How Much Personal Loan Can I Get On 60000 Salary?      

To avail a loan through the best loan app in India, you need a minimum monthly salary of Rs. 15000.  Some conventional lenders may, however, ask for a fixed monthly income of at least Rs. 25,000. Thus, if you have a salary of Rs. 60,000, you can easily apply for an online loan or a personal loan at a conventional bank.

But how much is the maximum loan amount eligibility for a person having a monthly salary of Rs. 60,000? Well, this depends on a number of factors; your salary being the most crucial factor.

Apart from your salary, a lender checks your age, monthly expenses, income stability, credit score, and type of employment. The maximum loan amount that you will be offered based on your salary is determined by estimating all these factors.

Methods to Calculate Personal Loans on Salary

When determining your eligibility for a personal loan, lenders typically use the multiplier technique, the EMI/NMI ratio, or a combination of these two approaches. Here is a brief rundown on both of these methods:

Multiplier Method

Many lenders use the multiplier technique to assess a borrower’s creditworthiness for a personal loan. Using this method, the personal loan value is determined based on a certain multiple of the applicant’s net monthly income.

The multiple might range from 20 to 30 times the applicant’s monthly pay, based on the lender and monthly income.

Net Monthly Income Method

The NMI ratio is the percentage of your net monthly income that is used to pay both your current EMIs and the EMI for the new loan. Lenders often favor approving personal loans for candidates with NMI ratios of up to 50–55%. Your NMI ratio is influenced by your duration, interest rate, and net monthly income.

In order to enhance your eligibility for a higher personal loan amount, you can either prolong the loan term or take out a personal loan at a lower rate of interest. However, you cannot modify your net monthly income or fixed monthly EMI commitments.

What Is a Loan Eligibility Calculator, and How to Use It?

A loan eligibility calculator is a great tool offered to borrowers for calculating their loan liability. You must use a loan eligibility calculator from the best loan app or lender’s website before applying for the loan.

The loan eligibility calculator is an online tool that helps you analyze the loan amount that you are eligible for. It also gives you an accurate estimate of the loan EMI in advance. You can adjust the loan tenure and loan amount to get the loan EMI you are comfortable with.

The steps to use a personal loan eligibility calculator are very simple.

  • Enter your monthly income
  • Fill in the loan tenure of whotimes your choice between 6 months to 24 months
  • Enter the rate of interest offered by your lender

You will be able to view your qualifying loan amount, loan EMI, and maximum loan duration once you have added this information. If you are satisfied with all these parameters then you can apply for the loan right away. You only need to download the loan application. Complete all the required fields, submit the required paperwork, and then wait for your loan to be authorized. Once your loan is approved, the loan amount will be transferred to your bank account instantly.


If you have a monthly salary of Rs. 60,000 then you can apply for an online loan with ease. Remember your total loan eligibility amount will depend on several other parameters including your credit score, years of service remaining, your employment stability, your employer and on-going debts.

If all your parameters are healthy, then you will qualify for a higher loan amount. But remember, you must only apply for the loan amount that you need, and stop the urge of over borrowing. Make a budget before availing a loan, starsfact create a repayment plan, consider all uncertainties and apply for a loan amount that you can easily repay. A loan is a boon that can come to your aid during a financial distress, but you must be responsible towards your borrowing habits.

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