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!
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.
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:
Loan Amount | Tenure | Approx. EMI (Rs) | Total Interest Payable (Rs) | Total Repayment (Rs) |
Rs 5,00,000 | 12 months | 45,840 | 50,080 | 5,50,080 |
Rs 5,00,000 | 24 months | 25,470 | 1,11,280 | 6,11,280 |
Rs 5,00,000 | 36 months | 18,330 | 1,60,000 | 6,60,000 |
Here are some of the key features and benefits of applying for a Personal Loan with Hero Fincorp:
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.
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:
Make sure all documents are up-to-date to avoid any delays in the approval process.
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.
Several factors influence the loan amount you can secure with a salary of Rs. 60,000:
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.
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.
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.
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%.
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.
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.