A lender can deny your personal loan application for a number of reasons. Your credit score may be too low or your DTI could be too high. It’s also possible that you asked to borrow more money than the bank thinks you can repay based on factors like income, employment stability and other outstanding debts.
Herein, can I use a personal loan for anything?
A personal loan can be used for just about anything. Some lenders may ask what you plan to do with the money, but others will just want to be sure that you have the ability to pay it back. Though personal loans aren’t inexpensive, they can be a viable option in a variety of circumstances.
Moreover, how much loan can I get on my salary of 15000?
A: A salary of Rs. 15,000 generally falls in the category of a low-income borrower group. So, an instant personal loan app with a maximum approval amount of 1.5 Lakhs can be availed by the borrower with a starting salary of Rs. 15,000.
How much personal loan can I get if my salary is 10000?
Banks such as SBI and Indian Overseas Bank provide personal loans to individuals who have lower income of Rs. 5000 per month. But the loan amount might be lower than you expected.
| Bank | Minimum Monthly Income Required |
|---|---|
| Punjab National Bank | Rs. 10,000 |
| HDFC Bank | Rs. 15,000 |
| ICICI Bank | Rs. 17,500 |
How much personal loan can I get if my salary is 25000?
The maximum amount you can get for a personal loan on 25000 salary will be Rs. 250000/-This again depends on your income, repayment capacity and credit score.
How much personal loan can I get if my salary is 30000?
How much personal loan can I get on a ₹30000 salary? According to the Multiplier method, on a salary of ₹30000, you will be eligible for ₹8.10 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹7.70 lakhs.
Is a personal loan cash?
Personal loans are a form of installment credit. Unlike a credit card, a personal loan delivers a one-time payment of cash to borrowers. Then, borrowers pay back that amount plus interest in regular, monthly installments over the lifetime of the loan, known as its term.
What are 4 sources of loans?
- Personal or friends-and-family financing. …
- Bank financing. …
- Government-backed financing. …
- Private investment (angel investors or venture capital) …
- Peer-to-peer or crowdfunding financing. …
- Alternative lenders.
What is the best reason to give for a personal loan?
Reasons for taking out a personal loan
If you lose your job, get your work hours reduced or have an emergency medical bill, a personal loan can meet your needs in the short term. Debt consolidation: You can save money on interest payments when you consolidate high-interest credit card debt with a personal loan.
What is the maximum amount for a personal loan?
What is the minimum salary to get personal loan?
The minimum salary for a personal loan for salaried individuals is INR 25,000 per Month (for residents of Mumbai and Delhi) or INR 20,000 per Month (for all other locations).
Where should I get a personal loan?
Credit unions are good places for borrowers with fair or bad credit to get a personal loan because they may have softer requirements and lower interest rates. … Credit unions are also a good option if you need a small personal loan — less than $1,000.
Which bank gives personal loan easily?
HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources.
Who is eligible for personal loan?
Eligibility Criteria for Salaried
| Criteria* | Salaried |
|---|---|
| Age | 23 years – 58 years. |
| Total years in job/profession | 2 Years |
| Years in current residence | 1 Year |