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

Are you earning ₹60,000 per month and planning to take a personal loan? One of the first questions that comes to mind is – “How much personal loan can I get on 60,000 salary?” The answer depends on many factors such as your income, repayment capacity, credit score, and the policies of the bank or NBFC you apply to.

In this detailed guide, we will explain how banks calculate loan eligibility, the maximum amount you can get, and tips to improve your chances of approval.

What is a Personal Loan?

A personal loan is a type of unsecured loan offered by banks and financial institutions. Unlike home loans or car loans, you don’t need to provide any collateral or security. The loan can be used for any purpose such as:

• Medical emergencies
  
• Marriage expenses
  
• Home renovation
  
• Travel plans
  
• Debt consolidation
  

Since it is unsecured, the loan amount depends mainly on your income and repayment ability.

How Do Banks Decide Personal Loan Eligibility?

When you apply for a personal loan, banks or NBFCs look at several factors:

1. Monthly Income – Your salary is the most important factor. Higher income means higher loan eligibility.
   
2. Existing EMIs – If you already have ongoing loans, your eligibility may reduce.
   
3. Credit Score – A good credit score (above 700) increases your chances of getting a larger loan. If you don’t have a score, you can still apply for an instant loan without credit score from some lenders.
   
4. Employer Category – People working in reputed companies or government jobs may get higher loan approval.
   
5. Age – Usually, personal loans are given to people between 21 to 60 years.
   

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

Most banks follow a simple rule – your EMIs should not be more than 40% to 50% of your monthly income.

• If your monthly income is ₹60,000, then your EMI limit will be around ₹24,000 to ₹30,000.
  
• Depending on the interest rate and tenure, you can get a loan amount between ₹6 lakh to ₹10 lakh.
  

👉 Example:

• Salary = ₹60,000 per month
  
• EMI capacity = 40% of salary = ₹24,000
  
• Tenure = 5 years (60 months)
  
• Interest rate = 12%
  

Based on this, you can get a personal loan of around ₹8 lakh to ₹9 lakh.

Factors That Affect Your Loan Amount

Even if your salary is ₹60,000, your final loan amount may vary. Let’s see why:

1. Credit Score
   
   • Good score (700+) → Higher loan (up to ₹10 lakh)
     
   • Low score (<600) → Lower loan or rejection
     
   • No score → Try lenders offering instant loan without credit score
     
2. Job Stability
   
   • If you have been in the same job for at least 1 year, your chances are higher.
     
   • Frequent job changes may reduce loan approval.
     
3. Employer Type
   
   • Government employees or people working in MNCs may get higher eligibility.
     
   • Employees in small companies may get a smaller loan.
     
4. Current EMIs
   
   • If you already pay home loan or car loan EMIs, your personal loan amount will reduce.
     

Personal Loan Eligibility for ₹60,000 Salary in Different Banks

While each bank has its own policy, here’s a general idea:

• HDFC Bank Personal Loan – Up to ₹10 lakh
  
• ICICI Bank Personal Loan – Up to ₹8–9 lakh
  
• SBI Personal Loan – Around ₹6–8 lakh
  
• NBFCs & Fintechs – ₹2 lakh to ₹10 lakh depending on your profile
  

Documents Required for Personal Loan

To apply for a personal loan on ₹60,000 salary, you usually need:

• PAN card and Aadhaar card
  
• Salary slips (last 3–6 months)
  
• Bank statements
  
• Employment proof (ID card or offer letter)
  
• Passport size photos
  

Some NBFCs and apps may approve instant loan without credit score with minimal documents.

Benefits of Taking a Personal Loan

1. No collateral required – You don’t need to mortgage property or assets.
   
2. Quick approval – Some lenders approve within 24 hours.
   
3. Flexible use – You can use it for any personal purpose.
   
4. Easy repayment – Choose EMIs from 1 to 5 years.
   
5. Improves credit score – Timely repayments can boost your score.
   

Tips to Get Higher Loan on 60,000 Salary

If you want to maximize your loan amount, follow these steps:

• Maintain a good credit score – Pay EMIs and credit card bills on time.
  
• Reduce existing EMIs – Close small loans before applying.
  
• Choose longer tenure – A longer repayment period lowers EMI, helping you get a bigger loan.
  
• Apply with your salary account bank – They already know your income history, so approval chances are better.
  
• Compare lenders – Some banks may offer only ₹6 lakh, while others may approve ₹10 lakh.
  

Instant Loan Without Credit Score

Many first-time borrowers worry about not having a credit score. But don’t worry – today, many fintech apps and NBFCs offer instant loan without credit score.

These lenders check:

• Your salary slips
  
• Bank transactions
  
• Employment type
  

If you are earning ₹60,000, you can still get a loan even without a credit score, though the amount may be slightly lower in the beginning.

Final Thoughts

So, if you are wondering “how much personal loan can I get on 60,000 salary”, the answer is – anywhere between ₹6 lakh to ₹10 lakh, depending on your credit score, EMI capacity, and the lender you choose.

With a stable income of ₹60,000, you have good chances of approval. To increase your loan amount, maintain a healthy credit history and apply with reputed lenders. And if you don’t have a credit score yet, you can still explore instant loan without credit score options from fintech companies.

A personal loan can be a smart way to manage big expenses or emergencies, as long as you borrow responsibly and repay on time.

Common FAQs

1. How much personal loan can I get on 60,000 salary?

You can usually get ₹6 lakh to ₹10 lakh depending on your EMI capacity, credit score, and lender policy.

2. Can I get a personal loan without credit score?

Yes, some NBFCs and apps provide instant loan without credit score, especially if your income is stable.

3. How can I increase my personal loan amount?

Maintain a good credit score, reduce other EMIs, and apply with your salary account bank.

4. What is the minimum salary required for personal loan?

Most banks require at least ₹15,000 to ₹25,000 per month salary. Since you earn ₹60,000, you qualify easily.

5. How fast can I get a personal loan?

Some digital lenders approve within minutes and disburse in 24 hours. Traditional banks may take 2–5 working days.

6. Can I take multiple personal loans?

Yes, but your total EMIs should not exceed 40–50% of your salary. Too many loans may reduce approval chances.