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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.
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:
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:
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.
The basic criteria for personal loan eligibility for most banks and NBFCs are as follows:
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.
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:
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!
Various factors influence the maximum amount that you can get as a loan. These include:
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.
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.
Your salary must be at least ₹18,000 in metro cities and ₹15,000 in non-metro cities.
Fibe offers low-interest rate loans even if your monthly salary is as low as ₹15,000.