How Much Personal Loan Can I Get On 60000 Salary?

Personal Loans are an excellent option to fulfil your immediate financial needs or achieve your big ambitions. But lenders scrutinise your repayment capacity before sanctioning your loan. They first check your monthly income. A consistent and higher income, such as Rs 60,000, usually enhances your chances of getting a larger loan at favourable terms.

At Hero FinCorp, we understand that each person has unique objectives, whether it's to plan a dream holiday, give your home a makeover, or cover unforeseen expenses. If you are earning Rs 60,000 per month, you already have a solid foundation to secure a personal loan with attractive deals.

Want to find out "How much Personal Loan can I avail on a salary of Rs 60,000?" Stick with us – your financial aspirations are within reach!

Personal Loan on Rs. 60,000 Salary?

If you have a salary of Rs 60,000, you are most likely to get approved for a Personal Loan from most banks and finance companies. Banks and finance companies typically evaluate your income, monthly outgoings, credit history, and overall financial situation before they approve your loan request. At Hero FinCorp, for example, you can apply for a Personal Loan of up to Rs 5 Lakh based on your eligibility. The last loan amount you are eligible for primarily depends on your credit history, repayment behaviour, and current financial obligations. If you have a good credit score, low outstanding loans, and a good repayment track record, lenders will be inclined to sanction your Personal Loan request in a shorter time and provide you with better terms.

EMI on a Personal Loan for a 60k Salary for Tenures of 36 Months

For instance, if an individual with a Rs 60k salary takes a Personal Loan of Rs 5 Lakh, the EMIs to be paid over different tenures are shown in the table below:

Features and Benefits of Personal Loan on Rs. 60,000 Salary at HeroFinCorp

Here are some of the key features and benefits of applying for a Personal Loan with Hero Fincorp:

• Instant Approval & Disbursal: Get approval in minutes and funds in your bank account within 48 hours.
• Minimal Documentation: Apply with minimal paperwork through the HeroFinCorp app.
• Flexible Loan Amounts: Choose from loan amounts ranging from Rs. 50,000 to Rs. 5 Lakh.
• Competitive Interest Rates: HeroFinCorp offers affordable interest rates for eligible applicants.
• Secure & Transparent Process: The process is 100% secure, with transparent terms and conditions.

Eligibility Criteria for availing an instant loan with a salary of Rs. 60,000

Lenders consider several factors when determining your Personal Loan eligibility criteria, including your monthly income. With a salary of Rs. 60,000, you're in a favourable position, but other factors also matter.

• Must be a citizen of India
• Age limit must be 21-58 years old
• Must earn a minimum income of Rs. 15,000 per month
• Six months’ bank statement of the salary account for salaried and 6 months’ bank statement with most transactions for self-employed
• Decent credit score

Documents Required for Personal Loan with Rs. 60,000 salary

The online, hassle-free documentation reduces the stress of a physical loan application. Submission of mandatory documents for an instant loan up to 5 Lakh requires:

• 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

Make sure all documents are up-to-date to avoid any delays in the approval process.

How to Apply for a Personal Loan on Rs. 60,000 Salary with HeroFinCorp

Applying for a Personal Loan with HeroFinCorp is easy and convenient. You can apply through our Instant Personal Loan App, which allows you to get a loan in minutes with minimal paperwork.

1. Visit the Hero FinCorp website or install the Personal Loan app
2. Go to the instant loan page and click ‘Apply Now’
3. Enter your mobile number and verify with the OTP received
4. Choose the loan amount you need
5. Verify your KYC details to check income eligibility
6. Click ‘Submit’ to complete your application

Factors Affecting Loan Amount on Rs. 60,000 Salary  

Several factors influence the loan amount you can secure with a salary of Rs. 60,000:

• Credit Score: A higher credit score (750+) means you're likely to qualify for a higher loan amount with better terms.
• Existing Liabilities: If you have other outstanding loans, this could reduce the amount you can borrow.
• Employment History: A stable job or long tenure with your current employer enhances your credibility.
• Loan Tenure: The length of time over which you plan to repay the loan can also impact the amount you can borrow.

Conclusion

With a monthly salary of Rs. 60,000, you are in a good position to secure a Personal Loan, provided you meet the eligibility criteria. By considering factors like your credit score, existing debts, and employment stability, you can increase your chances of qualifying for a larger loan amount. Apply today through HeroFinCorp’s Instant Personal Loan app and enjoy a smooth and hassle-free loan experience.

Frequently Asked Questions (FAQs)

1. How much Personal Loan can I get with a Rs. 60,000 salary?

With a Rs. 60,000 salary, you can typically qualify for a loan ranging from Rs. 7.2 Lakh to Rs. 14.4 Lakh, depending on factors like your credit score and existing liabilities.

2. What are the eligibility criteria for a Personal Loan with a Rs 60,000 salary?

To be eligible, you need a stable income, a good credit score (750+), and minimal existing liabilities. Most lenders require applicants to be between 21 and 58 years old.

3. Can I get a Personal Loan if I have existing EMIs?

Yes, you can still qualify for a Personal Loan, but your existing EMIs will be considered when calculating your eligibility. Your debt-to-income ratio should not exceed 50%.

4. How quickly can I get a Personal Loan with Rs. 60,000 salary?

With HeroFinCorp’s Instant Personal Loan app, you can get approval and funds disbursed in as little as 48 hours.

Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog.