Personal Loan for Rs. 80,000 Salary

Pre-approved personal loans enable you to get loans approved quickly and with minimum documentation. If you have a good credit score, a good repayment history and regular monthly income, you may be eligible for pre-approved personal loans. 

You can get pre-approved offers from Axis Bank, Tata Capital, IndusInd Bank, Federal Bank, Hero Fincorp, Aditya Birla Capital, etc., through Paisabazaar.

EMI/NMI Ratio

Lenders generally prefer that your EMI should not exceed the 50%-55% limit of your net monthly income. For example, you apply for a personal loan of Rs. 5 lakh @ 10% p.a. with a salary of Rs. 80,000 and have no other existing EMIs. In this case, the EMI of the proposed loan would be Rs. 16,134, and the tenure option offered would usually be for 36 months. Note that lenders usually prefer to set the personal loan amount and repayment tenure to ensure that your EMI remains around 50%-55% of your monthly income. 

Multiplier Method

Most personal loan lenders use a multiplier method to calculate your maximum loan amount. It usually ranges between 12%-24% of your NMI or Net Monthly Income. Moreover, your existing EMIs also play a crucial role in determining your loan eligibility.

General Personal Loan Documents

Digital Document Processing/Paperless Documents

No physical documents are needed for digital personal loans. The application is processed via e-KYC or digital KYC processes. Generally, only PAN and Aadhaar numbers are required.

Documents for Pre-Approved Loans

Pre-approved personal loans do not require any documentation, as the lender already has your KYC documents and the initial credit assessment of their customers is already done.