How much loan amount is eligible for my salary?

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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.

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

How to Calculate How Much You Can Borrow Using Excel

  1. Enter the monthly interest rate, in decimal format, in cell A1. …
  2. Enter the number of payments in cell A2. …
  3. Enter the maximum amount you could comfortably afford paying each month in cell A3. …
  4. Enter “=PV(A1,A2,A3)” in cell A4 to calculate the maximum amount of the loan.
One may also ask, how do you calculate loan amount? Here’s how you would calculate loan interest payments.

  1. Divide the interest rate you’re being charged by the number of payments you’ll make each year, usually 12 months.
  2. 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:

  1. Monthly Income X 28% = monthly PITI.
  2. 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%.

3 Related Question Answers Found

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

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