How Much Loan Amount Is Available for My SalaryA loan is an easy way outfor individuals in need of immediate financial help. Personal loans being the most preferred ones are generally availed to meet expenses relating to education, marriage, travel etc. Personal loans are becoming popular due to their collateral free nature and quicker processing time especially amongst the salaried class,
To confirm the amount of personal loan valid against a salary slab, consider your monthly income to check the loan sanction limit, as financial institutions want to be sure about your capability to repay the monthly loan instalments on time without defaulting.
To minimize the risk of default, financial institutions mostly keep the Equated Monthly Instalment (EMI) at around 45% – 60% of your monthly income. For instance, if your monthly net salary, after all deductions, comes to INR 30000, then your monthly loan eligibility would be in the range between INR 13.500- INR 18000.
Another major criterion is the credit score of the borrower which again varies between financial institutions. You can still apply for a loan even with a low credit score provided you can manage to convince the financial institution with your repaying capacity or higher income stability.
Applying for a personal loan is very easy though getting it approved is challenging. Also, such loans charge a higher rate of interest when compared to secured loans.
Simply Cash, a venture by HeroFinCorp, is one of the latest user-friendly personal loan app available online. The app can be easily downloaded from Google Play Store, wherein one can get instant loan within 24 hours.
Anyone with a minimum monthly salary of INR 15,000 can easily avail a personal loan at attractive interest rates. There is also no requirement of physical documentation. Higher the income, higher the amount of personal loan, a salaried individual can avail up to a maximum limit of INR 1,50,000 on the Simply Cash app,
The eligibility criteria for a personal loan on the app for a salaried individual is as below:
- Proof of Indian citizenship
- Minimum monthly salary of INR 15,000
- Six months’ salary account statement
- Applicant age between 21-58 years
- Working with private or public sector
- KYC documents - Aadhar card, Driver’s license, PAN card, Passport
- Recent salary slip / bank statement
How to apply for Instant Personal Loan on Simply Cash
With the help of just few simple clicks, you can complete the loan application procedure within minutes.
- Install the Simply Cash app from Google Play Store
- Register your mobile number or email address
- Apply for the required EMI through the loan EMI calculator
- Paperless KYC verification through a security code provided
- Verification of Bank account througha safe net banking process. Your credentials are safe and never stored on the app
- Instant loan approval in minutes
- Loan amount transferred to your bank account during business hours