How much loan can you get on your salary?

Personal Finance 513 views

Be it any loan, your salary plays an important role in deciding how much loan amount can you get. Since loans are a credit facility given to applicants with a regular source of income both salaried and self-employed can get it. Even though the income of the applicant decides the repayment capacity, it is variable at banks and NBFCs. As a loan seeker, the only thing you are concerned about is ‘how much loan can I get on my salary?’ Let us tell you, the loan amount is decided at the time of applying and is subject to change from one lender to another. 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 Loans

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.

BanksMinimum Income Criteria Maximum Loan Amount
HDFC BankNet Monthly Income of ₹15,000 & ₹20,000 for Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, CochinUp to ₹15 Lakh
ICICI BankFor 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 BankFor Salaried: Net Monthly Income of ₹15,000
For Self-employed: Net Annual Income of ₹2 lakhs
Up to ₹15 Lakhs
Bajaj FinservNet Monthly Income of ₹30,000 to ₹40,000Up to ₹25 lakhs
State Bank of India (SBI)Net Monthly Income of ₹7,500For 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
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Home Loans

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

BanksMinimum Income Criteria Maximum Loan Amount
HDFC BankFor Salaried: ₹1,80,000 p.a.
For Self-employed:₹1,80,000 p.a
Up to 90% of the property value
ICICI BankRegular source of incomeNo upper limit
Axis Bank₹8,000-10,000 per monthNo upper limit
LIC HFLFor 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 Loans

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

BanksMinimum Income Criteria Maximum Loan Amount
HDFC BankFor Salaried: ₹20,000 per month
For Self-employed: ₹20,000 per month
Up to 100% of ex-showroom price
ICICI BankFor Salaried: ₹20,000
For Self-employed: ₹16,000
Up to 100% of ex-showroom price
Axis BankFor Salaried: ₹20,000
For Self-employed: ₹15,000
Up to 85% on-road price
Kotak Mahindra BankNet monthly income of ₹15,000Up 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

Personal Loan Interest Rates June 2018
Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 11.25% - 21.25%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 10.99% - 16.00%
Kotak Bank 10.99% - 20.99%
RBL 13.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 10.99% - 18.00%
Home Loan Interest Rates June 2018
State Bank of India/SBI 8.45% - 9.00%
HDFC 8.50% - 9.15%
Bank of Baroda 8.45% - 9.45%
LIC Housing 8.45% - 8.90%
PNB Housing Finance 8.40% - 8.99%
ICICI Bank 8.50% - 9.05%
Axis Bank 8.40% - 8.75%
Citibank 8.40% - 9.20%
Indiabulls Housing Finance Limited 8.50% - 10.80%
Kotak Bank 8.60% - 8.70%
DHFL 9.05% - 9.95%
Reliance Home Finance 8.75% - 10.00%
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