हिंदी में पढ़े
Banks and NBFCs typically offer personal loans ranging from ₹10,000 to ₹40 lakh. However, the loan amount you qualify for depends mainly on your repayment capacity. Lenders assess this by evaluating your monthly disposable income, which is influenced by factors such as your monthly salary, existing EMIs, and any co-applicant’s income (if applicable). Additionally, they consider your EMI/NMI (Net Monthly Income) ratio, income stability, and overall financial profile before determining your loan amount eligibility.
How Do Lenders Calculate Personal Loan Eligibility?
Lenders usually use Multiplier Method and EMI/NMI Ratio or a combination of these two methods to calculate your personal loan amount eligibility.
1. Multiplier Method
Lenders multiply your net monthly income by a set number (usually between 10 to 24) to calculate loan eligibility.
For instance, if your salary is Rs. 40,000 and the lender uses a 15x multiplier, you can get personal loan of up to Rs. 6 Lakh.
Here’s a quick overview of how much personal loan you can get based on your monthly salary as per the multiplier method:
| Monthly Salary | Maximum Loan Amount |
| Rs. 15,000 | Rs. 2.25 Lakh |
| Rs. 20,000 | Rs. 3.00 Lakh |
| Rs. 25,000 | Rs. 3.75 Lakh |
| Rs. 30,000 | Rs. 4.50 Lakh |
| Rs. 35,000 | Rs. 5.25 Lakh |
| Rs. 40,000 | Rs. 6.00 Lakh |
| Rs. 45,000 | Rs. 6.75 Lakh |
| Rs. 50,000 | Rs. 7.50 Lakh |
| Rs. 60,000 | Rs. 9.00 Lakh |
| Rs. 70,000 | Rs. 10.50 Lakh |
| Rs. 80,000 | Rs. 12.00 Lakh |
| Rs. 90,000 | Rs. 13.50 Lakh |
| Rs. 1,00,000 | Rs. 15.00 Lakh |
Note: For the above calculation, existing loan repayment obligations has been considered to be zero. For the multiplier method, the maximum loan amount is 15 times the NMI.
2. EMI/NMI Ratio
This method evaluates what percentage of your income goes towards EMIs. Most lenders prefer an EMI/NMI ratio of under 50–55%.
If you’re already repaying loans, the new loan amount will be adjusted to keep the EMI/NMI ratio within limits.
Want to check how much personal loan you’re eligible for? Visit Paisabazaar — India’s leading online financial marketplace — to compare personal loan offers from 30+ partner banks and NBFCs. You can also check pre-approved offers and your chances of approval — all without affecting your credit score.
How to Check Personal Loan Offers at Paisabazaar?
Follow these steps to check eligible personal loan offers:
- Enter your mobile number in the application form
- Provide your personal details
- Enter OTP to verify your mobile number
- Select the loan purpose and loan amount
- Compare offers and apply for the best-suited loan
Personal Loan Eligibility Criteria for Salaried Individuals
To qualify for a personal loan, you must meet the basic eligibility requirements:
- Age: 21-60 years
- Monthly income: Minimum Rs 15,000-Rs.25,000 (varies by lender)
- Employment: Salaried with a stable job in a reputed organization
- Work experience: At least 6 months to 1 year in current job
How to Improve Your Eligibility for Higher Loan Amount
Opt for a longer tenure to lower EMI/NMI ratio
Choosing a longer repayment tenure reduces your EMI burden, thereby improving your EMI/NMI ratio and increasing the loan amount you’re eligible for.
Important Tip: Lenders prefer sanctioning personal loans to those having their total EMIs, including the EMI of the new loan, within 50-60% of their net monthly income.
Transfer or choose a lender offering low interest rates
Availing personal loans at lower interest rates would reduce your total EMI obligations, thereby, decreasing your EMI/NMI ratio and increasing the loan amount eligibility.
Important Tip: Use online financial marketplaces like Paisabazaar to compare personal loan offers based on their interest rates and other loan features and select the one that best suits your loan requirements based on various aspects of your credit profile, including your salary.
Declare additional income sources
If you have extra income from investments, rent or freelance work, declare it when applying for the personal loan.
Salary Requirements of Multiple Banks and NBFCs
- SBI: Up to Rs. 20 Lakh or 24x NMI
- HDFC Bank: Up to Rs. 40 Lakh
- ICICI Bank: Up to Rs. 50 Lakh
- Axis Bank: Up to Rs. 10-25 Lakh
- Bajaj Finserv: Up to Rs. 25 Lakh
- Kotak Mahindra Bank: Up to Rs. 35 Lakh
- IndusInd Bank: Up to Rs. 50 Lakh