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

Fixed Deposit Vs Investment Bonds – Where To Invest?

Introduction If you’re looking for secure investment options with low risk, fixed deposits (FDs) and investment bonds are worth considering. Both options offer stable returns, but they have dist...

KNOW MORE

April 26, 2024

Business loans for women – All you need to know

Women entrepreneurs are transforming the business industry by bringing in fresh ideas, determination, and unique perspectives. Breaking through traditional barriers, they’re making their mark in...

KNOW MORE

February 7, 2024

Housing Loan 101: 5 step guide on availing a Home loan

Owning a home is probably your biggest dream and achieving it is now possible with a housing loan. Such loans are available for constructing a home or buying a ready or under-construction propert...

KNOW MORE

June 29, 2023