What is the Minimum Salary Required to Get a Personal Loan?

A personal loan is a great way to arrange money for planned as well as emergency expenses. One of the most important factors that lenders consider before approving a loan is an individual’s monthly salary. Every lender has a criteria of minimum salary for personal loans. If a borrower’s salary is below the required minimum salary, their loan application won’t be approved.

What is the Minimum Salary Requirement for Personal Loans?

Different banks and NBFCs have different criteria of loan eligibility for salaried borrowers. You can check the websites of lenders to know the minimum salary for loan approval.

For example – The minimum salary to get personal loan from Zype is ₹15,000. You can get personal loans up to ₹5,00,000 by entering basic details like name, PAN, employment details and then completing KYC.

Personal Loan Eligibility Criteria

Loan companies consider factors like age, documents, salary, work experience and credit score for loan eligibility.

Zype has very basic eligibility criteria. You need to be 18 years of age or above, have a valid PAN and Aadhaar card and be actively employed with a ₹15,000 minimum salary for personal loan. You don’t have to upload documents or submit physical paperwork to get fastest instant loans from the Zype app.

Personal Loan Eligibility Calculator

Once you know the criteria of minimum salary for personal loan, you should use a personal eligibility calculator. This tool will tell you the estimated amount of loan you can get from the lender. This can help you make a more informed decision.

You need to enter details like income, loan duration and existing EMIs to get the estimated loan amount you could be eligible for.

Also Read : Top Reasons for Salary Delay and How to React to Them

Documents Required to Get a Personal Loan

After you know the minimum salary to get personal loan, you should check the documents required by the lender to complete your loan application. Lenders usually ask for photo identity proof, address proof and income proof.

If you want to avail instant loans from Zype, you only need these to complete your loan application –

1. Photo Identity Proof

To complete your KYC, you will need to do an online selfie-based verification.

2. Mandatory Documents

Zype only asks for PAN and Aadhaar number.

3. Income Proof (optional)

You can avail funds from Zype without submitting income proof if you fulfil the criteria of minimum salary for loan. You only need to give your bank statement of the last four months if you want to update your loan limit.

How Does Monthly Salary Affect the Loan Amount Offered?

Your monthly salary plays a major role when it comes to your loan eligibility and the amount of your loan offer. Every loan app has a criteria of minimum salary for personal loans. Also, lenders give credit limits based on an individual’s personal loan repayment capacity. This means that if you have a higher salary, lenders would be comfortable in giving you a higher loan limit and vice versa.

Advantages of Taking a Personal Loan through a Loan App

Different loan apps have different features to make your loan experience fast and hassle-free.
For example – You can get instant loans up to ₹5,00,000 in no time from Zype. It takes less than 8 minutes to complete the loan application and your credit line offer is generated in 60 seconds. You can get multiple loans from your credit line and pay later in convenient 6, 9 and 12 EMIs.

Conclusion:

Your salary plays a huge role in determining your loan eligibility and credit limit along with several other factors like credit score, repayment history, ongoing loans and your age.

Before you apply with any lender, you should check their eligibility criteria and see what their minimum salary requirement is. For example, you can borrow money from Zype if you are actively employed with a salary of ₹15,000 or more and have a valid PAN and Aadhaar card.