While planning a home renovation, many people opt for a personal loan to finance their projects. The reason is quite simple, it makes the required money available for home renovation needs like material, labour, transportation, and others. However, several people who want to take a personal loan for home renovation have one question in their minds – what are the minimum salary criteria for a personal loan for home renovation? The answer lies in understanding what is the eligibility for personal loan set by your lender.
Different lenders have different requirements when it comes to your salary. After all, personal loans are unsecured loans, and the lenders want to ensure that your salary is big enough to accommodate the loan EMIs. For instance, Clix Capital requires you to be earning at least ₹25,000 per month to be eligible for a personal loan for home renovation. Are you thinking about the minimum salary requirement for personal loans?
Read on to understand why your salary is so crucial to apply for a personal loan and find the answer for “how much personal loan can I get on my salary?” So, let us start without wasting even a single minute!
Role of Your Monthly Salary in Determining Your Personal Loan Eligibility
You must be wondering why your monthly income is so crucial for determining your personal loan eligibility. So, first of all, understand that personal loan is unsecured, for which you do not need to pledge any collateral, security, or guarantor. Hence, the lender has to take a lot of risk in lending you a personal loan. To reduce this risk and ensure timely payments, the lenders want to check your monthly income, significantly deciding your repayment capacity to pay off the sanctioned loan amount within the repayment tenor. That is why most personal loan lenders have a minimum requirement for monthly income to accept loan applications.
You can conduct an Aadhar card loan online apply for a personal loan for home renovation from Clix Capital if you have a monthly income of ₹25,000 or above. For this system, you can have your documents verified online without the need to submit or upload them anywhere. The only condition is that your KYC should be updated with Aadhaar and PAN. However, this minimum requirement changes from lender to lender. So, you have to find the one that best fits your requirement and salary package.
Understanding What is the Eligibility for Personal Loan
To apply for a personal loan from Clix Capital, you have to fulfil the following conditions:
- You must be between 25 and 58 years of age
- You must have a monthly income of at least ₹ 25,000
- You must be working with your current employer for at least 6 months
- You must have work experience in the current field for a minimum of 12 months
So, you see how important your job, employment, work experience, and salary are to determine your personal loan eligibility. Apart from these, your credit score also plays a significant role in fetching you a personal loan. To apply for a personal loan for home renovation from Clix Capital, you must have a credit score of 725 or above.
How Much Personal Loan Can I Get on My Salary?
Your monthly salary also makes a big difference in how much loan amount you can get for a personal loan. The higher income you have, the more suitable you would be for a higher loan amount. Obviously, with a high income, you may easily repay higher EMIs for a higher loan amount. However, your money management is also crucial. If you make a budget and keep your expenses under control, you can assign a higher amount from your salary for EMIs. So, you can take a higher loan amount.
Clix Capital offers personal loans of up to ₹25 lakhs with flexible repayment tenures ranging from 12 to 48 months. You can use a personal loan EMI calculator to choose the loan term with the EMIs you can easily afford within your monthly salary.
How to Apply for a Personal Loan for Home Renovation
Now that you have made up your mind to take a personal loan for home renovation, these are the simple steps to follow online:
- Visit the Clix Capital website
- Check your credit scoreand ensure that it is more than 725
- Fill up the personal loan application form
- Get your documents verified online that takes just a few minutes. However, if your KYC is not updated, you will have to provide some necessary details
- Once you receive your loan approval, accept the loan offer
- Activate the e-mandate for regular EMI payments on time
By now, you must have got a fair idea about what is the minimum salary criteria to get a personal loan for home renovation and how your salary impacts your loan amount. Apply now at Clix Capital and get the loan amount required to fund your home renovation project. If you follow the steps correctly and if everything goes smoothly, you may get your loan approval in as little as 15 minutes*.
You can also reach out to us at email@example.com or call us at 1800 200 9898
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