An instant cash loan is basically a short-term loan that gives you money quickly, usually within a few hours to a day. People like these loans because they are fast and easy to get, especially during emergencies. Also, the application process is simple, and many lenders let you apply online for quick approvals.
Quick Approval: Instant cash loans are processed rapidly, with funds disbursed in as little as 24 hours.
Minimal Documentation: Unlike traditional loans, these require fewer documents, making them more accessible.
Short-Term Repayment: The loan tenure is mostly short.
Loan Amount Based on Salary: Your income plays a significant role in determining how much you can borrow.
When it comes to instant cash loans, your salary is a very important determinant of the loan amount you can get. However, it’s not the only factor. Let’s look at the primary considerations lenders take into account when approving your loan:
Monthly Salary: Your monthly salary is the biggest factor in how much you can borrow. Lenders often let you borrow 50% to 60% of your salary. For example, if you earn ₹50,000 a month, you might get an instant cash loan of about ₹25,000 to ₹30,000.
Job Stability: Lenders look at how long you’ve worked at your current job. A stable job means you have a steady income to pay back the loan. If you've been in your job for a long time, you might get better loan offers.
Repayment History: If you've borrowed money before, your repayment history matters. Good repayment history shows you are responsible, so you might get a higher loan amount. If you've missed payments before, lenders may offer you less money or charge more interest.
Existing Liabilities: Lenders check your other debts, like loans or credit card bills. The more debts you have, the less money you may be able to borrow because it affects your ability to repay.
Credit Score: Your credit score is still important, even for instant cash loans. A higher score can help you borrow more money, while a lower score may limit how much you can get. Some lenders will still give loans to people with low credit scores, but the amounts and interest rates might be different.
Loan Tenure: The loan tenure, or how long you have to pay it back, also affects the amount. Lenders may offer more money for shorter repayment periods because it's less risky for them. Longer repayment terms might mean lower loan amounts.
The loan amount you can get mainly depends on how much you earn. This helps lenders decide how much you can repay easily. Here’s a simple breakdown based on different salary ranges:
Salary Below ₹20,000: If you earn less than ₹20,000 a month, you can usually get a loan of about ₹10,000 to ₹15,000. Lenders are careful with higher amounts since the income is lower.
Salary Between ₹20,000 to ₹50,000: If your salary is between ₹20,000 and ₹50,000, you can expect a loan of about ₹15,000 to ₹30,000. Lenders may consider other factors like how stable your job is and any other debts you have.
Salary Between ₹50,000 to ₹1,00,000: If you earn between ₹50,000 and ₹1,00,000, you can usually get a loan of about ₹30,000 to ₹60,000. A good repayment history and credit score can help you get a higher amount.
Salary Above ₹1,00,000: If you earn over ₹1,00,000 a month, you may qualify for a loan of ₹60,000 to ₹1,00,000 or more. With a high salary, you might even get a loan equal to your monthly income, depending on your credit score and other financial responsibilities.
If your salary is below ₹20,000 a month, you can still get an instant cash loan, but the amount will be smaller. Lenders might offer flexible repayment options to help you manage the loan better. However, if you earn less, you may have to pay higher interest rates because it's seen as riskier.
Having a low salary doesn’t mean you can't get a loan. By improving your credit score and making payments on time, you can qualify for an instant cash loan, even if the amount is limited.
| Factor | Details |
|---|---|
| Monthly Salary | Determines the maximum loan amount (typically 50%-60% of salary) |
| Job Stability | Increases loan eligibility, especially with long-term employment |
| Repayment History | A good repayment history can result in higher loan amounts |
| Existing Liabilities | More liabilities reduce the loan amount you can borrow |
| Credit Score | A higher credit score can increase the loan amount |
| Loan Tenure | Shorter tenures often qualify for higher loan amounts |
| Strategies to Increase Loan Amount | Improve credit score, clear liabilities, choose shorter tenure, provide additional documentation |
Your salary is very important in deciding how much instant cash loan you can get. Lenders usually offer 50% to 60% of your monthly salary as a loan. Other factors, like job stability, credit score, repayment history, and current debts, also matter. If you have a good financial history, even if you have a low salary, you can still qualify for a loan, but it will be smaller than what someone with a higher salary would get.
How can EazyBankLoan help you in taking a loan?
We understand that getting a loan can be very stressful with confusing documents, unclear communication, and various other challenges. That is why we take care of your loan application process, saving you time and hassle by handling the paperwork and communicating with the loan providers.
Check the details here at EazyBankLoan
Need help? Reach out at support@eazybankloan.com
An instant cash loan is a quick, short-term loan that provides immediate funds, often with minimal documentation and a fast approval process.
Lenders typically assess your monthly salary, existing financial obligations, and credit history to determine how much you can borrow, often calculating a percentage of your monthly income.
Generally, lenders may allow you to borrow around 20% to 50% of your monthly salary, depending on their specific policies and your financial situation.
Yes, eligibility criteria usually include a minimum monthly salary, a stable income source, and a good credit score, which varies by lender.
Typically, you will need proof of income (like salary slips), identity proof, address proof, and sometimes bank statements.
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