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

How To Consolidate Debts With A Single Personal Loan?

Are you struggling to keep track of multiple loan EMIs? If so, it’s time to consider consolidating your debts with a single personal loan.  This blog post will guide you through consolidati...

KNOW MORE

May 23, 2024

What Is Hypothecation? A Simple Guide For Beginners

Introduction Ever thought what is hypothecation and why it is essential for securing a loan? Hypothecation refers to the practice of pledging an asset as collateral for a loan without transferring own...

KNOW MORE

July 4, 2024

When & How To Refinance Your Used Car Loan

Are you looking to save money or improve the terms of your used car loan? Refinancing could be the solution you need. By taking advantage of lower interest rates, improving credit scores, or adjusting...

KNOW MORE

May 13, 2024