26 July 2021
Trying to opt for an instant loan? But not sure how much loan you could get on your salary?”
If you are a salaried employee and you plan to spend that extra buck on a trip or enhancing your skill, this is likely the first question that pops up in your mind. This post will hopefully explain to you:
From a temporary cash crunch to severe financial emergencies, instant loan apps have never left us in trouble. Big dreams are often costly and can be only achieved late in life once you have accumulated sufficient savings.
Salary is widely quoted as either net or gross (otherwise known as in-hand salary). It is important to understand the difference between them as financial institutes often consider the net component of one’s salary while offering and considering eligibility. Salary structure differs across various organizations. However, it is broadly divided into the following components:
When thinking about taking out a loan the first question that pops in your mind is – How much loan can I get? Other than the key question of the maximum loan, it is also a matter of clearing all the required eligibility criteria.
EarlySalary’s eligibility criteria differ for salaried as well as self-employed individuals. The eligibility criteria for applying for an instant loan is as follows:
The eligibility criteria mentioned above refer to whether or not a lender will consider your application. However, the limit on the maximum amount you can borrow is set depending on other factors. These criteria vary among lenders.
Prior to applying for a loan, it is advisable to work on factors that can increase the chance of your loan being approved. The eligibility for your loan is calculated based on several factors that include your age, salary, repayment capacity, and other factors. One can also use an instant loan eligibility calculator to avail an estimate of the maximum loan amount and the different offers you are eligible for.
You have the option of calculating the exact loan amount you are eligible for by providing the details required. Next, using the EarlySalary instant loan EMI calculator, you can
The basic criteria for personal loan eligibility for most of the banks and NBFCs are:
We’ve given you a whole bunch of factors and other contexts for your loan. But let’s get to the point, shall we? What EMIs will you be paying? How much would it cost you? EarlySalary’s instant loan EMI calculator is your reliable tool to determine your instant loan EMI, interest charges, and more in just a few minutes and some simple steps.
Simply plug your loan details into the calculator to determine your monthly repayments based on your sanctioned loan amount and interest rates. It’s that easy to understand. With EarlySalary, you can even prepay your loan amount with no additional charges. Liberate yourself, with #OneSmallStep.
To find out more about instant loans and how easy they are to receive via EarlySalary, reach out to us on: