login-icon
mahindra-finance-logo
login-icon
  • English
  • Hindi
  • Bengali
  • Marathi
  • Telugu
  • Tamil
  • Gujarati
  • Kannada
  • Odia
  • Malayalam
  • Punjabi
|

How is the maximum loan amount decided?

mahindra-finance-author

by Mahindra Finance

|

May 30, 2024

|

1 mins read

While the maximum personal loan amount varies, lenders typically consider two key factors: your income and existing debts.

To ensure comfortable repayments, they often won't approve loans where the monthly payment (EMI) exceeds 30% of your salary, especially for salaried employees. Additionally, they factor in your existing EMIs from other loans to assess your overall debt burden and ability to repay the new personal loan.

Related articles

Tips to Invest in High-Interest Fixed Deposits

Fixed or time deposits are a common and popular investment option in India. These deposits provide interest higher than a regular savings account and are less risky than other investment options like ...

KNOW MORE

June 29, 2023

The Benefits Of Pre Approved Car Loans

Getting Started Are you in the market for a new car? Buying a car is an exciting experience, but it can also be overwhelming, especially when it comes to arranging financing. However, with a pre appro...

KNOW MORE

May 8, 2024

Revolutionize Your Sorting Process with Sortex Machines: A Guide | Mahindra Finance

In today’s fast-paced world, efficiency and precision are paramount. This holds true across industries, from agriculture and food processing to pharmaceuticals and recycling. And when it comes t...

KNOW MORE

February 14, 2024