How much personal loan can i get on 60,000 salary?

Before getting a personal loan, the most essential factors to ensure eligibility criteria are credit score and income proof.  And when your income is already defined, it becomes easy to know the loan amount which the lenders can approve. However, it varies based on the type of loan, tenure and repayment status, you must know what will be the loan amount on your personal on 60,000 salary because it will indeed propel your financial planning. Because when you are clear about the maximum amount you can plan accordingly. Therefore, let’s understand the types of loans, eligibility, and application process for precise information.

Types of Personal loan as per the tenure

Whenever you apply for a personal loan, you must be keen about its types such as, what is the tenure, repayment system, and approval process as per the salary. You should know all these. So, let’s have the details.

There are various types of personal loan, and they are distinguished as per tenure and these are short-term personal loans and long-term personal loans.

Short-term personal loan                           

While applying for a Short-term personal loan, you must know that it is approved for a short tenure which starts from one months to six months. The tenure is short and the loan amount is approved up to thirty to forty percent of your salary. In this, loan, the lenders consider all the obligations and existing loan of the customers to calculate their capability to repay.

Therefore, if you are Applying for a short-term loan and your salary is 60,000 per month then, the loan amount will be 18,000-24,000k. However, the amount can be less if you already have other loans. Whereas, in the case of longer tenure, i.e., for three to four months, the amount can be higher.

Personal loan for long-term

Whenever you Apply for a personal loan and choose the longer tenure, then you have freedom to choose the repayment in different EMIs. In this case, your loan amount will be higher. The lender will approve the amount which will be multiple for your surplus amount in your account after calculating all the expenses. And finally, after the calculation, your loan amount will be decided. It will be based on the number of EMIs and your capability for the repayment. As per your surplus amount, you can get approval for a personal loan with long tenure and different EMIs.

Eligibility Criteria

The eligibility criteria for the personal loan depends on the lender’s terms and conditions where they always try to ensure the repayment after analysing the transactional history of the customers. Overall the personal loan eligibility criteria is fixed with all these parameters. 

Age: The age of applicants or borrowers must reside between 21 to 65 years old. It can also vary based on the income range of the customers.

Nationality: The borrower must be an Indian resident. 

Income: The income of borrowers must be above 35000 per month and the amount can vary as per the lender’s policy because the lenders looking for higher income can consider the borrower with higher income.

Credit Score: The credit score must be above 750

Employment: The borrower must have a job in a registered company or the employee with a government job is also preferred.

Documents: you must have all the documents like Aadhar, PAN, Salary slip, utility bills, rent agreements or other documents if required.

The application process for a personal loan

If you are willing to Apply for a personal loan without documents and want to get the loan in a few hours then consider some essential thing like loan amount, interest, tenure, and repayment policies and then follow the steps to apply for a personal loan.

• Go to the lender’s website
• Check your eligibility and click on the Apply Now page
• Enter all the details with the documents
• Get the response from executive and get the approval
• After the approval get the disbursal shortly

Conclusion

So, it’s your choice which loan you choose as a personal loan on 60,000 salary i.e., you are choosing a short-term loan with a one-time payment system or a loan with the longer tenure. In each loan, the loan amount will be different as for the short-term loan it will be a maximum of forty per cent of your salary and you can borrow it for a one-time payment. Whereas, a long term personal loan can be borrowed with a long tenure and multiple EMIs. And in that case, the loan amount will be higher.