Multiplier Method
For example, if you are wondering how much personal loan can I get on a 30,000 salary. If you have no other EMIs, you can multiply your monthly salary by 27 to get the maximum loan amount you would be eligible for. In this case, it would be ₹8,10,000 with a tenure of 60 months.
How much loan can I get on my salary 15000?
If you are a salaried individual, then you can be eligible to get a housing loan up to 60x your net monthly income as a rule of thumb. So, if your net monthly salary is Rs. 15,000, you can get a home loan up to approximately Rs. 9,00,000.
What is the average payment on a 10000 loan?
For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.)
Which bank is best for personal loan low salary?
Best Personal Loans for Individuals with Low Salaries
| Bank |
Interest Rate |
Minimum Monthly Income |
| Axis Bank |
12% – 21% p.a. |
Rs.15,000 |
| State Bank of India |
9.60% p.a. |
Rs.15,000 |
| HDFC Bank |
10.75% – 21.30% p.a. |
Rs.25,000 |
| HDB Financial Services |
Up to 36% p.a. |
Rs.15,000 for all locations and Rs.20,000 for metro cities |
How much loan can I take based on income? – Related Questions
Can I buy house with 10000 salary?
The minimum salary required to avail home loan from Karnataka Bank is ₹ 10,000. for salaried borrowers.
How can I make 5 lakhs immediately?
If you need cash urgently, here’s how to get a Rs. 5 lakh personal loan online instantly.
Bank and NBFC Interest Rate for Rs. 5 Lakh Loan [2022]
| Banks/NBFCs |
Interest Rates (p.a.) |
Processing Fees |
| HDB Financial Services |
17.25% – 36% p.a. |
Upto 3% |
| Early Salary |
18% onwards |
2% |
| CASHe |
27% onwards |
Up to 3% or Rs 1,200 |
Which bank has lowest interest rate?
Lowest Personal Loan Interest Rate in India
| Bank |
Rate of Interest |
Maximum Loan Amount |
| HDFC Bank |
11.00% |
₹ 75,00,000 |
| Kotak Bank |
10.99% |
₹ 50,00,000 |
| Standard Chartered Bank |
11.50% |
₹ 50,00,000 |
| IDFC First Bank |
10.49% |
₹ 40,00,000 |
1 more row
Which type of loan has lowest interest rate?
If you’re looking for loans for emergency cash use, then a Personal Loan or a Credit Card would be the cheapest loan in India. Both these are unsecured loans and are processed and disbursed quickly. They also come with competitive interest rates and convenient repayment terms.
What is the easiest loan to get right now?
The easiest loans to get approved for would probably be payday loans, car title loans, pawnshop loans, and personal installment loans. These are all short-term cash solutions for bad credit borrowers in need. Many of these options are designed to help borrowers who need fast cash in times of need.
What is a low risk loan?
These loans do not require any security offer from the borrowers. And the loan amount can be put to any personal use, common amongst them are home improvements, buying a car, going to a holiday tour, for wedding or you can use the loan for debt consolidation.
What are 5 risk of credit?
Lenders score your loan application by these 5 Cs—Capacity, Capital, Collateral, Conditions and Character.
What is a simple interest loan?
What is a simple interest loan? A simple interest loan is a non-compounded loan. This means that your interest is calculated off the remaining principal balance of your loan, so that you pay a set monthly amount plus interest. If you can manage to pay more on this set amount, it will lower your payments going forward.
What are the 3 types of credit risk?
Types of Credit Risk
- Credit default risk. Credit default risk occurs when the borrower is unable to pay the loan obligation in full or when the borrower is already 90 days past the due date of the loan repayment.
- Concentration risk.
- Probability of Default (POD)
- Loss Given Default (LGD)
- Exposure at Default (EAD)
How banks measure credit risk?
Consumer credit risk can be measured by the five Cs: credit history, capacity to repay, capital, the loan’s conditions, and associated collateral. Consumers posing higher credit risks usually end up paying higher interest rates on loans.
How can you avoid credit risk?
How to reduce credit risk
- Determining creditworthiness. Accurately judging the creditworthiness of potential borrowers is far more effective than chasing late payment after the fact.
- Know Your Customer.
- Conducting due diligence.
- Leveraging expertise.
- Setting accurate credit limits.
What is legal risk?
Legal risk is the risk of financial or reputational loss that can result from lack of awareness or misunderstanding of, ambiguity in, or reckless indifference to, the way law and regulation apply to your business, its relationships, processes, products and services.
What are personal risks?
Personal risks are risks that directly affect an individual or family. They involve the possibility of the loss or reduction of earned income, extra expenses, and the depletion of financial assets.
What is human risk?
WHAT IS HUMAN RISK? HUMAN RISK IS ‘THE RISK OF PEOPLE DOING THINGS THEY SHOULDN’T, OR NOT DOING THINGS THEY SHOULD‘ – THE LARGEST RISK FACING ORGANISATIONS.
What are people risks?
Based on the latest thinking in corporate governance, behavioural economics, human resources and operational risk, people risk can be defined as the risk that people do not follow the organization’s procedures, practices and/or rules, thus deviating from expected behaviour in a way that could damage the business’s
What are the 5 categories of risk?
Here are five types of business risk that every company should address as part of their strategy and planning process.
- Security and fraud risk.
- Compliance risk.
- Operational risk.
- Financial or economic risk.
- Reputational risk.