How much Instant loan can I get based on my salary?

Updated on: 25 May 2023

Published on: 26 July 2021

Table of contents:

1. Understand your salary
2. What instant loan amount can I get?
3. How can I check my eligibility for an instant loan?
4. Other factors impacting loan on salary eligibility
5. Coming to the point: Use the Fibe Personal Loan EMI Calculator
6. FAQs about loan based on salary

Want to get an instant loan and wondering, ‘How much loan I can get on my salary?’ When opting for an instant personal loan, your salary becomes an important factor in deciding your loan amount.

To get the answer to your query, ‘How much personal loan can I get on my salary?’, you must first understand what constitutes a salary. Read on to know more about the amount of loan based on salary that you can get. 

Understand your salary

Different terms are associated with salaries, like CTC, gross salary, and net salary. When you take a loan, lenders generally consider your net salary to determine eligibility. The following are the components of your salary:

• Basic Salary
• Allowances like HRA, TLA, medical allowances, etc.

What instant loan amount can I get?

Now that you have understood the components of your salary, it is time to answer your main query, ‘How much loan I will get on my salary?’ The amount of the loan based on salary that you can get also depends on meeting the eligibility criteria. 

If you decide to opt for a Fibe Instant Personal Loan, you need to fulfil the following eligibility requirements:

• You must be at least 21 years ago
• You cannot be more than 55 years old
• Your monthly income must be Rs. 18,000 if you live in metro cities and Rs. 15,000 if you reside in non-metro cities
• Your minimum experience must be 1.5 years in a current company if you are a salaried employee 
• Your minimum experience must be 5 years if you are self-employed
• The loan amount for self-employed applicants is based on the profit after tax deductions

How can I check my eligibility for an instant loan?

The maximum loan based on salary that you can get depends on various factors. Prior to applying for an instant personal loan, check the requirements mentioned above. 

You can also download the Fibe Instant Loan app, register and follow the process to check your eligibility based on the details you provide. 

Other factors impacting loan on salary eligibility

The basic criteria for personal loan eligibility for most banks and NBFCs are as follows:

• Loan amount: Fibe provides a loan for up to ₹5 lacs with a minimal rate of interest and quick processing. 
• Salary: To avail of a personal loan, you should be earning a minimum income as outlined by different lenders. This amount can go up to a ₹25,000.
• Work experience: You must have a total work experience of at least 3 years and be employed for 6-12 months with the same organisation. 
• CIBIL score: Your CIBIL score must range from 700-900 to avail of an instant loan. 
• Current EMIs: Your eligibility may be adversely affected if you are already paying off other loans. 

To prove your eligibility for a loan based on salary, you will need to submit bank statements, salary slips, a copy of your ITR and other KYC documents. These include your ID proof and address proof via a copy of your PAN card, Aadhaar card, passport, etc. 

Coming to the point: Use the Fibe Personal Loan EMI Calculator

While you now have information on eligibility and loan amounts, you may also be wondering about your cost of borrowing and monthly instalments. 

To plan repayment, use Fibe’s Instant Loan EMI Calculator. Use this online tool to determine the following:

• Your Equated Monthly Instalments (EMIs)
• Total interest payment

At Fibe, we make getting a loan based on salary easy. You don’t need to have a good credit score to be eligible for instant financing, as we use an alternate credit scoring model. What’s more, you can prepay your loan amount with no additional charges. So, download our Instant Loan app and get the funds you need to achieve your goals! 

FAQs about loan based on salary

How much loan can I get for my salary?

Various factors influence the maximum amount that you can get as a loan. These include:

• Your income
• Your repayment capacity
• Your credit score and history

How much loan can I get on a salary of ₹25,000?

Different factors like credit score, income and repayment ability will help decide how much loan you can get. This depends on the eligibility criteria of the lender you opt for. 

How to check personal loan eligibility based on salary?

You can check your personal loan eligibility based on salary by downloading the Fibe app. Register and fill in a few details to check the loan amount you qualify for. 

What is the minimum salary to get a personal loan?

Your salary must be at least ₹18,000 in metro cities and ₹15,000 in non-metro cities.

How to avail of a personal loan with a low salary?

Fibe offers low-interest rate loans even if your monthly salary is as low as ₹15,000.