How much personal loan can you get if your salary is between ₹15,000 and ₹2 Lakh? Your income plays a key role in deciding your loan eligibility. Lenders calculate your maximum loan amount based on your monthly salary and repayment capacity. Whether you earn ₹15,000 or ₹2 Lakh, knowing your eligibility helps you plan smartly. See the complete salary slab-wise breakdown below to understand how much you can borrow.
How Much Personal Loan Can You Get If Your Salary is Between ₹15,000 and ₹2 Lakh? See the Loan Eligibility Chart
When you apply for a personal loan, the first thing the bank checks is your salary. Your income tells them how much loan you can repay every month. Based on your salary, banks offer a loan amount that you can easily manage.
In this article, we will show you a simple salary vs. loan eligibility chart, including loan tenure and estimated EMI (Equated Monthly Installment). This will help you know how much you can borrow based on your monthly salary.
How do banks decide your personal loan limit?
(How Much Personal Loan Can You Get If Your Salary is not support your eligibility ) Banks use a simple method:
- Most banks allow you to pay 40% to 50% of your monthly salary towards EMI.
- Based on this, they offer you a personal loan.
- Loan tenure is usually 12 months to 60 months (1 to 5 years).
- Interest rates may vary from 11% to 18% per annum, depending on your credit score.
How Much Personal Loan Can You Get If Your Salary morethan 25k
Personal Loan Eligibility Sheet (Salary Slab Wise)
| Monthly Salary (₹) | Approx. Loan Amount (₹) | Tenure | Approx. EMI (₹) |
|---|---|---|---|
| ₹15,000 | ₹1.2 to ₹1.5 Lakh | 3 to 5 Years | ₹3,500 to ₹4,000 |
| ₹20,000 | ₹1.6 to ₹2 Lakh | 3 to 5 Years | ₹4,500 to ₹5,000 |
| ₹30,000 | ₹2.5 to ₹3 Lakh | 3 to 5 Years | ₹6,500 to ₹7,000 |
| ₹50,000 | ₹4.5 to ₹6 Lakh | 3 to 5 Years | ₹11,000 to ₹12,500 |
| ₹75,000 | ₹7 to ₹9 Lakh | 3 to 5 Years | ₹17,000 to ₹20,000 |
| ₹1,00,000 | ₹10 to ₹12 Lakh | 3 to 5 Years | ₹22,000 to ₹25,000 |
| ₹1,50,000 | ₹14 to ₹17 Lakh | 3 to 5 Years | ₹30,000 to ₹35,000 |
| ₹2,00,000 | ₹18 to ₹24 Lakh | 3 to 5 Years | ₹40,000 to ₹50,000 |
💡 Note: EMI depends on the interest rate offered by the bank, and your credit score also affects the loan limit.
Step-by-step process to know your eligibility
- Check your Net Salary: Make sure you know your in-hand salary after deductions.
- Calculate EMI Affordability: Banks will only allow EMI up to 40%-50% of your salary.
- Use Bank Loan Calculators: Most banks have free online EMI calculators.
- Maintain a Good Credit Score: Higher credit score = higher loan limit and lower interest rate.
- Compare Bank Offers: Different banks may offer different amounts even on the same salary.
Final Words
If your salary is between ₹15,000 and ₹2 Lakh per month, this guide gives you a clear idea of how much personal loan you can get. Always borrow as per your repayment capacity and check all charges before applying.
How Much Personal Loan Can You Get If Your Salary is less than 20,000
Factors That Affect Your Personal Loan Eligibility
While salary is a major factor, banks also look at other things before deciding how much loan you can get:
1. Credit Score
Your credit score is very important. A score above 750 will help you get a bigger loan at a lower interest rate. If your score is below 700, banks might offer a smaller loan or charge higher interest.
2. Job Stability
Banks prefer borrowers who have been working in the same job or industry for at least 6 months to 1 year. Frequent job changes or short employment history may lower your eligibility.
3. Employer Category
If you work for a reputed company (MNC, government, or top private firms), your chances of getting a higher loan increase. Employees of small or new companies might get lower loan amounts.
4. Existing Loans
If you already have EMIs like car loans, credit card dues, or home loans, banks will reduce your personal loan eligibility based on your current debt load.
5. Age
Your age also matters. Most banks prefer lending to people aged between 21 to 58 years for salaried individuals. Younger borrowers may get longer tenures.
How Much Personal Loan Can You Get If Your Salary morethan 18000/-
Tips to Increase Your Personal Loan Limit
- Clear existing debts to increase your EMI-paying capacity.
- Maintain a high credit score by paying all dues on time.
- Opt for a longer tenure to reduce your monthly EMI burden.
- Apply with a co-applicant (like a spouse) to boost your total income and loan eligibility.
- Negotiate with banks if you have a stable job and good financial track record.
Should you always take the maximum loan available?
No. While banks may offer you a large personal loan based on your salary, it is not always wise to take the maximum amount. Personal loans come with higher interest rates compared to secured loans. Borrow only what you need and make sure you can comfortably repay it without hurting your monthly budget.
How Much Personal Loan Can You Get If Your Salary is less than 15000 then contact us for more info