Banks and non-banking financial companies (NBFCs) usually prefer to give personal loans to salary people. Nowadays, due to digital lending platforms, taking personal loans for salary people has become much easier than ever. If your monthly income is Rs 35,000 and you are thinking of taking a personal loan, then you will definitely want to know how much loan you can get and what is its process.
Personal loan is quite popular among people as the loan tenure and interest rates are quite flexible. However, the loan amount you get depends on many things like your salary and credit score.
Let us know about the important things that determine your eligibility for personal loans at a salary of Rs 35,000.
What is a personal loan?
Personal loan is an unsecured loan, that is, you do not need to pledge any asset for this. This is the reason why this loan is more popular. The loan amount on a monthly salary of Rs 35,000 depends on many factors. Different lenders give loans on different interest rates and repayment tenure.
Through Moneycontrol, you can easily apply for instant personal loan. This process is completely digital, in which you can take a personal loan of up to 50 lakh rupees. Moneycontrol has partnered with 8 lenders, which also provide personal loans at 10.5% annual interest rates.
Personal loan on salary of Rs 35,000: Eligibility conditions
If you have to take a personal loan on a monthly salary of Rs 35,000, then it is necessary to fulfill some basic conditions for this:
- Indian citizenship: For loan, you need to be an Indian citizen.
- Age: Applicant should be between 21 and 60 years old.
- Employment status: You work in a private or government company. If you are self-eligible, then at least 5 years of experience doing business is necessary.
- Income proof: Lander usually asks for the last six months bank statement and salary slip.
- Credit Score: A good credit score (usually above 750) is necessary, which proves that before that you have managed your credit well.
How much personal loan can you get at a salary of Rs 35,000?
How much personal loan you will get depends on your monthly income. On a salary of Rs 35,000, banks and NBFCs decide on the basis of your disposable income (ie expenses and money left after paying the current loan), how much loan can be given to you. Apart from this, your loan amount also depends on which lender you choose. In this salary range, a loan of 2.5 to 5 lakh rupees can be found usually.
Documents required for personal loan at a salary of Rs 35,000
While applying the loan, you have to give these documents:
- ID proof: Aadhar card, PAN card, Voter ID or Passport
- Address proof: Electricity bill, rent agreement or any other government document
- Income proof: Recent Salary Slips and last six months bank statement
- KYC Document: Aadhar card, PAN card, passport or driving license
Factor which Personal loan Effect the amount
Your salary is definitely an important factor, but apart from this, there are many things that determine your eligibility:
- Credit History: If your credit score is 750 or above, it shows that you are financially a responsible person.
- Loans already taken: Lenders look at your date-to-incomplete ratio. If a loan is already running, then your eligibility may be reduced.
- Job stability: Landendar pays attention to such people who are stable and who have been working in the same company for a long time.
- Extra Income Source: If you have extra income like rent or freelancing, then it can increase your eligibility.
- Loan Tenure: EMI decreases in long tenure but interest is high. At the same time, EMI in small tenure reduces more and total interest is reduced.
How to increase the chance of getting a loan approved?
If you want to easily take a personal loan at a salary of Rs 35,000, then adopt these tips:
- Make credit score strong: Keep score of 750 or above.
- Reduce the current debt: Before taking a new loan, pay some old loans, this will improve the debate-to-incomplete ratio.
- Apply with coal-applicant: If you are not eligible for a loan alone, apply with coal-applicant. This can also increase the loan amount.
- Choose a loan of small tenure: Landers usually show more interest in giving loans of small tenure, as this reduces the risk for them.
- Keep all the documents ready: Keep your documents updated and ready like your KYC and Income Proof, so that the process does not delay.
Summary
Personal loan on salary of Rs 35,000: Eligibility Criteria, Essential Documents, Application Process and other important information.
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Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.