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.

## Also to know is, how do I calculate loan amount in Excel?

**How to Calculate How Much You Can Borrow Using Excel**

- Enter the monthly interest rate, in decimal format, in cell A1. …
- Enter the number of payments in cell A2. …
- Enter the maximum amount you could comfortably afford paying each month in cell A3. …
- Enter “=PV(A1,A2,A3)” in cell A4 to calculate the maximum amount of the loan.

**Here’s how you would calculate loan interest payments.**

- Divide the interest rate you’re being charged by the number of payments you’ll make each year, usually 12 months.
- Multiply that figure by the initial balance of your loan, which should start at the full amount you borrowed.

## Moreover, how do you calculate maximum loan amount?

**Maximum monthly payment (PITI) is calculated by taking the lower of these two calculations:**

- Monthly Income X 28% = monthly PITI.
- Monthly Income X 36% – Other loan payments = monthly PITI.

## How much loan can I get on 18000 salary?

With a salary of ₹ 18,000, the maximum amount he is eligible for is **₹ 3.75 Lakh**. The interest he has to pay for this amount for 60 months is 10.70%.

## What is a maximum loan amount?

A maximum loan amount, or loan limit, **describes the total amount of money that an applicant is authorized to borrow**. Maximum loan amounts are used for standard loans, credit cards, and line-of-credit accounts.

## What is interest amount formula?

You can calculate Interest on your loans and investments by using the following formula for calculating simple interest: **Simple Interest= P x R x T ÷ 100**, where P = Principal, R = Rate of Interest and T = Time Period of the Loan/Deposit in years.

## What is the eligibility for loan?

Check Personal Loan Eligibility for Top Lenders in 2021

Bank | Age Limit | Minimum Income (Per Month) |
---|---|---|

IndusInd | 21 to 60 years | Rs.25,000 |

Ujjivan Small Finance | 22 to 58 years | Above the minimum wage limit |

India Infoline Finance Limited | 25 to 60 years | Rs.35,000 |

HDBFS | 21 to 65 years | Rs.15,000 for salaried Rs.1 lakh p.a. for self-employed |