How much Loan can I get on 35000 Salary
A Personal Loan can enable you to achieve your dreams by making things manageable with affordable and easy to pay costs. If you have those dreams that require more funding than you can afford, earning Rs 35,000 a month is a good amount of money to be able to take out a Personal Loan. You can take a vacation, renovate your home, or pay off that urgent expense with a Personal Loan that gives immediate financial assistance. But how much money can you actually borrow when you earn Rs 35,000? Let’s break it down together and discover the eligibility criteria, loan amounts and a few other significant factors that affect your Personal Loan application.
Personal Loan on Rs 35,000 Salary
The loan amounts you may take based on a Rs 35,000 monthly salary depends on a variety of factors. These factors include your credit score, your age, and the loan policies. If you have been earning Rs 35,000 per month, you are eligible for a Personal Loan between Rs 50,000 and Rs 5 Lakh with Hero FinCorp. Every lender would have different eligibility criteria and their criteria would depend on a variety of factors such as disposable income (income after expenses), credit history, and the ability to repay.
EMI on a Personal Loan for 35k Salary for Tenures of 36 Months
For instance, if an individual with a Rs 35k salary takes a Personal Loan of Rs 1 Lakh, the EMIs to be paid over different tenures are shown in the table below:
| Loan Amount | Tenure | Approx. EMI (Rs) | Total Interest Payable (Rs) | Total Repayment (Rs) |
| Rs1,00,000 | 12 months | 9,168 | 10,016 | 1,10,016 |
| Rs1,00,000 | 24 months | 5,094 | 22,256 | 1,22,256 |
| Rs1,00,000 | 36 months | 3,666 | 32,000 | 1,32,000 |
Features & Benefits of Personal Loan on Rs 35000 Salary
Hero FinCorp is devoted to standing with you in difficult times. When you choose us, you get several benefits:
- You can get flexible loan amounts based on your income and credit profile.
- These instant loans offer a quick approval process, usually getting approved in a few minutes.
- You do not need to pledge any collateral to secure these Personal Loans. It helps eliminate the risk of your assets.
- You get competitive interest rates with the right paperwork and eligibility conditions.
- Apply for these loans and get flexible repayment tenure so that you can match your financial goals when repaying the loan.
- No need for heavy paperwork; just provide the required documents and get approved for the loan.
Eligibility Criteria for Personal Loan on Rs 35,000 Salary
To apply for a Personal Loan with a Rs 35,000 salary, you must meet the following basic Personal Loan eligibility criteria:
- Age: Applicants typically need to be between 21 and 58 years of age.
- Citizenship: You must be a resident of India.
- Work Experience: The Minimum work experience for salaried employees is 6 months
- Monthly Income: Minimum income requirements of Rs 15,000 per month.
Documents Required for Personal Loan on Rs 35,000 Salary
Before you apply for a Personal Loan, you will need to provide the following documents:
- Mandatory Documents: Duly filled application form, Passport-size photograph
- Identity Proof: Driving License, Passport, PAN Card, Aadhaar Card (Any One)
- Address Proof: Driving License, Passport, Aadhaar Card, Ration Card, Utility Bill (Any One)
- Ownership Proof: Residence Ownership Proof (Electricity Bill, Maintenance Bill, Property Document)
- Income Proof: Last 6 Months Salary Slips, Bank Statements, and Form 16
How to Apply for a Personal Loan with Rs 35,000 Salary?
The application process is simple and digital at Hero Fincorp. Here’s how to apply for a Personal Loan:
- Visit the Hero FinCorp website or install the Personal Loan app
- Go to the Personal Loan page and click ‘Apply Now’
- Enter your mobile number and verify with the OTP received
- Choose the loan amount you need
- Verify your KYC details to check income eligibility
- Click ‘Submit’ to complete your application
Factors That Affect Your Personal Loan Amount with Rs 35,000 Salary
There are several considerations in response to your question 'how much loan can I get on a 35000 salary':
- Credit Score: A good credit score means a good repayment history. It will raise the chances of being approved for a higher loan amount, and/or lower interest rate.
- Existing Debt: Your current loan obligations and credit card dues may affect your eligibility. The reason is that your ongoing debts are a part of the debt-to-income ratio.
- Loan Tenure: Longer tenure will correspond with lower monthly payments (EMIs). It means you can get a higher loan without all the stress of big monthly EMIs.
- Employment: Stability in employment may increase your chances of qualifying for a loan, and will be necessary in order to carry the payments easily.
How to Maximise Your Loan Approval Chances of Rs 35,000 Salary?
Here are some tips to improve your odds of getting a Personal Loan with a Rs 35,000 salary:
- Have a good credit score: Your credit score should be above 750 to enhance your chances of being approved.
- Pay off any current debts: Paying off your current debts means that your debt to income ratio is also lower, which makes you a more attractive profile as a borrower.
- Consider including a co-applicant: If your eligibility is on the borderline, you may want to consider a co applicant with a great profile, as this will enhance your overall eligibility and help you apply for a larger amount.
- Opt for a shorter loan term: If you go for a shorter loan term, this could also increase your chances of being able to take out a loan as the lender has less risk with a shorter loan term.
Conclusion
With an EMI calculator, you can obtain a precise calculation of your monthly repayments prior to taking a loan. Your loan amount, interest rate, and tenure are used by the EMI calculator to determine your monthly EMI. This is a handy tool for budgeting and checking if the loan amount is affordable according to your income.
Frequently Asked Questions
1. Can I get a Personal Loan with Rs 35,000 salary?
Yes, you can qualify for Personal Loans with a Rs 35,000 salary. The amount depends on your credit score, existing debts, and the lender's criteria.
2. What is the maximum loan amount I can get with Rs 35,000 salary?
Generally, you can qualify for loans ranging from Rs 1 Lakh to Rs 5 Lakh with a Rs 35,000 salary, but this depends on your financial profile.
3. How do I improve my chances of getting a Personal Loan?
Ensure a good credit score, reduce existing debts, and consider a co-applicant to improve your chances.
About Hero Fincorp
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.
