How much personal loan can I get?

Banks provide personal loans based on the income of the individual. Banks normally provide the loan that is up to 2 - 3 times the annual income of the borrower. Apart from income, other factors that decide the maximum eligible amount are the borrower's past track record, other existing loans and so on.

If you are already servicing a loan through monthly installments (EMIs), the bank will exclude your annual EMI payment on that loan while calculating your income. For example, if you have post tax annual income of Rs 5 lakh and you have been paying an EMI of Rs 10,000 every month, then the bank would consider your income as Rs 3.8 lakh (Rs 500,000 - Rs 120,000).

The maximum personal loan that many banks give is Rs 10 lakh, even if your income makes you eligible for more.

Suppose your income is not sufficient to get the loan amount that you want, you could club the income of your spouse or relatives along with yours to get a higher loan amount.