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How Much Personal Loan Can I Get On My Salary?
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Banks and other financial institutions generally offer their customers financial loans to help them cope with their urgent financial requirements. While it benefits everyone, many people ask, how much Personal Loan can I get on my salary? It is a common question, as applying for a Personal Loan is easy, but getting it approved is challenging.
However, your Personal Loan amount depends on factors like credit score, age, financial status, etc. However, you must check the eligibility criteria before applying for a Personal Loan.
Amount of Personal Loan You Can Get on Your Salary
The Personal Loan amount you can get from a bank depends on your monthly salary. It helps the loan provider understand whether you can return the loan amount with interest within the given timeframe.
Expected Eligible Loan amount of Different Salaries:
Please note that the examples provided above are for illustrative purposes only and do not take into account any existing monthly obligations you may have. To determine the actual loan amount, it is imperative to contact the Kotak bank representative directly and inquire about the specific details relevant to your individual circumstances.
So, as everyone's salary varies, it leads them to a question:
How much Personal Loan can I get on my salary?
Well, the amount varies from bank to bank. If you opt for the Kotak Mahindra Bank Personal Loan, you can get up to Rs. 40 lakh. The minimum loan you can get from Kotak is 50,000. You can avail of the Personal Loan for several reasons like weddings, home renovations, immediate fund requirements, emergency purposes, etc.
If you are thinking about how much I can get as a loan from the bank, it is always advisable to check it with a Personal Loan calculator from the bank's site. It can show you the exact amount of loan you can avail from your bank. If you wish to know the EMI you must pay, you can check it easily using their Personal Loan EMI calculator. However, banks may evaluate your monthly income and potential growth before approving a loan request.
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Factors that Determine the Personal Loan Amount
Whether you are planning to take a loan and thinking about how much you can get as a loan from a bank, you must know about the factors that determine the loan amount. It will help you understand how much loan you can expect with the interest rate and EMI.
Before you apply for a Personal Loan, you must keep your credit score high. A higher credit score always signifies better creditworthiness. So, it will help your loan get approved sooner. You can avail yourself of a larger loan amount as well.
Your monthly income also determines your loan amount and its approval time. However, banks always show approval results within 48 hours of applying. They check your income status to assess your ability to repay the amount within time.
However, people thinking about how much Personal Loan I can get on my salary must know that a higher income can help them get a larger loan amount.
Young professionals with at least one year of work experience and a stable job or entrepreneurs with a high income can easily apply for a high Personal Loan amount. It demonstrates your capacity to repay the loan amount.
Financial obligations and existing debts can significantly reduce the loan amount. So, if you have a question: how much Personal Loan can I get on my salary, you must first check your existing liabilities, as they can determine the loan amount.
Eligibility Criteria to Get Personal Loan for Salaried Individuals
Knowing your Personal Loan eligibility is crucial to understanding how much of a loan you can apply for or whether you can apply for it. To qualify for a Personal Loan, individuals must meet the following criteria:
Documents Needed to Apply for the Personal Loan
The loan documentation process is simple and hassle-free. You can do it from the comfort of your home. With just a few simple steps, your documentation process will be finished.
However, whether you are a new or existing customer, you must know the Personal Loan required documents.
To get a loan up to Rs 5 Lakh, the basic documents you must submit are an Aadhaar card, a PAN card, and your salary account's last 3 months' bank statement. If you wish to avail a Personal Loan of up to Rs. 40 lakh, you must submit the following Personal Loan required docs:
The Charges and Interest Rate Offered on Personal Loan
The Personal Loan interest rate at Kotak Mahindra Bank is 10.99% p.a. You may have to pay a minimal charge during the loan application process. Additionally, there will be prepayment charges, foreclosure charges, bounce charges, stamp duty charges, etc.
However, Personal Loan interest rates also vary from bank to bank.
Key Takeaways
Getting a Personal Loan on your salary is a practical solution to managing your finances. You will get the necessary funds if you meet the eligibility criteria. However, you should check the EMI amount you need to pay using your respective bank's Personal Loan EMI calculator to understand whether it is right for you. Also, to avoid future mishaps, check all the Personal Loan interest rates before applying.
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