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 How much personal loan can I get on my salary?

How much personal loan can I get on my salary?

An unsecured or personal loan is one of the easiest ways of getting immediate money. Availing personal loans is the easy part, but getting an approval is a whole other story. It all starts with how much you are eligible for, which depends on a wide range of factors such as income, credit score, work experience and so on; of which your income probably plays the most vital factor. The apparent reason being – the more you earn, the more disposable income you have towards repaying your loan. Because, while calculating your eligibility for availing a personal loan, only a certain percentage of your net take home salary will be considered for repaying your emi.

Your monthly Net Take Home salary is nothing but your Gross Salary – Deductions per month.

Apart from that there are a number of other reasons your income is taken into consideration while evaluating personal loan application.

Every bank has their own list of companies classified into various categories which is based on the size of the company, revenue generated, and the number of employees.

You need to know that, these categories do not contain the same list of companies across the various banks. Following are some of the important reasons why your income is an important eligibility criterion:

-     Higher the income more will be the amount you can borrow.

-     Consequently, the tenure you can borrow will also be for longer.

-     The interest rates will be competitive.

-     There are usually company specific offers or seasonal offers that are applicable across various companies; these usually help in grabbing the best deals on personal loans.

-     Certain banks also provide waivers on certain charges (this is purely dependent on the applicant’s application profile)

For companies that are ‘not listed’, i.e. they are not found in any of the said categories then there is a separate process for listing the company in the bank where the applicant wants to apply or is eligible.

Apart from your salary, there are several factors that influence the approval of your loan application.

To know more, stay tuned.


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