Queries like ”how much loan can i get on my salary“ are very common these days. You might want to take a personal loan to finance marriage, education, health expenses, or whatever. There could be any reason. Did you know that the amount of money borrowed in the form of personal loans has increased a lot in the past few years? So, you don’t have to worry about taking a personal loan. Even I took one to pay for my education.
Let me answer your “how much loan I will get on my salary” query now:
I want to tell you that the personal loan amount that you can get usually varies from lender to lender. There are several factors like age, CIBIL score, salary, current EMIs, etc. that lenders consider before giving you a personal loan. Generally, if you have low or zero outstanding debt and a good credit score, then you can get a personal loan of up to Rs. 25 lakh based on the eligibility criteria of your bank. Some banks offer you even more amount.
Multiplier Method
It is a popular method that banks use to determine personal loan eligibility and “how much loan I get on my salary.” The better the reputation of the organization and the higher the salary, the higher the multiplier and the greater the chance of getting a higher loan amount at a low rate of interest.
For instance, if you want to know how much personal loan you can get on a Rs. 30000 salary, then you just have to multiply your monthly salary by 27 to get the maximum loan amount you will be eligible for (assuming you don’t have any other EMIs). In this case, it will be Rs. 810000 with a tenure of 60 months.
Personal Loan Eligibility for Different Banks
I hope now you know how much personal loan will I get for my salary.
Read more:
How much CIBIL score required for personal loan?
Can personal loan be transferred to home loan?
How to Get a personal loan Quickly?
How to check personal loan eligibility in SBI yono app?
Now you know how much loan can I get on my salary!
| Bank | Eligible Loan Amount For Max Tenure | Minimum Work Experience | Age Of The Borrower |
| SBI Personal Loan Eligibility | ₹ 15 Lakh for 72 Months | 24 Months | 21 to 58 Years |
| HDFC Bank Personal Loan Eligibility | ₹ 75 Lakh for 60 Months | 1 Months | 21 to 60 Years |
| ICICI Bank Personal Loan Eligibility | ₹ 30 Lakh for 60 Months | 24 Months | 23 to 58 Years |
| Bajaj Finserv Personal Loan Eligibility | ₹ 25 Lakh for 60 Months | 36 Months | 25 to 58 Years |
| IDFC First Bank Personal Loan Eligibility | ₹ 40 Lakh for 60 Months | 12 Months | 23 to 60 Years |
| Axis Bank | ₹ 25 Lakh for 60 Months | 12 Months | 21 to 60 Years |
| Tata Capital | ₹ 25 Lakh for 72 Months | 24 Months | 21 to 58 Years |
| Fullerton India | ₹ 25 Lakh for 48 Months | 12 Months | 21 to 58 Years |
| IndusInd Bank | ₹ 25 Lakh for 60 Months | 24 Months | 21 to 60 Years |
| Kotak Bank | ₹ 50 Lakh for 48 Months | 24 Months | 22 to 55 Years |
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Authors Of The Question
How much loan I will get on my salary?
Sahil
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1 Answers
3 Year
2021-10-27T14:36:39+00:00 2021-10-27T18:18:55+00:00Comment
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