Personal loans have become quite popular nowadays. Their easy application process and flexibility contribute to this. Actually, no guarantee or security has to be given to take them, so these become an attractive option for those taking loans. However, the loan amount you get depends on many factor like your income, credit score and existing financial liabilities. If your monthly salary is 60,000 rupees, then this question must have come to your mind as to how much personal loan you can get.
Landers usually prefer to see a stable income and good credit score before applying the loan. So let us know what is necessary to know what is necessary before taking a personal loan at a salary of Rs 60,000.
What are the things to keep in mind when applying for personal loan
Before applying for personal loans, it is important to understand how banks and NBFCs decide your eligibility. Factors below are important for loan approval:
- Credit Score: Lander gives great importance to your credit score. If your score is high, then you can get a better loan deal, in which the interest rate may be low and the loan amount can be higher. The score of 750 or above is usually considered better.
- Stable Income: Monthly income plays an important role in your loan eligibility. Your disposable income is seen in a salary of Rs 60,000, so that the lender can decide how much EMI you can fill.
- Employment status: If you have been working in the same company for a long time or are associated with a well-known firm, then the chances of getting a loan increases.
- current Liabilities, If you already have a loan or EMI on you, then the lender looks at your debate-to-incomplete ratio. If this ratio is more, then you can get a low loan amount.
How is the loan amount decided
Landends calculate the loan amount from different methods:
1) Income based calculation: Some lender gives loans according to your monthly income. For example, if your salary is 60,000 rupees, banks can give a loan of 12 to 24 times. That is, you can get a loan ranging from 7.2 lakh to 14.4 lakh rupees.
2) EMI/NMI ratio: In this method, your existing EMI and Net Monthly Income (NMI) are compared. It is generally seen that your total EMI does not exceed 50 or 60% of your salary. If your current EMI is Rs 20,000, then the lender sees whether you can live within 50% limit even by adding the new EMI.
How much loan can you get at a salary of 60,000 rupees?
The loan amount on a salary of Rs 60,000 depends on the policy of the lender and your financial profile. Credit score, current Liabilities And factor like loan tenure decides this amount.
Conditions related to eligibility for personal loan
To take a personal loan, you have to fulfill the conditions given below:
- Your age should be at least 21 years and its upper limit is usually 60 years.
- You should be employed in a private or government company. If you are a self-prompt, then you may have to give proof of stable income of at least two years.
- With a salary of Rs 60,000, you will meet most of the income eligibility conditions of most of the lender.
- Good credit score (750 or above) is necessary.
Document required for personal loan
While applying for a loan, you have to give some important documents:
- ID proof: Aadhar card, PAN card, Voter ID or Passport
- Address proof: Electricity bill, rent agreement or any other government document
- Income proof: Last 3 to 6 months salary slip and bank statement
- KYC document: Aadhar card, PAN card, and passport
Factor which Personal loan Effect the amount
Your salary is definitely an important factor, but apart from this there are many things that Loan The amount is fixed:
- Credit Score: If your credit score is 750 or above, it shows that you are financially a responsible person. The better the score, the more loan and better interest rates will be likely.
- Loans already taken: Landendar looks at your date-to-incomplete ratio. If a loan is already running, then your eligibility may be reduced.
- Job stability: Landendar gives more loans to people who are stable and who have been working in the same company for a long time.
Summary
Is your salary 60,000 rupees and wants to know how much personal loan you can get? Here we are telling about the essential factores including credit score, income stability and existing liabilities that play an important role in taking loans.
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