Personal loans are easy to avail and you wouldn’t need to pledge collateral as they are unsecured loans. Due to this reason, these loans have comparatively high-interest rates, when compared to secured loans like home loans and gold loans. The loan amount that you get approved will depend on different factors: your monthly salary, your credit score, your repayment capability, etc. A lender will want to know your monthly salary so that they have an assurance that you will make your monthly EMIs without any delays or difficulty.
For instance, if you earn Rs. 25,000 per month and your EMI payments amount to Rs. 14,000 per month, it may not be feasible for you to take care of your monthly expenses. With a higher salary, you will be able to get a higher loan amount and flexible tenure and interest rates. And having a good credit score is also a must to qualify for the best personal loan offers. Mostly, individuals are eligible for a personal loan amount of up to 30 times their monthly income.