Can I Expect to Get a Personal Loan With a Salary of INR 14000 Per Month?

Dec 18th 2023
Loan
How To Get a Personal Loan With a Salary of INR 14000 Per Month

Personal Loan With a Salary of INR 14000 Per Month, A personal loan is undoubtedly the best way to secure funds for any purpose from spending holidays to paying medical bills, buying gadgets, doing home renovation or others. And, at a time when getting an instant personal loan is as easy as saying 1-2-3, there is no need to ask a friend or relative for money. If you think that you need to have a high monthly income to become eligible for a personal loan, it is not. Even if you have a monthly salary of INR 14000, you can still get a personal loan from various banks and financial institutions.

How Much Amount Can One Get Through a Personal Loan?

In general, individuals earning less than Rs 15,000 per month are eligible for personal loans up to Rs 150,000 from banks and NBFCs. Nevertheless, depending on several variables, such as additional revenue streams like rent, etc., certain lenders could provide an even greater sum.

Lenders use the customer's income and capability for repayment to determine eligibility for loans. The net payback should, in theory, not exceed 50% of the net monthly income. This suggests that the borrower's whole monthly income, less any credit card debt and any current EMIs, should not exceed 50% of the total amount of the proposed loan.

Read More: How to Get a Personal Loan Without a Salary Slip?

Personal Loan Interest Rate

The lender may impose an interest rate of 11% to 35%, depending on the applicant's characteristics. Those who fit into the high-risk group are eligible for personal loans from lenders at a higher interest rate.

Other Charges

In addition to interest, a processing charge equal to 0.5–6.0% of the loan amount would also need to be paid by the borrower. Banks also charge fees for schedules of amortisation and paperwork. In addition, lenders impose monthly compound interest penalties and late payment fees.

If a borrower wishes to replace the post-dated checks with fresh ones or modify the repayment plan at a later time, banks may also impose a fee. Furthermore, the lender would not allow early repayments or might impose long processing charges.

Also Read: Choose a Personal Loan Today to Manage Your Big Expenditures Easily

Eligibility Criteria For A Personal Loan

  • The applicants have to be between the ages of 21 and 57.
  • The applicants' income must be credited directly to their bank account and must be at least Rs. 13,500.
  • A minimum CIBIL score of 600 or an Experian score of 650 is required for credit.

Documents Required For A Personal Loan

  • Pan Card
  • Aadhaar Card
  • Recent 3 month’s salary slip
  • 1 years salary account statement pdf format
  • Electricity bill or Gas bill for residential proof
  • Co-applicant Pan Card
  • Co-applicant Aadhaar Card

Read More: Maximum And Minimum Repayment Tenure in a Personal Loan

How To Apply For a Personal Loan 

Step 1: Download and install the Investkraft app on your phone.

Step 2: Check your eligibility for a personal loan

Step 3: Enter the required details

Step 4: Upload Pan Card, Aadhaar Card on both sides, Salary Slip & 1 yr Bank Statement in pdf format.

Step 5: After the eligibility check, check and accept the loan offer.

Step 6: Enter bank details.

Step 7: The amount will be transferred to the bank account

Also Read: How Can I Close a Personal Loan?

Reasons to choose a personal loan

There are many reasons why opting for a personal loan is wonderful even if you have low monthly income.

Flexibility of use: One of a personal loan's main benefits is that it is very adaptable. This financial resource is unrestricted and can be utilised for any purpose, unlike a vehicle or housing loan. In other words, you can utilise the money you borrow to pay for a wedding, travel, education, and medical costs; buy jewellery, electronics, and other items; etc. In other words, it's a simple means for you to escape the current financial bind you're in.

No Collateral Needed: You won't be required to provide any collateral if you are approved for a personal loan. Your assets are therefore kept secure. This is undoubtedly advantageous if you have no assets. A personal loan is seen to be the greatest option for obtaining immediate financial aid because it is unsecured. Once you take care of the preliminary steps, you're set to go!

Repayment that fits your budget: You have a few options for paying back your loan, including online payments, post-dated checks, installments, and EMIs. Generally, tenure options are variable, allowing you to select the one that best fits your needs. The EMI decreases with length of tenure and vice versa.

Appealing Interest Rates: Personal loans have appealing interest rates that are simply accessible for everyone. This guarantees that your EMI won't change for the course of your loan. Therefore, you don't have to be concerned about the constantly altering interest rates associated with other loan kinds.

Minimal paperwork: As with paperwork, there is not a lot of paperwork to fill out. This expedites the process even further. Your home branch's customer service staff is available to help with any questions you may have. They can even dispatch an agent to assist with the papers at your place.

FAQs

If I Receive My Pay in Cash, Would I Be Eligible For a Loan?

No, at this time we only offer loans to people whose employers immediately credit their bank account with their pay. Lenders will not be allowed to provide loans to candidates who get a cash salary.

Does Investkraft Provide Personal Loans to Self-Employed Individuals?

Yes, individuals who work for themselves can apply for personal loans from Money View. But you need to have at least Rs. 15,000 in cash on hand.

Can I Use The Loan Amount For Any Purpose?

Yes, the loan amount out of a personal loan can be used for any purpose.

The Conclusion

You shouldn't be concerned if your wage is Rs. 14,000 or less because you won't be able to obtain a loan. If your income exceeds the minimum requirement and you satisfy our requirements, you may easily apply for Investkraft’s quick personal loans. To apply, download the Investkraft app right now.

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