The minimum salary for a personal loan for salaried individuals is INR 25,000 per Month (for residents of Mumbai and Delhi) or INR 20,000 per Month (for all other locations).
Also question is, can I get personal loan if my salary is 15000?
Income: In order to be eligible for a personal loan through a bank, you have to draw a minimum salary every month, which varies from bank to bank. But generally, if you are earning at least Rs. 15,000 every month, you will be eligible for a personal loan.
In this manner, how much loan can I get if my salary is 25000?
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
How much loan can I get if my salary is 5000?
Fixed Obligation Income Ratio
|Salary Figure||Existing EMI of Rs. 3000||Existing EMI of Rs. 5000|
|Rs. 20000||Rs. 4.08 lakhs||Rs. 3.60 lakhs|
|Rs. 30000||Rs. 7.70 lakhs||Rs. 6.00 lakhs|
|Rs. 40000||Rs. 8.88 lakhs||Rs. 8.40 lakhs|
|Rs. 50000||Rs. 11.28 lakhs||Rs. 10.80 lakhs|
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%.
With a salary of ₹ 24,000, the maximum amount he is eligible for is ₹ 5.89 Lakh. The interest he has to pay for this amount for 72 months is 9.60%.
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).
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.
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.
Eligibility Criteria for Personal Loan of ₹ 5 Lakh
In general, you can apply for a personal loan upto ₹ 5 Lakh if your age falls within the range of 18 years to 65 years. Income: A ₹ 5 Lakh personal loan application gets approved in no time for salaried employees earning a minimum of ₹ 25,000 monthly.
HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources.
As per the current rates, HDFC Bank, ICICI Bank, Kotak Bank offers the lowest interest rate of 10.25%. The lowest personal loan rate have fallen by 0.15% from the previous rates and are applicable from 20 April, 2021.
Top Private Sector Banks Offering Personal Loans
|Bank||Interest Rate (p.a.)||Repayment Tenure|
|ICICI Bank||11.25% onwards||12 months to 60 months|
|Axis Bank||16% to 24%||12 months to 60 months|
|HDFC Bank||15.50% to 21.50%||12 months to 60 months|
|Kotak Mahindra Bank||10.99% to 24%||Up to 60 months|
You have to be at least 21 years old when you apply for a loan, and a maximum of 65 years of age, at the time of loan maturity. Select your net monthly income (or yearly profit after tax if you are self-employed). Please note that this amount should be after all tax deductions.