September 6, 2022

How much loan can I get on My Salary?

Are you curious to know to know how much loan amount can you get on your salary? If yes then read the guide very carefully, in this article we described all the criteria for loans that can be granted to you on the basis of your salary.

Personal loans are a type of unsecured loans that are offered by banks and financial institutions that help you finance your requirements and help you deal with the uncertainties of life. People generally avail of personal loans for marriage, health expenses, educational purposes etc.

So for getting a decent loan amount of loan, your salary must have at least 10,000. More the salary you will be getting, the chances of getting loans are high.

As per the data provided by the RBI, the amount of money borrowed in the form of personal loans has increased sharply in the past couple of years. Personal loan borrowings stood at Rs. 19.33 lakh crore as of June 2018 as compared to Rs. 5.89 lakh crore in the year 2010.

This is because personal loans do not require the applicant to provide any collateral such as property or gold assets.


How much personal loan can I get?

When we talk about taking a loan, the first question that arises in our mind is – How much loan can I get? For the maximum loan amount, it is also a matter of clearing all the required eligibility criteria.


  • The applicant must be an employee of a private or public sector enterprise with a basic minimum turnover as per the company policy
  • The age of the applicant must range from 21 to 60 years
  • The income should be at least 8000 to 10,000
  • A self-employed person can avail of a loan calculated on the profit after tax based on the industry and should be in business for a minimum of 5 years.
  • The loan applicant should have an experience of 1 year and 6 months in the current company or organization.

Below are some methods that are used to calculate personal loan eligibility:

  1. Multiplier method
  2. Fixed obligation income ratio

Generally, you can get a loan amount that is 60 times your salary. But lenders don’t generally consider you in hand salary when determining any type of loan amount. Your in-hand salary may include the list below:

  • Your basic salary
  • Medical allowance
  • Leave travel allowance
  • House rent allowance
  • Other allowances etc


A lender will consider allowances like medical and leave travel when assessing your income.

Assume that your in-hand salary is Rs. 60,000 and after excluding medical allowance, LTA etc. It goes down to Rs. 49,000. It is upon this amount, will your loan amount be calculated.


What documents do I require submitting?

The following documents are required to apply for a loan for salaried individuals. With B.D.S Pvt. Ltd. The loan process is very simple and hassle-free.


  • Past 3 months salary slip
  • Last 6 months’ bank account statement
  • KYC documents that include PAN card and AADHAAR card, driving license etc.


How much loan can I get on my salary?

Generally, the Bank asks for a minimum income of Rs. 25000 for a personal loan. However, some banks give loans for a salary of less than 25000. The loan eligibility of an applicant is calculated on the ratio of your fixed obligations to your monthly income.

How much loan can I get if my salary is 40,000?

The personal loan amount depends on FOIR and the multiplier. The lower these 2 factors are considered the eligible loan amount.


Apply Now to check your Eligibility

We will get in touch with you within 12hrs
For Salaried (Minimum salary: RS 20,000/month); Businessman (3 year ITR Mandatory)
in lakhs
business loan, Cash Credit Loan, credit score, Home loan, Loan Against Property, Loans, Personal Loan
B.D.S. is a Private Limited Company located in Dehradun, Uttarakhand, It is founded to provide financial services like home loans, Personal loans, Business loans, Loans against property, Mutual funds, Life insurance, and general insurance to various individuals for their End-use purposes.

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