How Much Personal Loan can I Get on 60000 Salary?

For my sister's marriage, I needed some extra cash, and a friend suggested me to take out a personal loan. He works at a Bank, and thus I asked him how much personal loan for 60000 salary can I expect. Here is what he told me next. 

How Much Personal Loan for 60K Can I Get?

According to him, Personal loans are unsecured in nature, and banks and other lenaders are very cautious when determining the eligibility of the borrower. However, the credit score, current debt, and a few other things matter when it comes to the loan acceptance procedure.

Next, he told me that lenders generally use the multiplier method to calculate the amount of personal loan. The amount is generally 10 to 20 times the monthly income of the lender. So, going by this format, a person with a monthly income of Rs 60,000 can get a personal loan of Rs 6 lakh to Rs 12 lakh.

The personal amount is higher depending on the credit score of the person. For example, a person with a credit score of 750 can get around 20 times the monthly salary. But for someone below 750 that would be limited to 10 or 15 times. 

This is all he told me about the Rs. 60000 salary personal loan amount. I hope this helps. 

I spend my entire day assisting applicants with personal loans at Axis Bank. I will try to answer your question: how much personal loan can I get on 60000 salary? Due to the unsecured nature of personal loans, banks and non-banking financing organisations usually exercise additional caution when determining the borrower's eligibility in order to prevent default. Moreover, you can get the personal loan amount based on your salary and the interest rate of your lender.

What is the 60000 Personal Loan Amount?

In Axis Bank, the interest rate for personal loans is 10.49% per annum. So, for a monthly income of 60,000, you are eligible to get up to

. 

However, a borrower's credit score, current debt load, and monthly expenses all matter when it comes to the loan acceptance procedure.

Let’s have a look at the below table to get the maximum amount allowed for personal loans up to 60000:

Moreover, I would suggest you get in touch with your lender to know the actual loan amount based on your salary. I hope you found this helpful.