How much instant loan can I apply for based on my salary?
Borrower’s income per month is important for instant loan approval because
- Higher your income, more chances of consistent repayment
- Stability in job or business confirms the borrower’s financial stability
- Income in a good flow keeps the borrower confident of timely loan clearance and eliminates the fear of defaulting the loan account.
So, it is mandatory to check the monthly income of the borrower to nullify the credit risk. Verification of monthly income is mainly done to probe the repayment ability of the borrower. Based on your monthly salary criteria, many financial institutions and NBFCs offer easy to apply for a personal loan with minimal documentation.
Based on your salary slot, how much instant loan can you avail?
This entirely depends on the lender’s set salary slab for instant loan approval. Some lenders may approve instant loans of 2 lakhs with a minimum salary requirement of Rs.15,000 to 20,000 per month while other lenders may demand a fixed salary criteria of 25,000 per month to avail a loan higher than 2 lakhs. It is entirely a lender’s discretion to set a salary bar for instant loan approval.
Required Documents & Eligibility Criteria
Documents and eligibility criteria play a significant role in the speedy approval of loans. Before applying for a personal loan online, keep all your personal and income documents handy to avail easy instant loan:
KYC documents inclusive of ID proof with photograph and address proof (Aadhar card/ Smart Card Driving license/ Utility bill)
- PAN card to verify the financial history and credit history of the borrower
- Six months bank statement reflecting salary history and regular financial transactions
- Borrowers should be in an age group between 21 - 58 years
- Minimum income should be at least Rs. 15,000 monthly or above (for salaried or self-employed)
However, the income criteria may vary from lender to lender. Your loan eligibility is calculated based on the ratio of your fixed obligations to your monthly income.
Instant Loan with HeroFinCorp Minimum Salary Criteria
HeroFinCorp is a reliable personal loan app helping individuals get an instant loan with a minimum salary of Rs.15,000 per month. Applicants earning higher, such as those looking for an instant personal loan for Rs 25,000 salary, can also apply easily. Both salaried and self-employed individuals with a minimum income of Rs.15,000 are eligible for an instant personal loan between Rs. 50,000 to Rs. 1.5 lakh via HeroFinCorp.
Besides the bank statement, a PAN card is also a mandatory document that reflects the financial history of the borrower and gives lenders an idea of their repayment ability. With the borrower’s clearly defining their monthly salary, a loan approval is quick as the documentation is minimal and repayment is hassle-free in manageable EMIs.
To know more about HeroFinCorp eligibility, click here
Frequently Asked Questions
Q. Can I apply for a personal loan online if my salary is 15,000?
A. Yes, you can apply online for a personal loan with a 15,000 salary. HeroFinCorp offer online applications, but approval depends on their individual income and eligibility criteria, which vary.
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.
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