How much personal loan will you get for salary ranging from Rs 25,000 to ₹ 2 lakh, see complete calculation
It is important to note that the personal loan limit is also subject to the limit set by the bank. Some banks do not approve personal loans above ₹25 lakh.
Personal loans are the easiest option when you need money. Banks easily offer personal loans to salaried people. However, being unsecured, the interest rate on personal loans ranges from 12 to 24 percent per annum. Now this question may arise in your mind that how much amount of personal loan can banks give on my salary. Let us tell you that some banks give loans up to 20 times your monthly income. In other words, if your monthly income is ₹ 1 lakh, then banks can give you a personal loan of up to ₹ 20 lakh (multiplier of 20) or ₹ 30 lakh. Let us know what is the maximum personal loan you can get on your salary.
| Monthly Income (Rs.) |
Personal Loan Limit (Rs.) |
| 25,000 |
5 Lakh |
| 50,000 |
10 Lakh |
| 75,000 |
1.5 million |
| 1 Lakh |
2 million |
| 1.25 Lakh |
25 Lakh |
| 1.5 Lakh |
30 million |
| 1.75 Lakh |
35 Lakh |
| 2 Lakh |
40 lakhs |
It is important to note that the personal loan limit is also subject to the limits set by the bank. Some banks do not approve personal loans above ₹25 lakh, while others can approve loans up to ₹40 lakh. For example, Axis Bank offers personal loans for amounts up to ₹40 lakh while ICICI Bank offers loans up to ₹50 lakh.
Why do banks impose limits?
Banks do this to prevent borrowers from borrowing more than they can afford. A person who wants to take a large loan is expected to be aware of his income so that he does not face any problem in repaying the loan later.
Factors that determine personal loan limit
1. Monthly income: The maximum loan amount an individual can take depends on your monthly income. As mentioned earlier, the higher your income, the higher the personal loan amount.
2. Credit score: Another factor that determines your ability to avail a personal loan is your credit score. This means that if you have a good credit score, banks can offer higher personal loans.
3. Loan EMI: An important factor that determines your personal loan limit is the existing loan EMI. For example, if you have already taken a loan of ₹5 lakh. Now you decide to take a loan of ₹15 lakh while your maximum eligibility is ₹17 lakh, you will now be entitled to receive only ₹12 lakh (17 lakh – 5 lakh).
4. Cap on loan: Most banks have set a maximum cap after which they do not offer personal loans. For example, some banks have set this cap at ₹20 lakh, while others go up to ₹40 lakh.
The post How much personal loan will you get for salary ranging from Rs 25,000 to ₹ 2 lakh, see complete calculation first appeared on informalnewz.
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