Life is full of surprises. You may even land-up in a sudden situation where you are staring at cash-crunch. An unsecured personal loan works as ideal in such situations. And the next question you ask is invariably, how much personal loan can I get on my salary? The lenders check personal loan eligibility to decide on your personal loan limit. With the advancement in technology, new-age lenders now provide personal loans online. So many of you might even wonder how can I apply for personal loan online? The process is simple, in fact. New-age internet-based lending companies like CrediFiable help you avail online personal loans 24/7 as per your own convenience. A simple online form followed by uploading documents required for personal loan completes your task. Are you still thinking how to check personal loan eligibility? Then, let us answer those questions straight away.
How Much Personal Loan Can I Get on My Salary?
It is only natural that you would like to know – how much personal loan can I get on my salary. The answer to this will, to a large extent, depend on your monthly income which in turn decides your EMI repaying capacity. The lender will typically want the EMI to be lower than 50% of your take home salary. Next, they are interested in knowing whether you are already servicing any more EMIs. Your monthly salary and fixed expenses determine whether you are able to repay your EMI easily every month or not. All this is done to ensure that you get an amount well-within your personal loan limit and you can conveniently repay the loan. Personal loan being an unsecured one, the lender must carefully evaluate both your ability and intent to repay the loan.
Other Factors to Keep in Mind to check Personal Loan Eligibility
Besides your monthly salary, there are other determinants to decide your personal loan limit.
Area of Residence:
Certain localities in the city can be a part of the negative list for the lender. This could be because of the demographic profile of people in the area or also because of previous instances of high number of defaults from that area. This is one of the reasons why lenders insist on an authentic address proof as one of the documents required for personal loan.
Rented vs Own property:
If you stay in a rented property a part of your monthly income is spent on rent and in turn affects your debt repaying capacity. But if you stay in a rented place, no need to ponder over can I apply for personal loan online or through other regular channels. This is just one of the parameter considered. The overall loan approval is decided by combination of multiple factors.
The traditional lenders may not sanction your loan if you work for a smaller company or a new-age start-up. If you have approached them for our loan, then along-with thinking how much personal loan can I get on my salary, you should also be worried about who are you working for. But at CrediFiable we do not differentiate your loan eligibility on how big a brand your employer is. But instead we focus on your merit. So, say you have gone to the best of educational institutes and are now working for a start-up, you are qualified for a loan.
Your credit history reflects your behavior towards borrowed money hence is important for the lender. A CIBIL score less than 750 can lead to rejection of your application by the leading banks. A less-than-perfect CIBIL score is one-thing but having no credit history can also lead to rejection! Without an active credit history, the traditional lenders have no way to check your personal loan eligibility since they don’t have an estimate on your financial behavior.
But, at CrediFiable absence of credit history, in no way impacts your personal loan limit.
How to Check Personal Loan Eligibility?
You can easily check personal loan eligibility as per the published guidelines of various financial institutions. But with advancement in technology, new lending players such as CrediFiable offer you wider credit eligibility and a smooth, hassle-free experience. With a completely online loan application process, no longer are any physical documents required for personal loan.
Of course, the biggest determinant to your personal loan limit continues to be your financial profile. Hence the question how much personal loan can I get on my salary must be answered specifically to your profile by the lender.
Still, we list below some of the qualifying guidelines followed by most of the banks to check personal loan eligibility of borrowers:
Most of the leading banks have prescribed a minimum age-limit of 21 years to lend a personal loan! But at CrediFiable we have a different philosophy. So, are you less than 21 years old and working but thinking can I apply for personal loan online on CrediFiable?
Well, of course you can. No age-bar but to get our loan you must be a salaried person with a minimum of Bachelors of diploma degree from a College or a University.
Most of the banks and other traditional financial institutions consider you eligible for any personal loan limit only when you have a minimum of total work-ex of 2 years with 1 year being with current employer.
But when emergency strikes, it doesn’t happen considering how long you have worked where. You could have just started working or might have just switched job or just returned to work after a sabbatical! At CrediFiable we understand this.
All we need from you is 3 months of continuous employment. You could be a fresher or you could have just changed job and have completed only one month at current organization. Soft-copies of genuine 3 months of salary slip will be the documents required for personal loan from CrediFiable as far as your employment history is concerned.
Minimum Monthly Income:
Most of the banks would expect you to have a minimum monthly salary of Rs.20000. To answer can I apply for personal loan online from CrediFiable with a salary of Rs.20000 per month- yes you can. We have a minimum annual salary requirement of Rs.3 lakhs to sanction personal loans.
Your credit score happens to be the single-most-important factor with which the traditional lenders check personal loan eligibility. You must have a CIBIL score of 750 & above to be eligible for a bank personal loan.
But life is not perfect. You may have made delayed EMI payments in the past before or would have maxed-out your credit-card limit. All this causes your CIBIL score to dip lower. At CrediFiable, you are eligible for personal loan even if your CIBIL is lesser than 700 or even if you have no credit history at all. After-all, there is always a first-time for everything. Your PAN number and a soft-copy of the PAN card will be the documents required for personal loan by us to assess your previous credit history.
What is the Personal Loan Limit for Me?
For your personal loan limit you should check personal loan eligibility with the individual lender. It is usually determined by a combination of various factors we have already listed above.
At CrediFiable, we offer you a personal loan limit from Rs.50 thousand – Rs. 5 lakhs. Exactly, how much loan can I get on my salary – you will get answer to this question only after you have completed application.
Can I Apply for Personal Loan Online?
With technology revolutionizing every sphere of our life, personal loans are not far-behind. CrediFiable is a new-age digital lending platform that offers instant personal loans 24/7. With CrediFiable you can get instant decision loans, with no physical documents required for personal loan, hassle-free application process and competitive interest rates. Indeed time, you stop asking the question – Can I apply for personal loan online. Just visit CrediFiable website now and check personal loan eligibility instantly.
What are the documents required for personal loan?
We are sure if you have ever taken or planned to take a personal loan, you would have been warned about the long list of documents required for personal loan. We don’t blame the traditional lenders. Personal loan being an unsecured one without any guarantee/ collateral, your documentary proofs for your income, employer, age, educational qualification, address etc. provide the comfort to lender in lending money to you. But there’s definitely room to make the process hassle-free and simpler.
At CrediFiable, there is no need of photo-copy and attested documentary evidence of every identity and address proof you may have. Here is the list of documents required for personal loan from CrediFiable. And of course, we just want soft-copies.
- 3 Months of Bank Account Statement in which your salary is getting credited
- PAN Card
- 3 Months of Salary Slips
- Address Proof of current residence which could be anyone of the following:
- Post Paid Mobile or Internet Bill
- Bank Account Statement
- Electricity Bill
- Gas Bill
- Rent Agreement
- Voter Identity Card
- Water Bill
- Aadhaar Card
Our loan process is simple, fast and holistic with wider credit eligibility. So, think no further. Check personal loan eligibility today with CrediFiable and get money to fulfill your dreams.