Minimum salary required for Personal Loan eligibility

 

There is no minimum salary that can decide your personal loan eligibility. For the people working from 9 to 5, you need to make sure that you meet all the eligibility criteria along with a good salary. If your salary and the amount you want to borrow match well, it will help you get instant personal loan approval. There is no minimum salary requirement. There are various types of personal loan eligibility criteria that you need to meet along with the income that helps you to get a personal loan. Here are a few of the things that are considered along with income, that helps you to get a loan.

What is the minimum salary?

There is no minimum or maximum salary. It completely depends upon the amount you want to borrow. For example, if you need a loan of 1 lakh rupees and your income is 20,000 per month, you will not be getting this amount. You may get an amount below 50,000. Even if you get a loan of 1 lakh rupees, your rate of interest will be very high as there is risk and the loan provider would want to recover the maximum. You can calculate the same with a personal loan calculator.

●     Employers: Employers do matter a lot that proves and speaks a lot about job stability. A Government employer or a multinational company is always about growth and stability. Sometimes, a good rate of interest is offered to individuals that work with reputed firms or with government employers. Always try to get a good employer to work with so that you can get a smooth borrowing experience.

●     Debt to income ratio: A balanced and suitable debt to income ratio is something that you need to maintain. You must make sure that your income is not completely used up for paying the debt. The ideal ratio is 30%. If you find yourself spending more than 50% of your income on paying debt, you should drop the plan of getting a personal loan

●     Credit mix: Get a good credit mix when you aim to borrow a personal loan. You need to make sure that you borrow with a good credit mix. A good credit mix will have all kinds of secured, unsecured, revolving, and installment loans. When you have a good credit mix you will always get a low rate of interest.

Read more: How much personal loan can I get on my salary?

Wrapping up

Visit the Clix Capital website to start your personal loan apply online process. You need to make sure that you meet all your personal loan eligibility and compare the options with a personal loancalculator.