How Much Income Required for Instant Personal Loan Approval?

Personal Loan

Are you looking to borrow money easily from the comforts of your home? If you’re in urgent need of money and looking to get a loan from one of the best loan apps like Finserv Experia, you might be wondering what it takes to do that.

The Primary Criteria To Get A Personal Loan

One of the first factors that define your loan eligibility is your personal income. You must be a salaried or a self-employed individual who has been working for at least a few months in a registered company or been earning since that time.

Yes, while it’s pretty easy to get loans from the best loan apps in India like Finserv Experia, you’d need to verify your salary to get your loan approved. The amount of loan you can borrow and its interest also depends on your salary or income.

The moneylender determines your repayment capacity by looking at your paycheque. For instance, if your salary is Rs. 25,000, you might be able to pay half of it to pay monthly instalments. But that is the case with personal loans taken from the bank.

But if you belong to a lower income group or have just recently started your job, applying for loans through an online loan app can be beneficial for you. You can even get a personal loan with a salary below Rs. 20,000 through a money lending app like Finserv Experia.

If you are willing to benefit from a personal loan through the loan app, here are a few easy steps to do that:

  • Download the app and fill in your personal details
  • Fill in your income and loan requirements
  • Wait for your loan approval after verification of documents
  • Get your required amount instantly transferred to your account. Although you don’t need to take the complete amount the app is offering you. You can borrow as little as Rs.3000 even when you are approved to borrow Rs.30,000
  • Taking a lesser loan would ensure you pay lower interest as the interest will only be calculated on the amount you withdraw.

Eligibility criteria for instant loan approval

Once you download the online loan app and register on it, you need to fulfil a predetermined criteria to be eligible for a loan. The amount that you get isn’t constricted hard and fast and depends on various factors as listed below:

  • You should be a salaried employee with an MNC, a private or public limited company since a few months if you would like to apply for a loan through loan apps
  • You should earn a minimum of Rs.10,000-15,000 to have the possibility of getting your loan approved. Earning less than that would put the lender in greater risk and hence there are high chances of disapproval.
  • You should be a permanent resident of India and have a registered bank account against your name to avail the loan
  • You should be older than 23 years to avail a loan from the best loan apps in India. That is done to prevent school or college students without income from borrowing loans and never paying the companies back. Such a filter helps the money reach people who need it and will pay it back. You should also be younger than 58 years old to apply for a personal loan through loan apps.
  • Your credit score should be respectable and you should have all the documents required. That includes ID proof, bank account number and address proof.

So, you can get your loan easily approved if you have an income above Rs. 15,000. To avoid any damage to your credit score, you should try to repay the installments on time which will also make you eligible for a higher loan next time.

About Ashish Singh

I am a blogger and writer too. I love to write on business, finance, lifestyle, digital marketing, and technology.

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