How Much Personal Loan Can I Get on a ₹60,000 Salary?

March 18, 2025

How Much Personal Loan Can I Get on a ₹60,000 Salary?

Personal loans are a popular financing option that can be used for various purposes, including medical emergencies, weddings, education, travel, or debt consolidation. Unlike secured loans, personal loans do not require collateral, making them easily accessible for salaried professionals. However, the loan amount that you can avail of depends on various factors, with your monthly salary being a key determinant.

If you earn ₹60,000 per month, lenders assess your loan eligibility based on multiple criteria, such as your credit score, employment type, existing liabilities, and the lender’s policies. This blog explores how lenders determine your eligibility, the maximum loan amount you can avail of, and tips to improve your chances of approval.

Factors Affecting Personal Loan Eligibility

While salary plays a crucial role in determining loan eligibility, lenders also consider several other factors before approving a personal loan:

Income Stability Lenders prefer salaried individuals with stable jobs, as they have a reliable source of income. If you work for a reputed company, government organization, or multinational corporation, your chances of getting a 60000 personal loan increase.
Credit Score A good credit score indicates responsible financial behavior and enhances your loan eligibility. Most lenders require a credit score of at least 700 to offer favorable loan terms. A score above 750 may help you secure a higher loan amount at lower interest rates, while a score below 650 can lead to loan rejection or higher interest rates.
Employment Type & Experience Lenders classify applicants into different categories based on their employment type:
- Government Employees: Considered highly stable, they get better loan terms.
- Employees of Multinational Corporations (MNCs): Have higher eligibility due to job security and steady income.
- Private Sector Employees: Loan approval depends on the company's reputation and the applicant's job stability.
- Self-Employed Professionals: Loan eligibility depends on business stability and income consistency.
Lenders also check your work experience, usually requiring at least one year of continuous employment.
Existing Financial Obligations (FOIR - Fixed Obligation to Income Ratio) Your FOIR determines how much of your income is already committed to existing debts, such as loan EMIs, rent, and credit card bills. Lenders generally allow a maximum of 40-50% of your monthly income for loan EMIs. A lower FOIR improves your loan eligibility.
Loan Tenure A longer tenure reduces your EMI burden, making it easier to get approval with minimal documents required. However, a shorter tenure helps you repay the loan faster and reduces the total interest paid.

How to Improve Your Loan Eligibility?

To maximize your personal loan eligibility, follow these tips:

Improve Your Credit Score: Pay your EMIs and credit card dues on time to maintain a credit score above 750 before you apply for a personal loan.
Reduce Existing Liabilities: If you have multiple loans, try to clear some of them before applying for a 60,000 personal loan.
Choose a Longer Loan Tenure: A longer tenure lowers your EMI burden, making it easier to qualify for a higher loan amount.
Apply with a Co-Applicant: If your eligibility is low, applying with a co-applicant (spouse or parent) with a good credit score can increase your chances of getting a quick approval.
Choose a Low Debt-to-Income Ratio: Make sure your total EMI payments are no more than 40% of your monthly income.

Top Lenders Offering Personal Loans for ₹60,000 Salary

Several banks and NBFCs offer personal loans to individuals earning ₹60,000 per month. Kissht provides instant approvals and disbursals up to Rs. 5 lakhs with a hassle free process.

Just apply online, read the terms and conditions, complete the process and choose your bank account to get your instant personal loan online at attractive interest rates.

Kissht Personal Loans Loan Amount: Up to ₹5 Lakhs Interest Rate: Up to 28% Tenure: Up to 5 Years

Other Options at competitive interest rates -

HDFC Bank Personal Loan
SBI Bank Personal Loan
Bajaj Finserv Personal Loan
ICICI Personal Loan

How a Loan EMI Calculator Can Help You Understand Your Repayments

A Loan EMI Calculator is a useful tool. It helps borrowers figure out their monthly payment before getting a loan. It makes financial planning easier.

It shows you how much you need to pay each month. This calculation depends on your loan amount, interest rate, and loan term.

Key Benefits of Using a Loan EMI Calculator:

Accurate Monthly Budgeting: Knowing your EMI ahead of time helps you plan your monthly expenses. This way, your loan repayments won't strain your finances.
Comparison of Loan Offers: You can compare different loan options. Change the interest rate and loan term to find the best repayment plan.
Understanding Interest Outflow: The calculator shows the principal and interest parts. This helps you see how much total interest you will pay over the loan period.
Faster Decision-Making: Instead of manually calculating EMI amounts, a loan EMI calculator provides instant results, allowing you to make quicker and more informed borrowing decisions.
Exploring Prepayment Impact: Some calculators also let you check how part prepayments or early loan closure can reduce your overall interest burden.

Using a loan EMI calculator ensures that you borrow responsibly and choose a loan that aligns with your financial goals.

Conclusion

If you earn ₹60,000 each month, you can get a personal loan. This loan amount can be between ₹6 lakh and ₹16 lakh. This depends on your credit score, current EMIs, and the lender's rules.

Comparing loan offers from different lenders will help you secure the best interest rates and repayment terms. Also, be sure to review and compare the processing fees charged by different lenders.

Need a personal loan? Check your eligibility today and get instant approval!