How much Personal Loan can I get on my salary?

A personal loan is a boon in case of a financial emergency. Individuals can avail a personal loan for any reason including marriage, education, medical emergency, travel, or even to meet any personal expenses. 

As it is an unsecured loan, one of the benefits of a personal loan is that the borrowers do not need to pledge any asset against the loan. However, one of the main criteria to avail of a personal loan is the salary of the borrower.   

It is easier to avail the loan if the borrower is a salaried individual. This is because individuals can avail an instant loan on their salary slips.

However, the question that most individuals ask is, ‘how much personal loan can I get on my salary?’

There are no standard parameters or methods as to how this is calculated. The amount of personal loan that one can avail depends on your income and expenses.

Commonly used methods to calculate the loan amount are the multiplier method and fixed obligation income ratio method. 

Using the multiplier method, the lending institution usually grants a loan amount of up to 27 times your monthly income for a tenure of 60 months. Do keep in mind that financial obligations like other loans, EMI’s, etc. will be deducted from your monthly income before it is multiplied 27 times. 

If the lending institution uses the fixed obligation income ratio method, the amount that you are eligible for changes according to your financial obligations. This means that the institution will account for your monthly expenses and take a look at your bank statements before arriving on the amount of loan you are eligible for. 

That said, borrowers who earn a monthly salary of more than Rs. 15,000 can avail an instant loan on salary. However, borrowers need to remember that the higher the salary, the higher the amount you can avail as a personal loan. 

So if, say I have an in-hand salary of Rs 25,000, how much personal loan can I get on my salary? 

Personal loans disbursed by an NBFC like Finnable can range from Rs. 50,000 to 10 lakhs and with a salary of Rs 25,000, the individual can avail at least Rs 3 lakh as an instant loan on salary. 

Personal Loan

Personal Loan?

To start with, a personal loan is an unsecured loan. Borrowers are not required to pledge any security or asset against the loan amount. The approval process is quick and easy and requires minimal documentation.

Borrowers also have the option to apply for a personal loan online. All they need to do is upload their PAN card, Aadhar card, income proof, and bank statement. Within a few hours of document verification, the loan amount is credited to their bank account. 

Before availing a personal loan, it is imperative that borrowers have complete knowledge about the minute details including the repayment. Repayment of a personal loan is done through monthly installments. Borrowers can also use the personal loan EMI calculator to calculate how much EMI they would need to pay to the lender. 

The EMI on the personal loan on salary will be deducted from the salary of the individual. Hence, it is imperative to have a constant flow of income.

Benefits of Personal Loan

Personal loans benefits are many. Any individual with a valid salary slip from a private, public, or LLP organisation can avail an advance loan on salary.

Purpose of loan: The need for funds can arise anytime. Borrowers have the option of using the funds from their savings, borrowing from a friend or family member, or availing an advance salary loan. However, a personal loan can be a much more viable option as the borrower can avail a loan of a higher amount and repay it with ease. Individuals can have multiple reasons for a personal loan. Be it home renovation, wedding expenses, travel costs, or medical emergencies, personal loans on salary can cover any emergent expense. 

  • Instant funds: There was a time when disbursement of an instant loan on salary would take weeks and even months. However, this is no longer the case when it comes to personal loans on salary. Personal loans are disbursed within a few hours. Finnable, for instance, disburses loans within 6 hours of verification of the borrowers’ documents. 

  • Documentation: Gone are the days when borrowers needed to submit a long list of documents in order to avail a loan. Instant loans on salary slips are disbursed by providing 4 basic documents. These include the borrower’s PAN card, Aadhar card, bank statement as well as the salary or income slip of the borrower. It is imperative to note that a loan without salary slips cannot be disbursed by the lender.
personal loan benefits

Eligibility criteria to avail a personal loan

  • Age: Borrowers need to be between the age of 23 to 45 years to avail of an instant loan on a salary slip.


  • Work experience: To avail an instant loan on salary slip, borrowers need to have at least 3 months of work experience in the current organisation and a total of at least 6 months of work experience.

  • Residential status: Borrowers need to be residents of India and must furnish their Aadhar card as proof of residence.

  • Credit score: A high credit score of 750 and above means that the probability of availing a personal loan on salary is high. However, Finnable does not mandatorily require the borrower to furnish a credit score while applying for a personal loan on salary slip.

  • Employment status: The borrower needs to be employed in a public, private, or LLP organisation at the time of application.
  • Relationship with a lender: Having a good relationship with the lender can boost the borrower’s personal loan application. Ensuring timely payments against old loans and avoiding defaults can help with the loan application.

Personal loans on your salary from Finnable

The lack of funds should not be an obstacle to realising your dreams. Finnable’s instant loan on salary can help individuals tide over a financial emergency. However, before availing a personal loan, it is important to tick all the boxes mentioned in the eligibility criteria. 

Finnable disburses quick and easy personal loans with minimal documentation. One can also use the personal loan app created by Finnable so that they can apply for a loan at any time from the comfort of their own home or office. 

quick personal loan at finnable

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