How much loan can you get on your salary?
Last Updated : Aug. 26, 2017, 10:29 a.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 |