We all work hard to meet our daily expenses. Still, sometimes, the salary we get monthly might not be enough to cover all expenses, like a wedding or any other emergency expense.
In case you have a salary of INR 35k per month, you will need additional funds to cover financial emergencies or unexpected expenses. This is when a 35,000 salary personal loan can help!
When you wish to fund major expenses with an INR 35k salary, a personal loan can come to your rescue by providing access to the necessary funds to cover such expenses.
When you apply for a personal loan with your 35k monthly salary, it is a great way to access instant cash. You also attain peace of mind, especially if you have any financial stress.
35000 Salary Personal Loan Meaning
It is a type of unsecured loan that enables borrowers to get access to a considerable amount of money for different reasons, like fulfilling medical expenses, funding a wedding, or covering educational expenses.
Borrowers choose personal loans because:
- While interest rates can vary from one provider to another, personal loans are usually available with lower interest rates compared to credit cards or other lending options.
- With personal loans, you get ample flexibility in the overall usage of the loan amount. With this type of loan, borrowers can use the amount to fund different types of financial needs.
- Most lenders, like Stashfin, offer easy online loan application processes and easy loan disbursal methods to make these loans easily accessible for all.
Key Eligibility Criteria for 35000 Salary Personal Loan
When you wish to apply for a personal loan for a 35,000 salary, here are some criteria to look into:
- You should earn a monthly income of at least INR 35k to qualify for a personal loan. In some cases, lenders might also look into aspects like your repayment capacity and financial stability.
- You must fulfill the age requirements, typically between 21 and 60 years, to get a loan approval from the lender.
- In some cases, lenders also analyze your debt-to-income or DTI ratio. It is the percentage of your income that goes to pay existing debts. With a low DTI, you are at a lower risk to the lender. In turn, this improves your chances of loan approval.
- Credit scores are also important to apply for a personal loan with a 35,000 salary. You should try to maintain a credit score of around 700 or above to enhance your chances of loan approval and obtain better interest rates.
How Much Personal Loan Can You Get on a 35,000 Salary?
Lenders make use of multiple methods to decide on the eligibility of the loan amount to the borrowers. Typically, this method analyzes the volume of funds you will receive depending on the multiple of the monthly income of the borrower, with multiples ranging from 10 to 24 times the monthly income. This will ultimately depend on factors like monthly payments and the lender’s requirements.
The borrower’s income is an important factor in ensuring loan approval. Along with the salary, the lender will also look into:
- A permanent or a semi-permanent job
- A steady source of income
- Your credit history
Benefits of 35000 Salary Personal Loans
- Flexible Financing: These personal loans offer access to funds for varying needs, like home renovations, medical emergencies, or even debt consolidation.
- Doing Away with Existing Debts: You can use the loan amount to consolidate high-interest debts into a low-interest personal loan. This strategy will help you save significantly on interest payments and manage your debts effectively.
- Instant Funds: In most cases, personal loans are disbursed quickly by reliable lenders like Stashfin. This delivers instant financial relief in case of emergencies.
Increasing Your Loan Eligibility
If you wish to improve your loan eligibility with the 35k salary, here are some tips:
- Ensure That You Have a Good Credit History: Maintain a low credit utilization rate, preferably below 30%. You should also aim to pay your bills timely and consistently.
- Boost Your Sources of Income: If there is a possibility, try to increase your sources of income. You can indulge in some part-time jobs as well.
- Minimize Existing Debt: Pay all your existing debts, like other loans or credit card balances, to minimize your DTI ratio.
Conclusion
The amount of personal loan you can get with a ₹35,000 salary varies significantly based on several factors. Key determinants include your credit score, credit history, existing debt obligations, employment stability, and the lender’s specific criteria.