YOU ARE HERE:HomeNewsBusinessPersonal Finance Personal Loan with Rs 80,000 salary: Documents to eligibility, check key details here
Personal Loan with Rs 80,000 salary: Documents to eligibility, check key details here
14 January, 2025 | 11:01 IST
Availing a personal loan could be easier for those earning Rs 80,000 per month, compared to others as most lenders often look for borrowers with high monthly income. Personal loans are unsecured in nature, meaning they don’t require collateral, making them an attractive choice for salaried individuals.
However, how much you can borrow depends on several factors, including your salary, credit history and other financial obligations.
With a monthly salary of Rs 80,000, you can easily access personal loans through the Moneycontrol app. In a 100% paperless process, you can avail loans up to Rs 15 lakhs from seven lenders. You just need to complete the KYC process and set up the EMI repayment plan.
When determining the loan amount you can get on a Rs 80,000 salary, there are two main methods lenders use:
Multiplier Method: Lenders generally calculate the loan amount based on a multiple of your monthly income. The multiplier varies between different lenders, typically ranging from 12 to 24 times your monthly salary. For example, with a salary of Rs 80,000, you may be eligible for a loan ranging from Rs 9.6 lakh to Rs 19.2 lakh, depending on the lender’s policies and your financial profile.
EMI-to-Income Ratio: The EMI-to-income ratio compares your total monthly EMI commitments (including the proposed loan) to your monthly income. Lenders usually prefer this ratio to be around 40-50% of your monthly income. For example, if your total EMI obligations exceed Rs 40,000, you may find it difficult to qualify for a higher loan amount. A lower debt-to-income ratio improves your eligibility for a larger loan.
However, the loan amount you can borrow may differ from lender to lender as salary is not the sole criteria for finalising the loan amount.
Factors that determine loan eligibility on a salary of Rs 80,000
Though your monthly salary is a major determinant in how much you can borrow, lenders assess several other aspects of your financial profile before granting approval.
Age: Most lenders require applicants to be between 21 and 60 years old. Being within this age range ensures that you are financially stable and capable of repaying the loan.
Income and job stability: A salary of Rs 80,000 provides a strong foundation for securing a loan. In addition, lenders also value job stability and your experience. A longer employment period with one employer is preferred by lenders.
Credit score: Your credit score is one of the most important factors in the loan approval process. A score of 750 or higher results in better loan terms, such as lower interest rates and higher loan amounts.
Income proof: To verify your income, lenders require supporting documents such as last 6 months’ salary slips and bank statements, as well as tax returns. These documents help lenders confirm that your earnings are consistent and sufficient to handle the loan repayment.
Existing financial obligations: Lenders evaluate your current debt obligations, including credit card bills, personal loan and any other financial commitments. A high debt-to-income ratio may reduce the total loan amount.
Loan tenure: The duration of your loan affects both the size of your EMIs and the total interest you’ll pay. A longer tenure reduces your EMI burden but increases the total interest paid over the life of the loan. A shorter tenure means higher EMIs, but lower overall interest costs.
Additional sources of income: If you have additional income from rental properties, freelance work or some other source, it can boost your loan eligibility. Lenders value applicants with multiple income streams, as it shows a higher ability to repay the loan.
Documents required for personal loan Rs 80,000 salary
When applying for a personal loan, you will need to submit many documents to verify your identity, income and employment status.
Proof of identity: Aadhar card, PAN card, passport, or voter ID.
Proof of address: Utility bills, rent agreements or government-issued documents.
Proof of income: Last 6 months’ salary slips, bank statements for the last three to six months, and income tax returns.
KYC documents: Aadhar card, PAN card and passport or driver’s licence.
Overall, with a monthly salary of Rs 80,000, you can qualify for a substantial personal loan. Moneycontrol makes it simple to apply for instant, 100% digital personal loans of up to Rs 15 lakhs in partnership with seven lenders. There’s no paperwork and a minimal processing fee, with funds quickly transferred to your bank account. The application is entirely online, and interest rates start at 12% per annum with no hidden charges.
Earning ₹80,000 monthly? Discover how factors like credit score and job stability influence your eligibility for instant personal loan online and how much loan amount you can apply for.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.
100% Digital
Quick Disbursal
Low Interest Rates
