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How much you qualify for depends on the income multiplier used by the lender, your current debt obligations, tenure selected and credit profile \u2013 there is no one fixed figure that applies to everyone earning this salary level.<\/p>\n\n<\/div>\n<\/div>\n
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<\/span>Will a salary of \u20b940000 be enough to approve loan?<\/span><\/h3>\n\n\n
No the income threshold increases your odds, but every application is subject to the lenders own credit assessment, so it can be refused.<\/p>\n\n<\/div>\n<\/div>\n
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<\/span>What can lower my eligible loan amount on a salary of \u20b940000?<\/span><\/h3>\n\n\n
Existing EMIs credit card balances or other fixed monthly obligations may reduce the amount you are eligible for by reducing your headroom in your Fixed Obligation to Income Ratio.<\/p>\n\n<\/div>\n<\/div>\n
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<\/span>A self employed person having monthly income of \u20b940000 can apply?<\/span><\/h3>\n\n\n
Yes but instead of salary slip income verification might be done via bank statement or proof of business income.<\/p>\n\n<\/div>\n<\/div>\n
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<\/span>Can I get a higher loan amount if I go for a longer tenure?<\/span><\/h3>\n