How Much Personal Loan can I Get on 60000 Salary?

Recently, I planned to get a personal loan for my brother’s marriage. But before availing it, I asked my cousin, a bank manager, how much personal loan can I get on 60000 salary? I wanted to know what loan amount I’d qualify for based on my income. He said, with a salary of Rs.60,000, lenders usually consider your ability to repay the loan through the FOIR (Fixed Obligation to Income Ratio). This ratio helps them figure out how much of your income can go toward paying off the loan.

How Much Loan can I Get on 60 000 Salary?

My cousin said I might qualify for a personal loan of about Rs. 13.24 lakh if I had an income of Rs. 60,000 and a FOIR of 50%. This is for a five-year loan term and an interest rate of 12%. In this case, he said, my monthly EMI will be Rs. 30,000. He went on to say that the following variables determine it.

• Interest Rate and Tenure: The interest rate on personal loans typically hovers around 12%, but it can vary based on your credit score and the lender. My cousin gave me a tip. The longer the loan tenure, the lower the EMI, but the total interest paid will be higher.

• Credit Score Matters: He said having a good credit score (usually above 700) can increase your chances of getting approved for the maximum loan amount at a lower interest rate. When I asked why it was required, he said a solid credit history shows you can manage debt responsibly.

• Other Factors: Finally, he stated that the amount you can borrow also depends on your age, current debts, and general financial stability. Lenders need to be confident that you can repay the loan on time.

He said to get started, check your eligibility and apply for a loan that suits your needs. I hope this answers your query, how much personal loan can I get on 60000 salary.

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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.