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What are the Salary Requirements for Qualifying for a Personal Loan

Wondering how much salary you should ideally draw to avail a personal loan? Here are the factors that can help you get an idea.

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What are the Salary Requirements for Qualifying for a Personal Loan

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  1. Check Salary Requirements for Personal Loan Qualification

  2. There is no fixed salary amount that you need to satisfy, but factors that affect your chances are listed below.

  3. Income Factor • Meeting minimum income requirement of the lender is essential for personal loans. • Employment stability (6 months with the present employer) can improve loan prospects. • Higher the salary income, higher is the loan amount you can request. • Keep salary slips and income tax returns handy.

  4. Loan Amount • A high loan amount attracts higher salary threshold. • Standard threshold for minimum salary set by lenders and city of residence is Rs.15,000. This can vary though. • Timely salary credit is usually important.

  5. Criteria of the Lender • Personal loan terms and conditions may vary across lenders. • Make soft enquiry about minimum loan threshold with selected lender, if any. • Usually, loan amount can be 30 times the salary income. • Check lender requirements and compare through online marketplaces to finalise.

  6. Loan Tenure • Your choice of tenure affects the EMIs payable. • Lenders usually consider up to 60% of your salary for EMI servicing. • A shorter tenure invites high EMIs and greater eligibility requirements.

  7. All Set Consider your creditworthiness as well as past and present financial standing along with above factors to determine loan eligibility.

  8. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: customer.care@herofincorp.com Website: https://www.herofincorp.com/ Know more- What are the Salary Requirements for Qualifying for a Personal Loan

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