It is often questioned if the low salaries are eligible to get personal loans. If your monthly income ± 16,000, you can get personal loans from many banks and financial institutions. Let us know how much loan and applying online in these salary range.
How much personal loan do you get in 16,000 salaries?
Banks usually adopt 50-60% of your monthly income as EMI. Your monthly EMI can be 8,000-9,600 salary. In this EMI range, you can get 4 lakh to Rs 5.5 lakh in terms of 5 years loan and 10-15% interest rates. However, this amount depends on bank policies, your credit score and current loan. Some banks offer special projects for low -com people, which is available at low interest rates for the loan of small amount of interest.
Previous banks offering individual loans in 16,000 salary
Many major banks and financial institutions provide personal loans to lower -comers. SBI, HDFC Bank, ICICI Bank, Bajaj Finance and Kotak Mahindra Bank offer individual loans in salary. Some of these banks are at least ± 25,000 loans up to Rs 5 lakh. The interest rate of these banks will start in 10.5% and can be changed based on your credit score. Some banks provide special discounts for women, reduces their interest rates.
The full process of online application
Applying online for personal loan is very simple. First, click on the official website of your choice and click on the ‘Personal Loan’ section ‘button. Fill in the form of your personal information, job details and income information. After this, upload the scan copy of the required documents that include the Aadhaar Card, Pan Card, Salapped Slip and Bank statement. There are EMI calculator devices in most banks, and there’s a loans you can know how many loans to give your salary. After submitting the application, the bank will review your documents and provide a loan approval of 24 to 72 hours.
Conditions required for loan approval
To get a personal loan in 16,000 salaries, you should take care of certain things. All your Sibil score should be 650 or more. Secondly, you should have permanent work – at least 1 year of work. Third, if you have an existing loan, its EMI should be less than 50% of your total income. Based on a joint income (joint income) provide some banks based on joint income, you can make your partner or family member fellow applicant. The proof of income is different to individuals who are self-employed and need to show ITR and the bank statement.
Conclusion
Even in monthly income of 16,000, you can get personal loans from many banks. You will get a loans up to Rs 5 lakh by using the right bank and submit the correct documents. Online application process has made more easier even if this process. Before taking a loan, recall your repayment capacity properly, remember that you should not be allowed to exceed 50% of your income. Go to a reliable bank website today and start your private loan application.