Personal Loan On 20,000 Salary
Availing a personal loan against a salary of Rs. 20,000 has become a quick and easy process. Finnable disburses personal loans for the salaried, so you do not have to dip into your savings or borrow from your friends and relatives.
You must be wondering how much you avail on your salary of Rs. 20,000? If you require a personal loan against a salary of Rs. 20,000, you can avail of up to Rs. 3 lakhs. However, this also depends on your personal loan eligibility.
Eligibility Criteria To Avail Personal Loan On 20,000 Salary
If you are planning to apply for a low-salary personal loan, you will need to meet the personal loan eligibility criteria as set by Finnable. These include:
- Citizenship: To avail of an instant loan for the salaried, you will need to be a citizen of India. Non-citizens cannot apply for a personal loan in India through Finnable.
- Age: You will have to be between the age group of 21-45 years of age.
- Employment: At the time of applying for a personal loan against the salary, you will need to have a full-time job with a government organization or a private company.
- Tenure: You should have held your current job for more than 3 months.
- Work experience: You need to show a minimum of 6 months of total work experience.
- Income: The minimum salary for a personal loan needs to be Rs. 20,000/- per month.
- Income receipt: This income should be credited directly into your bank account.
What Are The Documents Required To Get A Personal Loan?
As an applicant, you will need to submit the following documents to get a loan for a salaried person:
- Identity proof: Your PAN card will be required as proof of identity.
- Citizenship proof: Your Aadhar card needs to be furnished to avail a personal loan against a salary of Rs, 20,000.
- Income proof: Your salary slip for 3 months will be needed at the time of application.
- Receipt proof: The bank statement for 3 months can be attached as proof of receipt of income.
What Is The Eligible Loan Amount For A Salary Of Rs. 20,000/-?
Can you borrow a large loan amount on a low salary? With the right kind of lender, you can avail yourself about 10 to 12 times your income as a personal loan. However, there are certain aspects that will influence this decision.
You will need to meet all the personal loan eligibility criteria, have no prior outstanding loans or defaults, and hold a stable job at the time of application for the instant loan.
Finnable disburses loans for the salaried from Rs. 50,000 to Rs. 10 lakh. If you can meet all the requirements as set by Finnable and provide the necessary documents, you can easily avail a low-salary personal loan.
How To Calculate The EMI Of A Personal Loan?
The repayment of the loan availed against the salary of Rs. 20,000 will be paid through EMIs. To know how much the personal loan EMI would come up to, you will need to use the personal loan EMI calculator.
Using the personal loan EMI calculator is easy. All you need to do is input your loan amount, and choose the personal loan tenure and tentative personal loan interest rate. Just by the hit of a button, you will get your EMI amount against the instant loan for the salaried.
You can also calculate this manually by applying the following formula:
EMI= Px Rx [(1+R)^N]/ [(1+R)^N-1]
Where,
P=Principal amount
R=Rate of interest
N= Tenure of the loan
However, it is best to use the personal loan EMI calculator as you get the EMI amount hassle-free.
How To Calculate The EMI Of A Personal Loan?
So how can you apply for a personal loan with a salary of Rs. 20,000? The process is simple and quick. You can apply for a low salary personal loanvia Finnable’s personal loan app.
- First, you will need to download the personal loan app. This online loan app is available on Play Store.
- The next step is to create your profile. You will need to enter your personal and professional details.
- Choose the type of loan you are looking for. It can be an education loan or a marriage loan. Enter the amount, and choose the personal loan tenure.
- Upload all the documents mentioned. If everything is in order, the documents will be verified immediately and the loan amount will be credited into your bank account within 6 hours.
Loan Repayment Procedure
Once the loan is availed, every month a certain part of the loan will need to be repaid in installments. This repayment of the loan is called the personal loan EMI, which is part principal amount and part interest that is applicable on the loan.
Instead of handing over post-dated cheques, you will have to a sign an e-mandate. An e-mandate is an electronic standing instruction that is issued to your bank. It lets them debit a particular amount, in this case, the EMI, on a pre-decided date.
The validity of this e-mandate is till the end of the term of the instant loan.
Get An Instant Loan From Finnable Today
If you are looking for a personal loan for Rs 20000 salary, you can apply for one through Finnable’s loan app. The process is simple and quick. The best part of applying for a personal loan for the salaried through the online loan app is that you can do it from your home, workplace, or while on the move.
Finnable ensures that the funds are dispersed quickly so you don’t have to worry about waiting a long time. Within 6 hours of document verification, the funds will be credited into your bank account.
This low-salary loan can be used for any purpose including home renovation, buying a vehicle, or for travel. You can avail of a maximum loan of Rs. 10 lakhs at affordable interest rates that start at 16%.
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