How Much Personal Loan Can I Get On My Salary?        

A Personal loan helps us to overcome challenging financial situations. Personal loans can be helpful in situations like wedding expenses, unexpected medical emergencies and home renovation.

A personal loan is more expensive than a secured loan. However, it is worth it, as it lets us access the money in the bank which we can spend per our perusal.

We often wonder how much personal loan we can get basis our salary. The two most important factors that come into play are income and credit score, which determine the eligibility of personal loan amounts. Employment type and location are other determining factors. A stable employer is a positive for the financing companies. Similarly, a salaried employee may get a better personal loan in Delhi vis-a-vis a small town.

A lender essentially wants to understand if we can repay the personal loan effortlessly. They would like to rule out any risk of default on these unsecured loans.

An applicant with a good salary and a proven credit profile can access a higher amount of personal loans, better interest rate and other terms in personal loans.

There are no standard formulae to compute the personal loan amount one can avail. An applicant can keep the below points in mind to maximise their eligibility for personal loans:

  1. Maintain a credit score of 700 or more.
  2. Avoid loan EMI defaults.
  3. Apply for a loan through official channels only.

One should apply for a personal loan directly with financial institutions or through a technology platform like Loans Jagat. Multiple applications with loan agents or DSAs tend to reduce our credit score.

Loans Jagat allows one to evaluate offers from over 40 leading banks and NBFCs. Thus, one could choose the best offer on personal loans via a single application.

Most financial institutions- banks and NBFCs have an upper limit of INR 25 Lacs for personal loans. However, lenders may also provide a higher amount for personal loans in Delhi in other metro locations.

As a general rule of thumb, financial institutions provide personal loans that are thirty times the monthly salary of an individual. As mentioned earlier, they also consider other factors like existing loans, previous defaults, job location, company profile and credit score.

Financial institutions deploy their algorithms to determine the loan amount to an individual. These algorithms are the intellectual property of the respective institutions.

If you are looking for a personal loan in Delhi, apply online using Loans Jagat. Provide basic KYC and requirement information. Further Loans Jagat provides you with offers from top Banks and NBFCs. You may choose the best loan provider that suits your requirements. Loans Jagat also provides a dedicated loan officer to guide through the process, help evaluate terms and conditions. Once we choose a loan provider, it enables the loan agreement, sanction and disbursal in our account as the documentation requirements of the respective lender.

Thus, Loans Jagat maximises the chances of getting the highest loan amount and best terms by comparing the loan offers from leading financial institutions.