Personal loans offer quick solutions when emergency arise, wedding expenses or education are needed, or debt consolidation. But one question may arise; “how much personal loan am I eligible to obtain on my salary?”
Answering that question depends on several variables, including your monthly income, job stability and credit history; in addition to lender eligibility criteria. Let’s break it down step-by-step:
Salary and Loan Eligibility
• Lower salary range (₹15,000 – ₹25,000 per month): loan of ₹50,000 to ₹2 lakhs.
• Mid-level salary (₹30,000 – ₹50,000 per month): loans between ₹3 lakhs to ₹7 lakhs.
• Higher salary (₹60,000 and above): Loan up to ₹15–20 lakhs.
As a rule, most lenders ensure your EMI doesn’t exceed 40–50% of your monthly income.
Factors That Decide Your Personal Loan Amount
1. Monthly Salary
The higher your salary, the larger the loan amount you can get. Stable income builds lender confidence.
2. Credit Score
An average score above 750 is considered excellent and could increase eligibility while decreasing interest rate payments.
3. Job Type & Stability
People working in government or reputed private companies often get higher loan approvals. Job stability of at least 6–12 months is usually required.
4. Existing Loans or EMIs
If you already have multiple EMIs, the amount you qualify for may reduce. Lenders assess your debt-to-income ratio before sanctioning.
5. Lender’s Criteria
Each personal loan provider in Delhi or NCR has its own policies regarding income, age, and credit history.
Where to Find Reliable Personal Loan Services?
Many borrowers look for a personal loan provider in Delhi or a trusted personal loan service in Delhi NCR that offers quick approval and flexible repayment. Apart from banks, there are also private personal loan providers in Delhi that cater to salaried individuals with different income brackets.
When choosing, compare:
• Interest rates
• Processing fees
• Prepayment options
• Maximum loan limits
Example of Loan Eligibility
Say you make Rs. 40,000 monthly; lenders generally permit monthly EMI commitments of 50% of income (Rs. 20,000). With an interest rate of 12% over 5 years, this could amount to approximately Rs. 8-9 lakh in personal loan borrowing capacity.
This shows how salary directly impacts your eligibility.
Tips to Increase Your Personal Loan Eligibility
• Maintain a good credit score by paying EMIs on time.
• Avoid multiple loan applications at once.
• Choose a longer tenure to reduce EMI burden.
• Clear smaller debts before applying.
Conclusion
Your salary is the cornerstone of personal loan eligibility. Lenders consider your repayment capacity before providing loans – so those looking for personal loan providers in Delhi NCR should compare available options until one meets their financial comfort.
Loan Guru provides individuals in Delhi with both bank and NBFC personal loan providers to find them the appropriate loan amount based on their salary and repayment ability. When planned properly, personal loans can provide invaluable help towards accomplishing goals more easily and achieving desired goals more quickly.
