How Much Personal Loan Can I get In India?

The question of How Much Personal Loan Can I get in India is often the first one that a borrower thinks about. But it isn't as straightforward as it might sound. There are several factors that go into determining your eligibility. It is important to understand your income. If you make under Rs.15,000 a month, you can easily qualify for a personal loan. But if your monthly expenses are high, you could face a difficult time securing the amount you need.

The first thing you should know is how much money you make. While banks generally have a minimum loan amount of INR 30,000, some non-banking financial institutions allow you to borrow less. The maximum personal loan amount will depend on your income and your financial situation. However, the interest rate on the loan is a big consideration. The interest rate is the main cost of the loan. It can range from 10% to 25% of the amount you borrow.

The minimum salary for getting a personal loan in India is Rs 25,000 per month. Some banks will offer personal loans even for people earning less than this. In such cases, the banks will calculate the fixed obligation to monthly income. If the two totals are 50% or more, then you should be eligible. The maximum salary for a personal loan is determined by the amount you make every month. In case you are earning a lower salary, the minimum limit is Rs 1 lakh.

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