What is the Minimum Salary for Personal Loans

Personal loans are the most sought financial support in India, especially for salaried individuals. As they areunsecured loans, they do not require any collateral and are approved within 24hours. But the majority of the people are not aware of the benefits and eligibility of availing a personal loan. How much time will it take for loan approval, and what will be the minimum salary criteria for personal loans? Such questions often create doubts on whether to go for it or not.

Thanks to the online mode of a loan application, it is easy for an amateur to apply for personal loans to overcome the financial crisis via personal loan apps. The eligibility criteria have been made simple and less complicated with a minimum salary slab so that even the low salary income group can avail the benefit of personal loan. A minimum salary of 15000 is the mandatory criteria to apply for a personal loan.

Personal Loan for Salaried

The monthly income of a person is significant when it comes to personal loan eligibility. Different lenders have different criteria for personal loans. Majority of the lenders offer a loan on the below-mentioned criteria for low salaried income group:
 
  • Monthly income for salaried individuals should be at least 15,000 or above for getting a loan of 50,000-1,50,000/- on a fixed rate of interestand flexible repayment tenure
  • Some lenders sanction personal loan on a minimum salary of Rs.10,000
  • Six months bank statement and salary slipsare required as income proofs
  • Age eligibility criteria of an applicantrange between 21-58 years
A considerable amount of population in India falls under a low-income group and being an unsecured  loan, the personal loan has credit risks attached when it comes to repayment. So, it is mandatory to check the monthly income of the applicant to nullifythe credit risk. Verification of monthly income is mainly done to probe there payment ability of the applicant.

Income Eligibility for Simply Cash Personal Loan

The Simply Cash app gives the freedom to apply for different types of loans such as vacation Loan, education Loan, consumer loan, home renovation loan, pension loan, medical loan etc. It gives you a choice to select your preferred loan type. Individuals with no credit history or with a minimum monthly income of INR 15000 can also apply for a personal loan on Simply Cash.
 
FAQ’s

1. What is the minimum salary for a personal loan?

A: As the personal loan is an unsecured  loan, the eligibility criteria for minimum salary income group is Rs.15000/- that includes sixmonths’ bank statement of the salary account.

2. How much loan can I get on 30000-35000 salary?

A: You can get a loan of 10 lakhs to 15 lakhs with a salary of 30,000 per month. Repayment tenure extends up to 10 to 15 years.
 
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