Personal Finance

How much loan can you get on your salary?

How much loan can you get on your salary?

Last Updated : Dec. 17, 2018, 5:05 p.m.

As a loan seeker, the only thing you are concerned about is ‘how much loan can I get on my salary?’ Loans are a credit facility given to applicants with a regular source of income. Even though the income of the applicant decides repayment capacity, it is variable at banks and NBFCs. So, here we will discuss the minimum salary criteria for each type of loan at top 5 banks and also the maximum loan amount offered by them.

Personal Loan

Shirish Jigganam has just started just professional life and he gets ₹30,000 salary per month. He is planning a surprise trip for his parents and wants to take a personal loan for the same. The question that pops up in his head- ‘How much loan can I get on ₹30,000 salary?’ Here is the minimum salary criterion for personal loans at top 5 banks in India.

Banks Minimum Income Criteria Maximum Loan Amount
HDFC Bank Net Monthly Income of ₹15,000 & ₹20,000 for Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, Cochin Up to ₹15 Lakh
ICICI Bank For Salaried: Net Monthly Income of 17,500/-
For Delhi & Mumbai: ₹25,000/-
For Bangalore, Chennai, Hyderabad, Kolkata or Pune: ₹20,000/-

For Self-employed: Turnover of ₹40 lakhs in case of non-professionals
Turnover of ₹15 lakhs in case of professionals
Profit must be ₹2 lakhs for self-employed individuals and proprietors (tax excluded)
Profit must be ₹1 lakh for non-professionals (tax excluded)
For Salaried: Up to ₹ 20 lakhs. For Self-employed: Up to ₹ 30 lakhs For Doctors: Up to ₹ 40 lakhs
Axis Bank For Salaried: Net Monthly Income of ₹15,000
For Self-employed: Net Annual Income of ₹2 lakhs
Up to ₹15 Lakhs
Bajaj Finserv Net Monthly Income of ₹30,000 to ₹40,000 Up to ₹25 lakhs
State Bank of India (SBI) Net Monthly Income of ₹7,500 For Term Loan: Minimum- ₹24,000/-
Maximum- 24 times NMI subject to a maximum of ₹15 lakhs For Overdraft:
Minimum- ₹10 lakhs
Maximum- 24 times NMI subject to a maximum of ₹15 lakhs

Home Loan

Have a look at the home loan eligibility based on salary at top 5 banks in India:

Banks Minimum Income Criteria Maximum Loan Amount
HDFC Bank For Salaried: ₹1,80,000 p.a.
For Self-employed:₹1,80,000 p.a
Up to 90% of the property value
ICICI Bank Regular source of income No upper limit
Axis Bank ₹8,000-10,000 per month No upper limit
LIC HFL For Salaried: ₹15,000 per month
For Self-employed: ₹2,00,000 per annum
Minimum ₹1 lakh to 85% of total cost of the property
State Bank of India (SBI) For Salaried: ₹1,20,000 (p.a.)
For Self-employed: ₹2,00,000 (p.a.)
Up to ₹2 crores

Car Loan

Below are the top 5 banks for car loans in India with the minimum income criteria and the maximum loan amount:

Banks Minimum Income Criteria Maximum Loan Amount
HDFC Bank For Salaried: ₹20,000 per month
For Self-employed: ₹20,000 per month
Up to 100% of ex-showroom price
ICICI Bank For Salaried: ₹20,000
For Self-employed: ₹16,000
Up to 100% of ex-showroom price
Axis Bank For Salaried: ₹20,000
For Self-employed: ₹15,000
Up to 85% on-road price
Kotak Mahindra Bank Net monthly income of ₹15,000 Up to 90% of the ex-showroom price
State Bank of India (SBI) For Salaried: ₹25,000 per month
For Self-employed: ₹33,000 per month
For Agriculturists: ₹33,000 per month
For Salaried: 48 times of net monthly salary
For Self-employed: 4 times Net Profit or Gross Taxable income as per ITR after all depreciations
For Agriculturists: 3 times of net annual income

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