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Personal Loan for Salary 12,000

Having a tight budget, experiencing the festive season, unexpected guests, or dealing with unplanned expenses are not uncommon for salaried individuals in India. It is natural to seek a personal loan when your salary less than Rs.12,000 or more. Financial struggles can often make it challenging to make the right decision regarding loans, and if your loan application gets rejected, it can worsen the situation. However, you can overcome this by understanding the reason behind the loan rejection.

One of the most common reasons for loan rejection is due to unmatched eligibility. Before we discuss how to improve the eligibility for a small personal loan, let’s take a look at its requirements

Get an Instant Personal Loan Online for Salary Under Rs.12000

An Online Personal Loan is an unsecured loan that you can avail of based on your income. The eligibility for this loan is calculated based on your salary slips and bank statements. Since no collateral is required and the loan amount is not significant, instant approval is possible. This loan is similar to any other unsecured personal loan, but the credit limit largely depends on the borrower’s income.

Top 5 Needs You Can Fulfill with a Personal Loan on a 12,000 Salary

  1. Small Purchases: You can use this loan for small purchases or to take advantage of a great sale. For instance, if you need to buy a smartphone, formal clothes, or some cash for your children’s career growth, this loan works perfectly.
  2. Unexpected Expenses: Unforeseen expenses can come at the worst possible times. When you are struggling financially, some extra cash needs will arise. You can meet these using a small salary loan. If the screen of your phone breaks, leaving you helpless, this loan can provide quick aid.
  3. Additional Expenses: This loan is equally helpful for sudden travel plans, covering expenses from booking your tickets to hotel tariffs and food. You can also use it for purchasing new furniture, buying gifts for special occasions, or even giving a push to your salary. It’s an all-in-one loan.
  4. Upskilling: If you are due for a promotion, a vertical change, or a good salary hike, you can achieve it all by adding some more skill sets to your job profile. You can invest in upskilling using this loan and follow your dreams.
  5. Permanent Credit Backup: Salaried people have to manage all their expenses within a fixed monthly income. Of course, everyone wants to save and invest for future financial stability, but additional monetary needs keep arising, making it difficult to curtail expenses. You can maintain this loan as a permanent credit backup for every need that arises.

As a salaried professional, if you are looking for a personal loan for salary less than ₹10000 or even Rs. 12,000, FlexSalary can be a perfect provider. It’s an NBFC-backed line of credit provider that offers loans with relaxed eligibility. Here, you can get a credit limit of up to Rs. 3 lakh with a salary of Rs.4,000 per month. Since this is a credit line, interest is accrued only when the money is used out of the approved credit limit, making it a suitable tool for maintaining as a financial backup.

You can get credit here based on your salary slips and bank statements. Although sometimes a soft credit pull is done to gauge your eligibility. If you are not getting the expected sum, you can use the following study to improve it.

Top 3 Factors that Influence Your Eligibility with a Monthly Salary of 12000

  1. Credit Health: Your credit health is a mixture of your income, past loans and their repayment history, other financial obligations, and credit mix. If you have been a responsible borrower and have a good repayment history, your credit health will remain in good shape. Defaulting on loan repayments, low income, and multiple credit inquiries can damage it.
  2. DTI Ratio: The debt-to-income ratio is another factor that lenders consider before calculating your credit eligibility and approving a loan. It’s the ratio that tells the balance between your salary and expenses. The lower it is, the better your loan eligibility will be.
  3. Employment Status: A permanent job means continuous income that demonstrates your ability to repay the loan on time. Being in the same job for a decent part of the time before you switch creates a perception of sincerity as an individual. This can lead to quick approval of your loan.

3 Things that Help in Improving Your Eligibility

  1. Balanced Credit Mix: Having one loan at a time is good, but if you can manage a credit mix, this will favour your loan eligibility. A line of credit, a personal loan, and using a credit card at the same time are the most common credit mix used. Using them responsibly and making regular repayments are the best way to boost your credit eligibility.
  2. Limited Financial Obligations: If your borrowed sum is around 40% of your income, your DTI ratio is considered good. Also, using only up to 30% of your total approved credit limit keeps you in good books of loan eligibility criteria. This standard is set to understand the financial liabilities that you can manage easily along with other expenses.
  3. High Credit Score: A high credit score directly implies good credit health. It gives a mirror image of your income and liabilities along with past loan behavior. High income, fewer payables, and a clear credit history can increase your score and thus eligibility.

If you are looking for a personal loan for net salary 12000, these measures can improve your loan eligibility. For all your fluctuating financial needs, you can maintain a line of credit. With this, you can get approval for a higher credit limit while spending only the required amount. Since interest is added only after you spend the money, it is also a pocket-friendly credit facility

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