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Individuals looking for a Personal Loan on salary less than Rs. 20,000 may get it depending on their lender’s income criteria. Even if the lender has not disclosed their income requirements, applicants still have chance to get personal loans depending on their existing loan repayment obligations and EMI/NMI ratio. Other parameters that would affect their chances of getting the loan include their credit scores, occupation and employers’ profile.
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Customer Rating
2839 Reviews
Wide Choice
Curated offers from 30+ lenders
Quick Disbursal
Money in your account instantly
SmartMatch
Offers ranked according to eligibility
Digital Process
Hassle-free & paperless
Compare & Choose the Best Offer
Pre-approved Offers with Instant Disbursals
Know Your Chances of Approval
End-to-End Digital Process
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
There are two methods to determine an applicant’s eligible personal loan amount - Multiplier Method and EMI/NMI Ratio. Banks and NBFCs may use either of these two methods of calculation or both to determine personal loan amount eligibility for an applicant.
| Monthly Salary | Maximum Loan Amount |
|---|---|
| Rs. 10,000 | Rs. 1.50 Lakh |
| Rs. 11,000 | Rs. 1.65 Lakh |
| Rs. 12,000 | Rs. 1.80 Lakh |
| Rs. 13,000 | Rs. 1.95 Lakh |
| Rs. 14,000 | Rs. 2.10 Lakh |
| Rs. 15,000 | Rs. 2.25 Lakh |
| Rs. 16,000 | Rs. 2.40 Lakh |
| Rs. 17,000 | Rs. 2.55 Lakh |
| Rs. 18,000 | Rs. 2.70 Lakh |
| Rs. 19,000 | Rs. 2.85 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.
Factors that determine an applicant’s EMI/NMI ratio includes his net monthly income, tenure and interest rate. Changing salary or monthly EMI obligations in a short time can be challenging. However, applicants can choose to extend their loan tenure or avail low interest rate personal loans to reduce their EMI/NMI ratio and thereby, improve their eligibility to avail a higher personal loan amount.
Besides your income and repayment capacity, several other factors that affect your personal loan eligibility are as follows:
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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Last updated: 30 August, 2025
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