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Banks and NBFCs usually offer personal loans for amounts ranging from Rs 10,000 to Rs 40 lakh. However, the personal loan amount you are eligible for would primarily depend on your loan repayment capacity. Banks and NBFCs evaluate your repayment capacity primarily on the basis of your monthly disposable income, which is further dependent on factors like monthly salary, existing loan repayment obligations (including that of the proposed loan), co-applicant’s income (if applicable), etc. Lenders may also factor-in EMI/NMI ratio and income stability while evaluating your loan amount eligibility.
Methods to Calculate Personal Loan Amount
Lenders usually use Multiplier Method and EMI/NMI Ratio or a combination of these two methods to calculate your personal loan amount eligibility.
What is a Multiplier Method?
Many lenders use the multiplier method for calculating the personal loan amount eligibility of their loan applicants. Under this method, lenders calculate the personal loan amount on the basis of a predetermined multiple of the applicant’s net monthly income. The multiple can range anywhere between 10 to 24 times of the applicant’s monthly income, depending on the lender and monthly income.
SBI offers personal loan of up to Rs 20 lakhs or 24 times NMI. So, if you’re availing personal loan from the bank, using the multiplier method, you can get a personal loan of up to Rs. 9.6 lakhs on Rs 40,000 salary.
Maximum Loan Amount for Different Salaries as per 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.
What is an EMI/NMI Ratio?
EMI/NMI ratio is the proportion of your net monthly income (NMI) spent on servicing your existing EMIs as well as the EMI of the new loan. Typically, lenders prefer sanctioning personal loans to applicants having EMI/NMI ratio of up to 50-55%.
Your net monthly income, tenure and interest rate are the factors that determine your EMI/NMI ratio. While you cannot change your net monthly income or fixed monthly EMI obligations (unless they can be paid off immediately), you can either extend your loan tenure or avail personal loan at a lower rate of interest to increase your eligibility for a higher personal loan amount.
Comparison of Personal Loan Interest Rates offered by Top Banks and NBFCs
HDFC Bank
Up to ₹40L
10.85% - 24%
Upto 6 Years
₹6,500
Axis Bank
Up to ₹10L
11.25% - 22%
Upto 5 Years
Upto 2%
Kotak Mahindra Bank
Up to ₹40L
10.99% - 36%
Upto 6 Years
Upto 3%
IDFC First Bank
Up to ₹10L
10.99% - 23.99%
Upto 5 Years
Upto 2%
ICICI Bank
Up to ₹50L
10.85% - 16.25%
1-6 Years
Upto 2%
*Applicable for selected customers
Last updated on 11 November 2024.