If you need a personal loan, it is important to know how much loan amount you are eligible for based on your salary. Banks and financial institutions determine loan eligibility based on your monthly income, existing loans, credit score, and other financial responsibilities. Through this article, we will share all the details on how much personal loan you can get with a ₹50,000 or ₹70,000 salary after the RBI repo rate cut.

How to Calculate Personal Loan Eligibility?

You can easily check your loan eligibility using a personal loan calculator. To do this, you need to enter the following details:

1. Monthly Income

Enter your net salary after tax deductions.

2. Current Expenses

If you already have an ongoing loan or EMI, include that amount.

3. Loan Tenure and Interest Rate

Select the loan duration and expected interest rate.

Example Calculation:

  1. If your monthly salary is ₹50,000 and you have no other loan, you may be eligible for a loan of up to ₹13 lakh.
  2. If your salary is ₹70,000, your loan eligibility can go up to ₹18 lakh.

Important Points to Remember:

  • Eligibility rules vary for different banks, so check the official website for accurate details.
  • Financial institutions like Bajaj Finserv, Tata Capital, and Kotak Mahindra Bank provide online loan calculators to help you check your EMI.
  • Before taking a loan, assess your financial situation and ensure timely repayment to avoid financial difficulties.

Disclaimer

The information provided is for general informational purposes only. Times Bull is not responsible for any financial investments made, as it is entirely your responsibility. Please consult a financial advisor for better results.