How to get personal loan: Most banks offer personal loans to low-paid employees with certain conditions. For this, you have to keep 5 things in mind.
How to get personal loan: If you are thinking of taking a personal loan and your salary is low then you do not need to worry. You can still apply for a personal loan. Most banks offer personal loans to low-paid employees with some conditions.
Let us understand the key reasons behind personal loans. One can avail a loan for a variety of purposes, including organising an event, renovating a home, buying an expensive item for a loved one, or going on a vacation.
If you are looking to apply for a personal loan, you must ensure that you meet the eligibility criteria. Some banks have income limits, which may disqualify you from applying for a loan.
5 things to consider before applying for a personal loan
1. Loan amount: Apply for a small amount to repay the loan in smaller instalments. If your income is low, you may qualify for a smaller amount. When you choose a longer tenure, you can reduce your monthly instalment and make it more manageable.
2. Co-applicant: It is advisable to add a guarantor or co-applicant with a high income or better credit score to increase the chances of approval.
3. High credit score: If you have a good credit score (700 or above), it can improve your chances of approval and secure better interest rates.
4. Employer reputation: If you work for a reputed company, it becomes favourable for you even if you get a low salary.
5. Debt-to-income ratio: Keeping your existing debt low increases your eligibility. Hence, you should aim for a debt-to-income ratio of less than 40 per cent. This means that if your salary is Rs 1 lakh, your loan EMI should be less than Rs 40,000.
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