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What Is the Salary Requirement for a Personal Loan?

What Is a Personal Loan?

With the change in time, your needs also change. You might have plans to go out on vacation or maybe get your home renovated. Whatever the case may be, you will need funds to fulfill those plans. You can avail of these funds in the form of personal loans. Now, before you opt for a personal loan, you should know that it is an unsecured credit without promising any collateral. You can use it to pay for any of your planned expenses.

How Do I Get a Personal Loan?

It is effortless to get a personal loan, especially if you are a salaried person. You can apply for a loan if:

  • Your age is between 22 and 58 years
  • You have a monthly salary of at least Rs 15,000
  • You have at least one year of work experience

You just need to have

  • Credentials like Voter Card, Aadhaar Card
  • Proof of identity and proof of residence
  • 6 months bank statements as income proof
  • Employment Certificate of at least 1 year of continuous employment
  • A CIBIL score above 750

You can avail yourself of a personal loan either online or offline. You just fill out certain details on a 10-minute form and upload or supply copies of some necessary documents. Furthermore, you will see your loan gets approved within a few minutes.

What Are the Personal Loan Interest Rates Like?

You will be happy to know there are exciting offers on personal loan interest rates. The personal loan interest rates are crucial to calculate the Equated Monthly Instalments (EMIs) that you would pay for your loan. But these rates depend on factors like your income, CIBIL score, loan amount, repayment ability, tenure, financial history, etc. The rates can be as low as 10.50% to 24% based on your eligibility. The more you fulfill eligibility, the lower rate will be personal loan interest rates for you. This will lower the burden of interest pay-out; thus, you get lower EMIs and lower added amounts on a principal loan that you would pay off.

Is There Any Personal Loan EMI Calculator?

Your personal loan interest is based on reducing balance and flat-rate methods.

The interest amount under the reducing balance method is calculated on the closing outstanding balance, which is reduced when you pay an EMI. In contrast, the interest is fixed under the flat-rate method. But you need not worry about the hassle of calculating your EMI. A personal loan EMI calculator can calculate the EMI within seconds. You just have to enter the loan amount you need, the rate of interest, your desired loan duration, and the personal loan EMI calculator will take care of the rest. This calculator will let you know your EMI in advance and within seconds, which saves your time. It also enables you to manage your budget, opt for a workable loan tenure and plan well in advance.

Where Can I Go for a Personal Loan?

You can avail of a personal loan within seconds up to Rs. 25 lakhs by filling a simple online form and a very minimal documentation process. They have easy to meet eligibility standards. You can use flexible tenures for up to 6 years and repay your personal EMI loan according to your convenience. You can plan well in advance using their online personal loan EMI calculator and can choose from their tailored personal loan offers and get fast loan processing to fulfill your financing goals.

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