Minimum Salary Required to Get a Personal Loan

Minimum Salary Required to Get a Personal Loan: Your monthly income or salary is one of the most important factors to qualify for a personal loan. However, there is not one set income to get a personal loan; monthly income required for a personal loan varies from lender to lender and depends on how much money you want to borrow. Income criteria are laid down to find out if the borrower draws a sufficient monthly income for handling a loan.

Minimum Salary Required to Get a Personal Loan

Required monthly income also varies by cities in which a borrower wants to get the personal loan. In Tier I cities, the minimum income for a loan is higher due to higher living expenses in these cities. The minimum income criteria decrease in Tier II and Tier III cities accordingly. For instance, in Tier I cities, for an HDFC personal loan, the minimum monthly income required is Rs. 20,000, whereas in other cities, it is Rs. 15000 per month. 

Here is the minimum income required for personal loans from prominent banks and NBFCs:

Personal Loan Minimum Income (per month) Interest Rate (p.a.) Tenure
State Bank of India Xpress Credit Personal Loan Rs. 5000 12.50% to 16.60% p.a. Up to 60 months
SBI Xpress Power Rs. 5000 12.00% – 13.65% Up to 60 months
HDFC Bank Personal Loan Rs. 15000 (20K for Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin) 15.50% to 21.50% 12 to 60 months
Punjab National Bank Personal Loan Metro Centres: Rs.15000/-

Urban Centres: Rs.12500/-

Semi- Urban/ Rural Centres: Rs.10000/-

 12% to 15% p.a. Up to 60 months
Axis Bank Personal Loan Rs. 15,000 15.75% to 24% p.a. Up to 60 months
Tata Capital Personal Loan Rs. 15,000 11.25% Up to 72 months
Canara Bank Consumer Loan Rs. 12,000 13.15% to 14.15% Up to 36 months
Canara Teachers Loan Rs. 10,000 12.55% Up to 48 months
Canara Budget Loan Rs. 10,000 With salary tie-up: 12.90%

Without salary tie-up: 13.90%

For BSNL employees: 10.90%

 Up to 60 months
ICICI Bank Personal Loan Rs.17,500 (Rs.25,000 for Mumbai & Delhi; Rs.20,000 for applicants residing in Chennai, Hyderabad, Bangalore, Pune & Kolkata area) 11.25% to 17.99% 12 to 60 months
Allahabad Bank Personal Loan Rs. 15,000 13% Up to 60 months
Indian Overseas Bank Above Rs. 5000 12.17% to 15.25%  Up to 60 months
IDBI Bank Personal Loan Rs. 15,000 10.15% to 12.90% 12 to 60 months

Personal loan for pensioner

If you are a pensioner, there are banks that offer a personal loan for retired and retiring person based on the per month pension they are getting. 

State Bank of India pension loan

Center and state government pensioner who get their pension through SBI account can avail SBI personal loan for pensioners.  

Key features of SBI pension loan 

Interest rate 11.85% to 12.35% p.a.
Maximum age 76 years
Loan amount Rs. 25,000 to Rs. 14 lacs
Loan tenure Upto 84 months

Punjab National Bank personal loan for pensioners 

Punjab National Bank personal loan is meant for all pensioners drawing pension through its branches. 

Key features of PNB personal loan for pensioners 

Interest rate TL/DL: BR+2.50%
Maximum age 75 years
Loan amount Rs. 25,000 to Rs. 10 lacs
Processing charges NA
Documentation charges Rs. 500+ GST

Bank of India personal loan for pensioners 

Regular pensioner or family pensioners who get their pension through its branches can stand to benefit from BOI Star Pensioner Loans. 

Key features of BOI Star Pensioner Loan

Type of Advance  DL/TL/OD
Maximum age 75 years
Loan amount 15 times of monthly pension subject to Max. Rs. 5 lakh
Rate of interest 1 Year MCLR +2.50%
Repayment tenure 60 EMIs
Processing charges One time 2% of the loan amount subject to Min Rs. 500 to Max Rs. 2,000

 

Apart from income, you need to fulfill other eligibility criteria like:

Eligibility for a personal loan

Age Limit: Anyone within the age limit of 21-58 years can apply for a personal loan.

Employment Status: Any salaried/self-employed individual who has been getting a regular income for minimum past 2 years can get a personal loan. The applicant must be receiving regular income from the current employer or current business for the last 1 year. 

Good Credit Store: CIBIL score has decisive role to get your loan application approved. A good credit score starts from 750. Higher the credit score, the better it is for you.

Please note: All lenders have their own set of criteria with respect to credit score, age, income etc. and it may vary from bank to bank.  

Documents required

Here is the list of documents you need to apply for a personal loan. You can submit the documents either online or by visiting the bank.

  • Complete loan application form and photographs
  • Age proof (birth certificate, PAN card, voter’s identity card, passport, Aadhaar card etc.)
  • Address proof (electricity bill, telephone bill, ration card etc.)
  • Income proofs for salaried applicants: Latest 3-month salary slips and salary certificate with the latest Form 16
  • Last 3 months bank statement
  • Documents for self-employed applicants: Latest Income Tax Returns certificate or Form 16 and the latest bank statement
  • Credit report

If your monthly income or salary is not sufficient to qualify for a personal loan, you can explore other options like:

Add a co-applicant: 

If you don’t qualify for a personal loan due to low income, you can apply with a co-applicant with a good credit score and high income to improve your eligibility. Lender will consider your and co-applicant’s income to check your eligibility. If you default on the loan, lender will approach the co-applicant to recover the outstanding amount. 

Apply for a Secured Loan

When you are not eligible for a personal loan due to low income, you can apply for a secured loan by keeping some assets as collateral. Secured loans are available at a relatively lower interest rate as there is less risk for the lender if you fail to make repayment. Lenders typically offer a loan amount up to 75% of the asset value in this case.



from Chop News https://ift.tt/2ZenTal

Comments

Post a Comment

Popular posts from this blog

Where To Find Undetected Black Ops Cold War Hacks? | RVCJS

Image
Black Ops Cold War hacks are highly popular and there’s absolutely no question about it. If you regularly play the game on PC, there’s no doubt you haven’t encountered at least a few players that have used said Cold War hacks. You’ve probably thought about using them too at least once or twice, but haven’t done so because of a fear of getting banned. Luckily, there’s now a great solution for that which we’ll be discussing more about today. This solution is undetected Cold War hacks.  The Key Points to Keep in Mind Hacks for Cold War are very popular, but it’s very risky to use them.  Once you get banned, there’s no chance of recovering your account, which is why undetected hacks are a necessity.  Not all ‘’undetected’’ are truly undetected. You have to clearly decide which of them you choose.  Battlelog.co is the most trustable cheat provider of all in this department, as they offer truly amazing undetected Black Ops Cold War hacks .    Ho...
Read more

How to Manage Your Spinal Cord Injury in Arizona

Image
How to Manage Your Spinal Cord Injury in Arizona:  Arizona is a prosperous state in the United States, with a population of more than seven million people in 2019. It has a robust economy with an unemployment rate of 5.1% during the year. The state also posted a 2.7% job growth in 2018-2019, mainly driven by its healthcare industry. One of the growing segments in the state’s healthcare sector is medical cannabis. Experts recommend it to treat ailments like chronic pain and spinal cord injuries (SCI). However, you need to have a medical marijuana card in Arizona to buy medical cannabis legally. How to Manage Your Spinal Cord Injury in Arizona When to Seek Medical Help for Your SCI The National Spinal Cord Injury Association claimed an estimated 450,000 Americans are living with SCI. Also, there are around 17,000 new SCI cases in the U.S. every year. If you are an SCI sufferer, you should go to the hospital immediately if you experience one or more of the following symptoms af...
Read more

Jaydev Compares Cutting Beans With Pujara’s Ranji Final Innings, Gets A Hilarious Reply From Him | RVCJS

Image
The Indian cricketers are presently sitting inside their houses as the coronavirus outbreak has compelled each one of us to remain indoors to save ourselves from getting infected. While some players are getting active on social media networks and interacting with their fans or colleagues, several others are letting their fans know how they are spending time in the 21 days lockdown period. Indian cricketer Jaydev Unadkat under whose captaincy the Saurashtra team won the Ranji Trophy recently took to the micro-blogging site Twitter and posted a photo in which he showed the vegetables that he chopped. He also wrote heartwarming message for his mother as she has done such things infinite times but never showed off. Jaydev Unadkat’s tweet read, “By, Yours truly.. To, The Mother.. (who does it infinite times without any such show-off & appreciation)  #QuarantineLife” By, Yours truly.. To, The Mother.. (who does it infinite times without any such show-off & appreciation) #Q...
Read more