How much instant loan can I avail based on my salary?Instant loan is one of the easiest to avail when in need of urgent funds. Being an unsecured loan, there is no demand for a collateral/guarantor for instant loan approval. This makes it more attractive and a speedy loan type. However, getting an instant loan can also be challenging when borrowers do not abide by the lender’s eligibility criteria. Lenders have set criteria for instant loan approval such as age, credit score, income, job stability, etc. This differs from lender to lender.
Borrower’s income per month is important for instant loan approval because
- Higher your income, more chances of consistent repayment
- Stability in job or business confirms the borrower’s financial stability
- Income in a good flow keeps the borrower confident of timely loan clearance and eliminates the fear of defaulting the loan account.
So, it is mandatory to check the monthly income of the borrower to nullify the credit risk. Verification of monthly income is mainly done to probe the repayment ability of the borrower. Based on your monthly salary criteria, many financial institutions and NBFCs offer easy to apply for a personal loan with minimal documentation.
Based on your salary slot, how much instant loan can you avail?
This entirely depends on the lender’s set salary slab for instant loan approval. Some lenders may approve instant loans of 2 lakhs with a minimum salary requirement of Rs.15,000 to 20,000 per month while other lenders may demand a fixed salary criteria of 25,000 per month to avail a loan higher than 2 lakhs. It is entirely a lender’s discretion to set a salary bar for instant loan approval.
Required Documents & Eligibility Criteria
Documents and eligibility criteria play a significant role in the speedy approval of loans. Before applying for a personal loan online, keep all your personal and income documents handy to avail easy instant loan:
KYC documents inclusive of ID proof with photograph and address proof (Aadhar card/ Smart Card Driving license/ Utility bill)
- PAN card to verify the financial history and credit history of the borrower
- Six months bank statement reflecting salary history and regular financial transactions
- Borrowers should be in an age group between 21 - 58 years
- Minimum income should be at least Rs. 15,000 monthly or above (for salaried or self-employed)
However, the income criteria may vary from lender to lender. Your loan eligibility is calculated based on the ratio of your fixed obligations to your monthly income.
Instant Loan with SimplyCash Minimum Salary Criteria
SimplyCash is a reliable personal loan app helping individuals to get an instant loan with a minimum salary of Rs.15,000 per month. Both salaried and self-employed applicants having a minimum income of Rs.15,000 are eligible for an instant personal loan between 50,000 to 1.5 lakhs via SimplyCash.
Besides the bank statement, a PAN card is also a mandatory document that reflects the financial history of the borrower and gives lenders an idea of their repayment ability. With the borrower’s clearly defining their monthly salary, a loan approval is quick as the documentation is minimal and repayment is hassle-free in manageable EMIs.
To know more about SimplyCash eligibility, click here