There is no doubt that while giving personal loan, lenders like banks or NBFCs pay attention to more salary people. Therefore, people who have salary of Rs 80,000 a month can easily get a loan against others. Actually, personal loans are unsecured, which means that there is no need to pledge anything for them. Therefore, they become a good option for people working on salary.
However, how much loan you can take it depends on many factor including your salary, credit history and financial liability.
On a monthly salary of Rs 80,000, you can easily take personal loans through the Moneycontrol app. This process is 100% paperless. Here you can take a loan of up to 50 lakh rupees from 8 lenders. For this, you just have to complete the KYC process and set up the EMI repayment plan.
Loan amount for salary of Rs 80,000
While deciding the loan amount at a salary of Rs 80,000, the lenders take the help of two special methods:
- Multiplier method: Banks usually calculate the loan amount based on the multipil of your monthly income. This multiplier varies from different lenders, which is usually 12 to 24 times the monthly salary. For example, at a salary of Rs 80,000, you can be eligible for loans ranging from 9.6 lakh to 19.2 lakh rupees based on the policy of lenders and your financial profile.
- EMI-to-Incoming Resho: EMI-Two-Incoming Resho compares your total monthly EMI to your monthly income. According to lenders, this ratio should be about 40-50% (maximum) of your monthly income. For example, if your current total EMI liability is more than Rs 40,000, then it may be difficult for you to get a big loan amount. It is easy to get a loan of large amount on a low date-to-end ratio.
However, the loan amount you can take can be different from each lender, because only the salary loan amount is not the only criterion to finalize the salary loan amount.
Factor deciding loan eligibility on salary of Rs 80,000
Even though your salary is high, but before applying the lenders loan, you also check many other aspects of your financial profile, such as –
- Age: Most of the lenders want the application between 21 and 60 years.
- Income and Job Stability: It is easy to get a loan at a salary of Rs 80,000. Apart from this, lenders also look at the stability of the job and your experience. Landers pay attention to those who work for a long time in a company.
- Credit Score: Your credit score is one of the most important factors in loan approval process. If there is a score of 750 or more, the chances of getting better loan conditions, such as low interest rate and more amount increase.
- Income proof: To verify your income, the lenders need the last 6 months salary slip and bank statement as well as a supporting document. These documents help lenders to confirm that your income is stable and is enough to handle the loan repayment.
- Current Financial Liability: Lenders check your existing loan liability, which includes credit card bills, personal loans and other financial commitments. The high date-to-incredible ratio can reduce the total loan amount.
- Loan Tenure: Your loan tenure affects both your EMI and the interest you pay on the loan. The long tenure reduces the burden of your EMI but during this time, interest has to be paid more. Small tenure means more EMI, but interest has to be paid.
- Second means of income: If you make additional income from freelance work, property rent or any other source, then it can increase your loan eligibility. Lenders give more value to such applicants, which also have another source of income, because these people have more capacity to repay the loan.
Document required for personal loan
While applying for personal loans, you have to submit several documents to verify your identity, income and employing status.
- Identity proof: For this, you can give Aadhaar card, PAN card, passport or voter ID.
- Address proof: For this, electricity bills, rent agreement or documents issued by the government can be used.
- Income proof: Last 6 months salary slip, bank statement of last three to six months and income tax returns.
- KYC Document: Aadhaar card, PAN card and passport or driving license.
Summary
Do you earn 80,000 rupees every month? Learn how factors like credit score and job stability affect your eligibility for online instant personal loans and how many loan amounts you can apply.
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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.