Considering an instant loan? But you’re not sure how much of a loan you could get based on your salary?”
If you are a salaried employee looking to spend that extra cash on a trip or skill development, this is likely the first question that comes to mind. This post should help you understand:
- What portion of your salary is taken into account when determining eligibility?
- Finally, what other factors influence your eligibility?
- How simple it is to apply online for a Poonawalla instant loan.
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Recognize your pay:
Salary is commonly expressed as either net or gross (otherwise known as in-hand salary). It is critical to understand the distinction between them because financial institutions frequently consider the net component of a person’s salary when making offers and determining eligibility. Salary structures differ between organizations. It is, however, broadly divided into the following components:
- Allowances for Basic Salary Medical allowance, Travel Leave Allowance (TLA), House Rent Allowance (HRA), and other allowances
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How much money can I get right away?
When considering taking out a loan, the first question that comes to mind is “How much loan can I get?” Aside from the key question of the maximum loan amount, it is also necessary to meet all of the required eligibility criteria.
The eligibility criteria for Poonawalla differ for salaried and self-employed individuals. The following are the eligibility requirements for applying for an instant loan:
- The applicant’s age must be between 21 and 55.
- In metro cities, the income should be at least Rs. 18,000, and in non-metro cities, it should be Rs. 15,000.
- A self-employed person must be in business for at least 5 years before being eligible for a loan based on profit after tax and industry.
- The applicant should have a minimum of one year and six months of experience in the current company.
How do I determine my eligibility for an instant loan?
The above-mentioned eligibility criteria determine whether or not a lender will consider your application. Other factors, however, determine the maximum amount you can borrow. Lenders have different requirements.
Prior to submitting an application for a loan, you should think about the variables that will improve your loan’s approval chances. A variety of factors, including your age, salary, repayment capacity, and other factors, determine your loan eligibility.
Also, Read about the minimum personal loan amount.
An instant loan eligibility calculator can also be used to obtain an estimate of the maximum loan amount and the various offers you are eligible for.
You can calculate the exact loan amount you are eligible for by providing the necessary information. Then, with the help of the Poonawalla instant loan EMI calculator, you can
- Enter the loan amount in the “Loan amount” field.
- Determine an interest rate.
- Vary the loan term to see how the EMI changes depending on the number of months you choose.
Other factors influencing loan eligibility based on salary
Most banks and NBFCs have the following basic criteria for personal loan eligibility:
- Loan amount: Poonawalla offers a loan of up to $500,000 with a low-interest rate and quick processing.
- Salary: To qualify for a personal loan, you must earn a minimum of $18,000 in metropolitan areas. However, if you live in a non-metropolis, you should be earning $15,000 per month.
- Work Experience: You must have at least three years of total work experience, with at least six months of that time spent with the same organization.
- CIBIL Score: To be eligible for an instant loan, your CIBIL score must be between 700 and 900. Your request will be reviewed by banks or NBFCs to determine whether the CIBIL score is satisfactory. The better the score, the higher the score.
- Current EMIs: If you are already paying an EMI for another loan, it may affect your personal loan eligibility. Before applying for a new loan, you should pay off all of your previous debts.
- Other documents: basic documentation such as a Pan Card, address proof, ID proof, and a three-month salary slip will be required (Not mandatory for all customers).
Finally, use the Early Salary Personal Loan EMI Calculator.
We’ve provided you with a slew of factors and other contexts for your loan. But, shall we get to the point? What EMIs are you planning to pay? How much would it set you back? Poonawalla’s instant loan EMI calculator is a trustworthy tool for calculating your instant loan EMI, interest charges, and more in a matter of minutes and simple steps.
Simply enter your loan information into the calculator to calculate your monthly payments based on your loan amount and interest rate. It’s really that simple. You can even prepay your loan amount with Poonawalla without incurring any additional fees.