Personal Loan for Rs 60,000 Salary

EMI/NMI Ratio

The EMI/NMI (Equated Monthly Installment/Net Monthly Income) ratio is an important method for lenders to assess your repayment capacity. The ratio indicates how the proportion of your income is allocated towards repaying existing loans, including the proposed loan. Most banks and NBFCs prefer to set the ratio within 50%-55%. So, even if you have no existing debt, lenders would prefer to set the loan amount and tenure to ensure that your EMI remains around Rs 30,000 for a salary of Rs 60,000, assuming a 50% EMI/NMI ratio.

Multiplier Method

Most banks and NBFCs use a multiplier method to calculate your loan amount. In this method, your NMI is multiplied by a pre-determined number (usually 10 to 24) to assess your personal loan eligibility. However, existing debt also plays a role in determining your loan amount.

Check below the personal loan amount you can get with a Rs 60,000 monthly salary based on different multipliers:

Salaried applicants earning Rs 60,000 per month can be eligible for pre-approved offers from their existing bank or NBFC -  especially if they have a salary account with that respective lender. If you have a consistent monthly income, a strong credit score and a good repayment history, you might be eligible for pre-approved loans or instant personal loans with disbursal in minutes to hours. Further, most lenders offer preferential interest rates to those applicants.

At Paisabazaar, you can get pre-approved offers from Tata Capital, Axis Bank, IndusInd Bank, Hero Fincorp, Federal Bank, Aditya Birla Capital, etc.

Processing Fees & Other Charges

• Processing Fees: 0.5% to 4% of the loan amount
• Prepayment/Foreclosure Charges: 
  • 2% – 5% on the principal outstanding for fixed-rate loans;
  • NIL for floating rate loans
• Loan Statement Charges: NIL to up to Rs 500 per statement
• Loan Cancellation Charges: Usually around Rs 3,000
• Stamp Duty: As per actuals

Late/Missed EMI Payment Charges

• Penal Charges: Usually 2% to 3% per month on the EMI overdue amount.
• Cheque Bouncing or Failed Standing Instruction Charges: Up to Rs 500 – Rs 750 per instance
• EMI Bounce Charges: Up to Rs 450 per instance