How Much Personal Loan Can I Get? Salary, EMI & Eligibility Calculator Guide

Everybody needs a personal loan at some point. Some people need it for emergencies. Some need it for shopping, travel, or weddings. Others use it to manage monthly expenses. But here is the real question.

How much personal loan will the bank or NBFC actually give you?

The loan amount is not random. It depends on many clear factors. In this blog, you will learn:

• The basic eligibility criteria you must meet
• How Banks Calculate Your Personal Loan Amount
• How much personal loan can you get based on your salary
• How much loan should you actually apply for
• Which loan tenure is better - short or long

Read till the end. It will help you make a smarter loan decision.

Personal Loan Eligibility Criteria in India

You need to meet these basic eligibility criteria to be even considered for a personal loan by banks and NBFCs in India:

• Age: Between 21 and 60 years. Some lenders allow up to 65 years at loan maturity.
• Employment Type: Salaried people are preferred. Self-employed professionals are also eligible, but rules differ.
• Minimum Monthly Income: Most lenders require at least ₹15,000-₹25,000 monthly income. Metro city applicants may need a higher income.
• Credit Score: A CIBIL score of 700+ gives better chances. Lower scores may reduce your loan amount or increase interest.

Meeting these basics makes you eligible. But eligibility alone does not decide the loan amount.

How Banks Calculate Personal Loan Eligibility & Loan Amount

Banks do not randomly decide your personal loan amount. Each bank has a different lending policy. However, these are the most important factors:

*Fixed Obligation to Income Ratio (FOIR): FOIR shows how much of your monthly income is already committed to EMIs.

FOIR = Total monthly EMIs ÷ Monthly income.

Most banks allow a FOIR of 40% to 55%, depending on your income level and credit profile.

For example, if your monthly income is ₹50,000 and your existing EMIs are ₹15,000, your FOIR is 30%.

This means you can still get a personal loan as you can afford the new EMIs.

So, a higher FOIR means a lower loan amount, and a lower FOIR means higher loan eligibility

How Much Personal Loan Can You Get Based on Salary

The following table shows an estimated personal loan amount that you can get based on your monthly salary:

Also, if you want to know the EMI amount for your personal loan, we highly recommend that you use our personal loan calculator, which can help you get a better idea about your EMIs.

How Much Personal Loan Should You Apply For Safely?

Just because you are eligible does not mean you should take the full amount. You need to ask yourself three simple questions:

• Do I really need this much money?
• Can I comfortably pay the EMI every month?
• Will this EMI affect my lifestyle or savings?

You will get clarity on the personal loan amount you should apply for. According to the general rule, your total EMIs should not exceed 40-50% of your monthly income. You can always use an EMI calculator to check your monthly EMIs.

Which Repayment Tenure Should You Choose?

When you apply for a personal loan, you get several options regarding repayment tenure and EMI amount. The following analysis can help you choose the right tenure for your personal loan repayment tenure:

Common Mistakes to Avoid While Applying for a Personal Loan

The following are some of the mistakes people usually make when they apply for a personal loan:

• Applying for a larger amount than needed
• Ignoring existing EMIs
• Not checking the credit score
• Applying to too many lenders at once
• Not comparing interest rates

You MUST avoid the above mistakes. A little planning saves a lot of money.

Conclusion

Your personal loan amount depends on many things. Your monthly salary, EMIs, credit score, and job stability. Do not guess. Do not assume. Always use a personal loan calculator. And most importantly, apply only for what you need. Choose a tenure you can manage easily.

A smart loan today keeps stress away tomorrow.

Frequently Asked Questions

How much personal loan can I get calculator?

A personal loan calculator shows how much loan you may get based on salary, EMIs, interest rate, and tenure. It also displays EMI instantly.

How much personal loan can I get in SBI?

SBI usually offers personal loans up to ₹35 lakh, depending on salary, employer category, credit score, and existing liabilities.

What is the maximum personal loan amount I can get?

Most banks and NBFCs offer personal loans up to ₹20-40 lakh. The final amount depends on your salary, credit score, and existing EMIs.

Does my credit score affect my personal loan amount?

Yes. A higher credit score increases your loan eligibility. It also helps you get a lower interest rate and faster approval.

Can I get a personal loan with a low salary?

Yes, but the amount will be lower. Many lenders offer personal loans starting from ₹15,000-₹25,000 for a monthly income.

How much EMI is safe to pay for a personal loan?

Ideally, your total EMIs should stay below 40-50% of your monthly income. This keeps your finances balanced and stress-free.

Can I increase my personal loan eligibility?

Yes. You can do this by:

• Paying existing EMIs or credit card dues
• Improving your credit score
• Applying with a stable income history
• Choosing a longer tenure using a personal loan calculator

Does loan tenure affect the loan amount?

Yes. Longer tenure reduces EMI and may increase eligibility. Shorter tenure lowers interest cost but increases EMI.

Should I check eligibility before applying for a personal loan?

Always. Checking eligibility through a personal loan calculator reduces rejection risk. It also helps you apply for the right loan amount.

Author: Diwakar Kumar Singh

Diwakar Kumar Singh is a finance writer and BFSI specialist with 7+ years of experience in financial content and research. He has authored hundreds of finance articles, published multiple books internationally, and contributed to research publications. A Gold Medalist MBA from IMT, he brings a strong analytical understanding combined with clear, reader-focused communication. His work focuses on simplifying complex financial topics, including IPO analysis, unlisted shares, financial ratios, and company evaluations, providing well-researched and evidence-based insights to help readers make informed financial decisions.