I Earn INR 23,000 in a Month. How Much Personal Loan Can I Get?


  • Earning INR 23,000 a month and want to know how much will you get?
  • Well. the loan quantum will depend on your income as well as other factors
  • Know all such factors in this post!

Lenders will assess the personal loan amount according to your monthly salary of INR 23,000. With this income, you can pay an EMI of around 50 percent of your monthly income which is INR 11,500. Based on this, you can get a maximum loan of INR 4 lakh for a period of 5 years at an interest rate of 14 percent per annum. The EMI for this amount will be INR 9,307 per month, which you can manage on your income, right?

But it is just an indicative amount and it may change based on a few factors of which tenure and interest rate are important ones. You could also negotiate for a lower interest rate with your lender to further decrease your EMI amount.

Apply Personal Loan @ 10.75%* Rate

Factors That Affect Your Personal Loan Amount

Above, we have told through an example the loan you could possibly get from the lender based on your income. But there are a few more factors, apart from income, that will decide the eventual loan amount for you. These are your spending patterns, any existing obligations, and your CIBIL score.

Spending Patterns Give Lenders a Clue of Your Expenses & Savings

The bank may ask for your bank statement for the last three to six months just to comprehend how you generally spend out of your income and how much you save in a month. The eligible personal loan amount can change according to your spending patterns. Because if you often spend hugely in a month, you won’t have enough income to pay for the personal loan EMI.

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Existing Loan or Credit Card Debt Obligations Could Influence Your Personal Loan Eligibility Greatly!

If you already have any kind of existing loans or credit card debt, it may have a bearing on your personal loan eligibility. As you are already paying the existing credit, you’ll be left with a much-reduced amount than will be the case otherwise. The existing obligations will lessen your repayment capacity for the new loan. So, the lender will set the personal loan in a way that you can accommodate the existing and new debt obligations.

How Decisive Will Your CIBIL Score be?

The third factor will be your CIBIL score through which a lender can check your creditworthiness. As a personal loan is a kind of unsecured loan, a lender wants to ensure that you are the borrower to be trusted with. Also, they want to reduce the credit risk they face in giving you a personal loan. Your CIBIL score lets a lender see how regular and disciplined you’re with your loan dues and credit card bill payments. A high CIBIL score will create a nice impression of your debt management skills.

Use Eligibility Calculator to Know the Personal Loan Amount

You could also use the personal loan eligibility calculator to know the indicative amount you will get according to your monthly salary. You can go to the bank’s website and feed out a few details. These are your date of birth, your monthly income, and your expenses such as current EMIs, etc. The calcualtor will immediately give you the exact loan amount that you’re eligible for.

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But you need to remember that this amount is only indicative and not final. The bank will look at your other details that we mentioned before and then decide the loan amount for you.

Personal Loan Interest Rates March 2024
HDFC Bank10.75% - 14.50%
ICICI Bank10.75% - 19.00%
IndusInd Bank10.25% - 26.00%
Kotak Bank10.99%
RBL14.00% - 23.00%
SMFG India Credit12.00% - 24.00%
Standard Chartered Bank11.49%
Tata Capital10.50% - 24.00%
Home Loan Interest Rates March 2024
Axis Bank8.75% - 9.15%
Bank of Baroda8.50% - 10.60%
Citibank8.75% - 9.15%
HDFC8.50% - 9.40%
ICICI Bank9.00% - 9.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank8.70%
LIC Housing8.50% - 10.50%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.50% - 10.95%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI9.10% - 9.65%
Tata Capital8.95% - 12.00%