Salary of ₹150000: Personal Loan Guide

With a monthly salary of ₹1,50,000, you’re well-positioned to access a significant Personal Loan amount tailored to your repayment capacity and credit profile. This guide explains how much you can borrow, the key benefits available to you, the eligibility and documentation you need, and the straightforward steps to apply for a Personal Loan.

Your Personal Loan Eligibility on a ₹1,50,000 Salary

Personal Loan eligibility depends on your capacity to repay the loan, which is typically assessed through your FOIR (Fixed Obligations to Income Ratio). Lenders prefer your total monthly EMIs, including the new loan, to remain between 50 and 60% of your net monthly salary.

With a ₹1,50,000 salary per month, the take-home is roughly ₹1,20,000. Applying the FOIR calculation, you could manage anywhere between ₹60,000 and ₹72,000 in monthly payments as EMIs. At these levels, borrowing capacity increases significantly.

Also Read: Easy Gifting this Diwali with a Personal Loan

Key Features and Benefits for High-Income Earners

• Competitive Interest Rates: Due to a favourable risk profile, lenders offer relatively attractive rates to high-income earners. For a salaried borrower earning ₹1,50,000, Personal Loan interest rates on an unsecured loan generally start around 10.99% per annum. 
• Higher Loan Amounts: A high salary allows for borrowing in the range of ₹30–40 lakh or more, depending on the lender and outstanding loan amount.
• Flexible Repayment Tenures: Repayment can stretch from 12 to 60 months, sometimes up to 72 months, with flexibility being a perk. Many lenders also allow part-prepayments after a lock-in period to reduce the principal, giving you further benefits.
• Minimal Documentation and Quick Processing: With digital processes and minimal documents, applying for a Personal Loan online can result in quick approvals. Your high salary proves repayment capacity, which in turn further expedites the process!

Eligibility and Documentation for Personal Loan on ₹1,50,000 Salary

Having a higher salary doesn't change your basic eligibility and documentation requirements, though it does make it easier to fulfil them. Here's a broad idea of what you can expect:

Eligibility Criteria

• Age: Generally, between 21 and 60 years (some lenders extend up to 80 years for tenure).
• Employment: Must be salaried in a stable job, preferably with at least 1–2 years of work experience.
• Citizenship: Must be a resident of India.
• Credit Score: A credit score of 750 or higher is preferred to get the best interest rates and higher loan amounts.
• Debt-to-Income Ratio: Should ideally be below 36%, but it can depend on lender norms.

Documents 

• Identity Proof: PAN Card, Aadhaar Card.
• Address Proof: Aadhaar Card, Utility Bill, or Rent Agreement.
• Income Proof: Last 3 months’ salary slips and last 6 months’ bank statements clearly showing salary credits.

Also Read: Things to Consider Before Taking a Second Personal Loan

Personal Loan EMIs with a ₹1,50,000 Salary

By using a Personal Loan EMI Calculator, you can get an estimate of what your monthly obligations could be. For example, a ₹5,00,000 Loan for 3 years at 11% interest gives you a very comfortable ₹16,400 monthly EMI.

Building on this, here's what your EMIs for a loan of ₹20 lakh at 11% interest could be, based on your tenure:

Since your high salary could give you the benefit of choosing a longer tenure, the EMI calculator will help you pick a tenure that leaves you with a comfortable monthly obligation.

How to Apply for a Personal Loan

Applying for a Personal Loan has become much easier, particularly with digital platforms offering quick, end-to-end online services.

Follow these steps to apply for a Personal Loan:

1. Check Your Eligibility: Use the lender’s eligibility calculator by entering your monthly income, existing EMIs, and desired tenure to estimate the loan amount you can apply for.
2. Decide Loan Amount and Tenure: Select the amount you want and choose a repayment period that suits your budget.
3. Fill the Application: Complete the loan application with accurate personal and professional details.
4. Upload Documents: Digitally submit your KYC, income proofs, and bank statements.
5. Verification and Disbursal: The lender will verify your details, and after approval, the funds will be credited directly to your bank account. 

Also Read: 5 Tips to Qualify for Personal Loan in India

To Conclude 

With a monthly salary of ₹1,50,000, you can lay down an excellent base for a large Personal Loan at relatively low interest rates, with decent repayment options. Understanding your eligibility, having documents ready, and using a Personal Loan EMI calculator to plan your monthly payments can make the process smoother.

If you’re looking to explore Personal Loan online options, Poonawalla Fincorp provides a seamless digital lending experience that helps you access funds quickly and without hassle.  

FAQs

Can I get a ₹40 lakh Personal Loan on a ₹1.5 lakh salary?

Yes, it is possible to secure a higher loan of up to ₹40 lakh with a strong salary, good credit score, and stable employment status. The final approval will depend on your existing liabilities and the lender’s eligibility criteria.

What CIBIL score is good for a Personal Loan with this salary?

A CIBIL score of 750 or above is considered strong and improves your chances of approval. It also helps you access loan options with affordable EMIs and better interest rates.

How is Personal Loan eligibility calculated based on salary?

Eligibility is determined by assessing your net income, equated monthly instalments on existing loans, credit score, and job stability. Lenders also calculate your FOIR and check if your monthly budget can accommodate a new EMI amount.

Can I get a ₹150000 Personal Loan instantly?

Yes, smaller loan amounts such as ₹1.5 lakh are often processed faster. With a digital loan application, many lenders now offer instant disbursal or even instant access to funds after quick verification.

How can I reduce my Personal Loan EMI?

Choosing a longer tenure helps reduce the EMI amount, but it increases the total interest paid over time. You can also make part-prepayments to lower your outstanding balance and better plan your finances.

How is EMI calculated for Personal Loans?

EMIs are usually calculated using the reducing balance method, where interest is charged only on the outstanding loan amount each month. You can use online tools for precise EMI calculations and estimate the total interest payable.

Do lenders have sole discretion in approving my personal loan application? 

Yes, even if you meet all eligibility criteria, the lender still has sole discretion in approving or rejecting a loan application. Factors like credit behaviour, job stability, and repayment history are carefully reviewed.