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 is a Fixed Deposit? What are the Different Types of Fixed Deposits?

A fixed deposit is one of the most traditional and popular investment plans in India. Many people invest a sizeable portion of their income in a fixed deposit or FD plan. If you are just starting your...

KNOW MORE

February 5, 2024

How-Does-Taking-a-Personal-Loan-Affect-Your-Credit-Score

How Does Taking A Personal Loan Affect Your Credit Score?

Introduction Taking a personal loan can be a convenient way to finance various expenses, whether it’s for higher education, wedding expenses, or unexpected emergencies. However, many people beli...

KNOW MORE

June 17, 2024

Are You Eligible for a Tractor Loan? Find out Now!

If you are in an agricultural business then you know it more than anyone else how important owning a tractor is. The tractor not only simplifies your farming job but it also helps add productivity to ...

KNOW MORE

June 29, 2023