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Personal Loan for ₹1,50,000 Salary
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Looking for a personal loan with a ₹150,000 salary? Discover your options and apply today for quick approval and attractive interest rates.

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Personal Loan for ₹1,50,000 Salary

Earning ₹150,000 per month opens the door to a world of financial possibilities. Whether you’re planning a luxury trip abroad, renovating your home, or consolidating your debts, obtaining a personal loan with this substantial salary is easy. Typically, professionals like IT employees, doctors, financial analysts, HR professionals, and marketing managers working in reputable companies have a higher likelihood of qualifying for a personal loan.

Numerous banks and NBFCs offer personal loans with favorable terms for individuals drawing a monthly salary of ₹150,000. However, besides salary, banks also assess your Fixed Obligation to Income Ratio (FOIR) and repayment ability. For example, if you are already repaying debts amounting to ₹1 lakh from your ₹1.5 lakh salary, most lenders may hesitate to approve your loan, as your FOIR exceeds 50%. This comprehensive guide will help you understand the process of securing a personal loan with a ₹150,000 salary, covering eligibility criteria, required documents, and the loan calculation methods used by lenders.

How Much Personal Loan Can I Get with a ₹1,50,000 Salary?

The amount of personal loan you can obtain with a ₹150,000 salary depends on factors like your credit score, existing debt obligations, and the lender’s terms. Lenders typically consider two parameters when sanctioning loans for individuals earning a ₹150,000 salary:

  1. Fixed Obligation to Income Ratio (FOIR): This method calculates the percentage of your monthly income that goes towards managing fixed obligations such as existing loans, household expenses, and other commitments. Lenders usually prefer an FOIR of 40-50%, indicating that you are managing your loans well.

  2. Multiplier Method: This method uses a multiplier to determine the maximum loan amount you are eligible for based on your monthly salary. For instance, a multiplier of 20 could mean you can potentially borrow up to ₹30 lakhs (₹150,000 x 20).

Example:

Let’s say your existing home loan EMI is ₹20,000 per month. Your FOIR would be 13.3% (₹20,000 / ₹150,000). With a 40% FOIR limit, you could potentially take out a personal loan with an EMI of ₹60,000 per month (40% of ₹150,000).

Key Features and Services of Personal Loans for ₹1,50,000 Salary:

  • Tailored Loan Amounts: Choose a loan amount that aligns with your financial needs. Avoid opting for a higher loan amount just because you are eligible for it.
  • Competitive Interest Rates: Lenders offer competitive interest rates for this salary range, provided other criteria are met.
  • Flexible Repayment Tenures: Enjoy flexible repayment schedules over a period of 1-7 years.
  • Minimal Documentation: The application process is entirely online and quick.
  • Fast Approval and Disbursement: Once the documents are in order, you will receive your loan amount within 1-2 days.

Bank Interest rates - Personal loan for Salary of ₹150000

Banks
Personal Loan Interest Rates 2025
Institution Interest Rates
HDFC Bank 10.85% – 24.00%
Axis Bank 11% – 24.00%
Bandhan Bank 11.90% Onwards
ICICI Bank 10.85% – 16.25%
DBS Bank 10.99% – 24.00%
Bank of Baroda 11.05% – 18.75%
SBI 11.45% – 14.85%
IndusInd Bank 10.49% – 24.00%
Yes Bank 11.25% – 21.00%
Standard Chartered 11.50% – 24.00%
IDFC First 10.99% – 23.99%
Kotak Mahindra Bank 10.99% – 24.00%
PNB 11.40% – 17.95%
Indian Bank 10.90% – 24.00%

NBFCs Interest rates - Personal loan for Salary of ₹150000

NBFCs
NBFC Name Interest Rate
InCred Interest Rate 2025 16% – 42%
Finnable Interest Rate 2025 16% – 28%
L&T Finance Interest Rate 2025 11% – 24%
Aditya Birla Interest Rate 2025 10% – 32%
Shriram Finance Interest Rate 2025 11% – 42%
Bajaj Finserv Interest Rate 2025 10.75% – 31%
Piramal Interest Rate 2025 12.99% onwards
Tata Capital Interest Rate 2025 11.99% – 35%
Poonawalla Interest Rate 2025 11.49% – 19%
SMFG Interest Rate 2025 13% – 36%
Axis Finance Interest Rate 2025 13% onwards
Mahindra Finance Interest Rate 2025 12% – 36%
Paysense Interest Rate 2025 16.8% – 33%

Eligibility Criteria for a Personal Loan with a ₹1,50,000 Salary:

  • Indian Resident: You must be an Indian citizen residing in India.
  • Age: You should be at least 21 years old and not exceed the maximum age limit set by the lender.
  • Employment: You should be employed with a stable income source, with a minimum monthly salary of ₹150,000. No cash salary is accepted.
  • Credit Score: A good credit score of at least 750.

Documents Required for a Personal Loan with a ₹1,50,000 Salary:

  • Proof of Identity: Aadhaar Card, PAN Card, Voter ID, Passport, Driving License.
  • Proof of Address: Aadhaar Card, Ration Card, Passport, Utility Bills, Bank Statement.
  • Income Proof: Salary Slips, Form 16, Bank Statements, Income Tax Returns.
  • Employment Proof: Offer Letter, Appointment Letter, Employment Certificate.
  • Bank Statements: Last 3-6 months of bank statements.

How to Apply for a Personal Loan with a ₹1,50,000 Salary?

Applying for a personal loan with a ₹150,000 salary through Fincover, India’s best online marketplace, is a simple process that can be completed online:

  • Online Application: Download the Fincover app and enter the necessary information. Upload the required documents and wait for verification.
  • Third-Party Aggregator: Compare quotes from multiple banks and check various parameters like interest charges and fees associated with loans.
  • Input the Details: Enter basic details like your name, DOB, and submit the relevant documents required for personal loan approval.
  • Verification: The lender will review and verify the information provided.
  • Approval & Disbursal: Upon approval, you’ll receive the loan amount in your bank account within 2-3 days.

How to Improve Your Chances of Getting a Personal Loan with a ₹1,50,000 Salary?

  • Prove Your Financial Stability: Maintain a good credit score and keep your credit utilization low.
  • Optimize Your Debt-to-Income Ratio: Prioritize paying off your existing loans; individuals with lower existing debt have a better chance of securing new loans.
  • Choose the Right Loan Purpose: Clearly establish the purpose of the loan before applying. Avoid taking out a loan just because you are eligible.
  • Compare Loan Parameters: Use our loan aggregator online marketplace to compare interest rates, fees, and repayment terms from multiple lenders to find the most suitable personal loan.

Why Fincover is the Best Choice to Avail Personal Loan for a Salary of ₹1.5 Lakh?

  • Transparent Process: The entire personal loan process, from application to disbursal, is transparent.
  • Customer-Centric Approach: Our customer-centric approach ensures you receive the best support from our agents to get the loan amount you desire.
  • Competitive Interest Rates: Get the best deal on interest rates and have the funds instantly credited to your account.
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