How much personal loan can i get on 60000 salary

In India, with a 50% FOIR and a monthly salary of INR 60,000, the maximum loan amount one could secure would depend on various factors like credit score and lender policies. Typically, considering this FOIR, one might qualify for a maximum EMI of INR 30,000. Using an interest rate of 12% per annum and a loan tenure of 5 years, the maximum loan amount would be approximately INR 13.24 lakh.

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According to what I understand, you need a monthly salary of Rs. 60,000 in order to submit a legitimate personal loan application. With a salary of Rs. 60,000, you can anticipate a quick personal loan because there is a high likelihood that the loan will be repaid on time. The acceptance of a loan is influenced by a variety of factors, including the borrower's age, credit history, credit score, and wage limit. The requirements for a home loan with a salary of RS.60,000 will be examined.

Get personal loans for salaried as high as Rs. 60,000.

It is a quick and uncomplicated process to apply for an urgent  personal loan with an income of Rs. 60,000. The steps are as follows:

  • Visit the official website of the lender to evaluate your eligibility for a loan using the personal loan eligibility calculator. You will be requested to enter information about your age, profession, and earnings. Instantly, the maximum loan eligibility will display.

  • Once you have been granted loan eligibility, choose a urgent loan plan. The maximum loan amount is not permitted to raise the eligibility cap. Select the loan period carefully.

  • Documents must be submitted, and a list of them will show up on the screen. Upload digital versions of the required documents, then wait for it to be verified. The lending institution may request extra documentation if necessary.

  • Get Loan Approval and Disbursal, your loan will be approved following the conclusion of the document verification procedure. Within 24 hours, the loan will be disbursed.

Personal Loan You Get On RS. 60,000 Salary 

In India, lenders often use the concept of FOIR (Fixed Obligation to Income Ratio) to determine the maximum loan amount you're eligible for. FOIR represents the proportion of your income that goes towards fixed obligations, including existing loan EMIs and the proposed EMI of the new loan.

As a general guideline, lenders usually cap the FOIR at around 40% to 50%. Let's take a conservative approach and consider a FOIR of 40%. Here's how you can calculate the maximum EMI you can afford:

If FOIR is 40%

  1. Calculate your monthly income: INR 60,000
  2. Apply FOIR: INR 60,000 * 0.40 = INR 24,000

So, INR 24,000 is the maximum EMI you can afford based on a FOIR of 40%.

So, the approximate loan amount you can get on an INR 60,000 monthly salary, considering a FOIR of 40%, an interest rate of 12% per annum, and a loan tenure of 5 years, is approximately INR 1,063,731.29.

let's recalculate If FOIR is 50%.


  • Monthly salary = INR 60,000
  • FOIR = 50%
  • Interest rate = 12% per annum
  • Loan tenure = 5 years (60 months)

First, let's calculate the maximum EMI you can afford based on your salary:

𝑀𝑎𝑥𝑖𝑚𝑢𝑚𝐸𝑀𝐼=Monthly salary×FOIR


Now, let's calculate the monthly interest rate (𝑟):

Now, let's substitute the values into the formula:




So, the approximate loan amount you can get on an INR 60,000 monthly salary, considering a FOIR of 50%, an interest rate of 12% per annum, and a loan tenure of 5 years, is approximately INR 1,324,197.77.

The Fixed Obligation Income Ratio (FOIR) is a crucial concept to comprehend. Based on monthly income and debt payments, it determines a borrower's eligibility for an urgent  loan. Lenders can assess a borrower's ability to repay a loan on a monthly basis with the aid of FOIR.

An estimate of your monthly loan payback contribution, or FOIR, is expressed as a percentage. After your set responsibilities have been subtracted, the remaining amount is called FOIR. Among the commitments with a fixed payment schedule are rent, existing loan repayments, credit card payments, and other bills.

If you're utilising the FOIR technique to determine your eligibility for an urgent loan, take into account the following factors:

  • Calculate your net monthly income by taking into account all of your monthly earnings and subtracting any taxes or other debts that could be due.

  •  Determine the FOIR percentage. The percentage, which is determined by the lenders, indicates the maximum portion of your monthly income that may be utilised for loan payback. The typical FOIR ranges from 50% to 75%. However, it may differ from one fender to the next.

  • Determine your current obligations and calculate all fixed commitments, including current EMIS.

  • To figure out how much to pay, multiply your net monthly income by the FOIR %, then deduct all of your current debt. The amount that results represents the most that your income may contribute towards a monthly loan repayment.

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