How much personal loan can I get on 13 000 salary?


by krystel , in category: Personal Loans , 5 months ago

How much personal loan can I get on 13 000 salary?

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1 answer

by brice.champlin , 5 months ago

@krystel Getting a personal loan is quite easy. Almost anyone can apply for a personal loan to meet various needs. However, the amount of personal loan that the bank will sanction to an applicant depends on their credit score, income, and credibility.

Anyone can request a personal loan in the range of $1000 - $100000. The bank will sanction the mount solely based on the financial records of the borrower. The minimum salary requirement if any borrower to get a personal loan sanctioned is $15,000 - $20,000 per annum. This is the minimum salary needed to get the minimum loan amount sanctioned.

The obvious rule will be - the higher amount you want to borrow, the higher has to be your salary. A borrower can request a personal loan of even $100000 per year but in that case, the salary of the borrower has to be $150,000 per annum.

There is no bar on salary set by the government or the finance ministry to define how much loan a person can opt for. However, when it comes to the bank sanctioning the loan amount, they will look into the credit score and previous financial records of the person. If you are a defaulter, there is very less probability of a bank sanctioning a loan to you despite your high salary figures.

You can get a sufficient amount of personal loans even on a $13000 annual salary. There are certain tips for getting a personal loan sanctioned very easily by any bank:

  • Have a stable income proof. They may ask for the pay slip and other salary documents
  • Maintain a good credit score. Defaulters and the ones with a poor credit scores are often denied personal loans.
  • Arrange for a co-signer. Since, there are no collaterals involved in personal loans, having a co-signer or guarantor will ease the process.