Apply For Personal Loan

Loan EMI Calculator

How much instant loan can I avail based on my salary?

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

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

Secured
Safe & Secure

SimplyCash is managed and operated by Hero FinCorp Limited, and it follows high data and system security standards.

View Details

SimplyCash Insights

Install App Instant Small Cash Loan App Online
Useful Links

Copyrights @ 2021 All Rights Reserved Powered by HeroFinCorp Ltd.