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

Importance-of-collateral-in-SME-business-loans

Collateral Business Loans: How They Can Help Your SME Grow

Running a small or medium-sized enterprise (SME) comes with its unique set of challenges. One such challenge is securing funds to grow and sustain a business. This is where collateral business loans c...

KNOW MORE

June 17, 2024

Things to Consider When Choosing a Fixed Deposit Scheme

When planning for your financial goals, it is important to align them with a strong financial plan. To help meet these goals, you can invest your savings in reliable and rewarding avenues such as Fixe...

KNOW MORE

June 29, 2023

The Inflation Challenge: Strategies For Maximizing Fixed Deposit Returns

Inflation is a force that affects every aspect of our lives, including our finances. It erodes the purchasing power of our money over time, making it essential to find ways to maximise our returns and...

KNOW MORE

March 4, 2024