March 16, 2026 · 4 mins read
Santosh Kumar
If you make ₹60,000 per month, you would usually be eligible for a personal loan of ₹4 lakh to ₹10 lakh in India. The precise loan amount varies based on variables like current EMIs, credit score, job security, and lender’s criteria. Banks primarily evaluate how much EMI you can afford to pay back every month.
Most borrowers believe that personal loan eligibility is based solely on their monthly salary. Although revenue is valuable, lenders assess numerous monetary aspects prior to authorizing a loan.
The initial variable is the borrower’s credit score. A good credit history with TransUnion CIBIL means the borrower has handled credit well previously. The better your score, the better your shot at a bigger loan and better interest rates.
Another is the borrower’s obligations. Banks compute the percentage of income already consumed to existing EMIs. If a significant chunk of the salary is spent on loan repayments, lenders will likely decrease the new loan amount to avoid this.
Job security is also important. Applicants who have been with the same organisation for longer tend to have higher approval chances because steady income lessens the lender’s risk.
My lenders tend to follow the rule of thumb that a borrower’s aggregate EMI obligations should not be more than about 40 to 50 per cent of monthly income.
For an individual making ₹60,000 monthly,this indicates lenders typically like aggregate EMIs to stay between approximately ₹24,000 to ₹30,000. This consists of your old EMIs plus the EMI on the new personal loan.
On this repayment capacity, banks base the maximum loan amount that comfortably fits in the borrower’s finances. Longer loan tenures also often permit higher loan amounts since they reduce the EMI.
Besides income and EMIs, lenders consider other information as well while assessing a personal loan.
Age is one factor. Borrowers nearer to retirement might also get smaller loans since lenders want the loan tenure to finish before retirement.
Your employer’s reputation and industry type can also play a factor in loan approval. Workers in more stable industries — government or established corporations, for example — might be more likely to qualify for higher loan limits.
Another key element is credit utilisation behaviour. Good credit card habits and a track record of repayment add to the borrower’s creditworthiness.
If you have a healthy credit record with TransUnion CIBIL, you stand a much better chance of getting a higher loan approved.
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Assuming you make ₹60,000 a month and want to improve the loan amount you qualify for, these are some things you could do.
Second, keep a good credit score by clearing all EMIs and credit card bills prior to the due date. Trust with lenders comes from steady repayment history.
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Second, attempt to minimize current obligations prior to seeking a new loan. Paying off smaller loans or credit card balances reduces your monthly commitments and increases EMI affordability.
Opting for a longer loan tenure can also assist. Although it lowers the monthly EMI and can help you get a bigger loan, this also adds to the overall interest paid.
Another is applying with a co applicant like a spouse or family member with a steady income. Lenders can take into account this combined income, potentially raising the total loan size approved.
In short, by keeping their finances in order and credit well managed, borrowers can do a lot to increase their personal loan amounts.
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If your credit rating is acceptable and you have other EMIs, then you should be able to borrow anywhere between ₹400000 and ₹1000000.
Yes. There is a direct correlation between the credit rating assigned by Transunion CIBIL and the loan amount and interest rate provided.
You can improve your eligibility by having an excellent credit history, lowering your current amount of debt, selecting a long-term loan, and/or obtaining a co-signer for your loan.
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