For most youngsters, availing of personal finance seems challenging! In the early stage of their working lives, they can’t manage to accumulate enough funds to have a standard of living. However, some of these individuals dream of buying a car or a small apartment, even with a low salary.
Obtaining a personal loan can be difficult but not impractical. Your chances of acquiring loans not only depend on the annual salary but other factors as well. Age, repayment capacity, and nature of the job – have a major impact on successfully getting a personal loan.
Exploring the Ways of Getting a Personal Loan With a Low Monthly Income
If you are susceptible to applying for a personal loan, relax! Unlike other types of loans, personal finance is easy to avail of within the shortest period. Since your earning level is still on the downside, you might have a misconception that you can’t get a loan in need.
Before applying for an instant loan, make it clear that financial organizations always consider the disposable income of the borrowers, which should be between 30% and 40% of the net monthly earnings. Applicants with a low salary can get up to Rs. 25 lakh personal loans.
Hence, if you earn below the specified limit, you don’t have to worry much about successfully sanctioning your loan application. If the borrowed amount is directly proportional to the repayment capacity and monthly income, there’s no restriction on availing of the unsecured loan.
Since lenders perceive these low-income applicants as risky, they always fix the interest rate on the higher side so that these individuals think twice before applying for funds. Eligibility criteria for obtaining personal loans vary from lender to lender. Therefore, it is advisable to go through the conditions imposed by your approaching lender.
How Can You Determine Your Preferred Loan Amount in Advance?
You can take assistance from the available online tools and check the preferred loan amount to prevent future inconvenience. With the help of a personal loan eligibility calculator, you can determine the upper limit of your loan.
Remember, this amount depends on income, age, current EMI, residential address, and interest rates. You can stay assured of the efficacy of this tool since you will get a nearly accurate outcome. Applying for an HDFC bank personal loan on a lower scale or that you can repay easily is most worthwhile.
How to Acquire a Personal Loan Without a Salary Statement?
Financial institutions mostly demand seeing your salary slip to assure your income regularity. However, considering the different occupations, all can’t have a structured salary statement. To overcome such situations, applicants must produce other essential documents like Form 16, bank statements, income tax returns, and income certificates before the lender.
In a nutshell
There’s a low possibility of obtaining a personal loan with a low monthly salary and without a salary statement. However, a few lending organizations are ready to disburse loans based on other criteria if they get matched. Before applying for HDFC bank personal loan, discuss with a banking official to know whether it will be ideal for you to request a personal loan.