loan cost by the term-end.  Moreover, NBFCs approve their loans for shorter repayment terms due to the higher risk involved. As a result, their EMIs are bigger, making them less manageable. Consequently, they struggle to pay their EMIs consistently, leading to more late payment charges and penalties. Therefore, improving the credit score is essential to get the best interest rate and save money.
Read more