Trying to opt for an instant loan? But not sure how much loan you could get on your salary?”
If you are a salaried employee and you plan to spend that extra buck on a trip or enhancing your skill, this is likely the first question that pops up in your mind. This post will hopefully explain to you:
- What part of your salary is considered while calculating eligibility,
- What are other factors affecting your eligibility, and finally
- How easy it is to apply for the EarlySalary instant loan online.
From a temporary cash crunch to severe financial emergencies, instant loan apps have never left us in trouble. Big dreams are often costly and can be only achieved late in life once you have accumulated sufficient savings.
Understand your salary:
Salary is widely quoted as either net or gross (otherwise known as in-hand salary). It is important to understand the difference between them as financial institutes often consider the net component of one’s salary while offering and considering eligibility. Salary structure differs across various organizations. However, it is broadly divided into the following components:
- Basic Salary
- Allowances Like medical allowance, Travel Leave Allowance (TLA), House Rent Allowance (HRA), other miscellaneous allowances.
How much instant loan can I get?
When thinking about taking out a loan the first question that pops in your mind is – How much loan can I get? Other than the key question of the maximum loan, it is also a matter of clearing all the required eligibility criteria.
EarlySalary’s eligibility criteria differ for salaried as well as self-employed individuals. The eligibility criteria for applying for an instant loan is as follows:
- The applicant’s age must range between 21 to 55 years.
- The income should be at least Rs. 18,000 in metro cities and Rs. 15,000 in non-metro cities.
- A self-employed person should be in business for a minimum of 5 years and can then avail of a loan calculated on the profit after tax based on the industry.
- The applicant should have a minimum experience of 1-year and 6 months in the current company.
How can I check my eligibility for an instant loan?
The eligibility criteria mentioned above refer to whether or not a lender will consider your application. However, the limit on the maximum amount you can borrow is set depending on other factors. These criteria vary among lenders.
Prior to applying for a loan, it is advisable to work on factors that can increase the chance of your loan being approved. The eligibility for your loan is calculated based on several factors that include your age, salary, repayment capacity, and other factors. One can also use an instant loan eligibility calculator to avail an estimate of the maximum loan amount and the different offers you are eligible for.
You have the option of calculating the exact loan amount you are eligible for by providing the details required. Next, using the EarlySalary instant loan EMI calculator, you can
- Enter the amount under “Loan amount”.
- Set an interest rate.
- Vary the loan tenure to check how the EMI will change depending on the number of months you have selected.
Other factors impacting loan on salary eligibility
The basic criteria for personal loan eligibility for most of the banks and NBFCs are:
- Loan amount: EarlySalary provides a loan for up to ₹ 5,00,000 with a minimal rate of interest and quick processing.
- Salary: To avail of a personal loan, you should be earning a minimum income of ₹ 18,000 in metro cities. However, if you live in a non-metro city then you should be earning a monthly salary of ₹ 15,000.
- Work Experience: You must have a total work experience of at least 3 years and for 6 months-12 months with the same organization.
- CIBIL Score: Your CIBIL score must range from 700-900 to avail of an instant loan. Your request will be subject to approval by banks or NBFCs to check if the CIBIL score is good or not. The higher the score, the better.
- Current EMIs: It might affect your personal loan eligibility if you are already paying an EMI for any other loan. You should pay all their previous dues before applying for a new loan.
- Other documents: basic documentation will be required such as Pan Card, Address Proof, ID Proof, and 3 Month Salary Slip (Not mandatory for all customers).
Coming To The Point: Use The EarlySalary Personal Loan EMI calculator
We’ve given you a whole bunch of factors and other contexts for your loan. But let’s get to the point, shall we? What EMIs will you be paying? How much would it cost you? EarlySalary’s instant loan EMI calculator is your reliable tool to determine your instant loan EMI, interest charges, and more in just a few minutes and some simple steps.
Simply plug your loan details into the calculator to determine your monthly repayments based on your sanctioned loan amount and interest rates. It’s that easy to understand. With EarlySalary, you can even prepay your loan amount with no additional charges. Liberate yourself, with #OneSmallStep.
To find out more about instant loans and how easy they are to receive via EarlySalary, reach out to us on: