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

Download App

Conveniently pay your EMIs, set payment reminders, view your loan details.

phone
|

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

What Are The Tax Exemptions On Fixed Deposits? 

Fixed deposits (FDs) are a popular investment option for individuals looking for a secure and stable way to grow their savings. Apart from offering attractive interest rates, fixed deposits also provi...

KNOW MORE

February 5, 2024

What are the Different Caps in Mutual Funds?

Have you heard terms like small cap equity funds, mid-cap equity funds and large-cap equity funds? Are you wondering what all of this is about? Don’t worry, we’ll help you understand this. What ar...

KNOW MORE

June 30, 2023

Five Reasons to Start an SIP Right Now

SIPs are a tool that can help you invest a specific amount regularly in mutual funds over a period of time. Here are top 5 reasons to start an SIP now! An SIP is one of the most popular forms of mutua...

KNOW MORE

June 30, 2023