How much personal loan can I get on my salary?

by julius.brown , in category: Personal Finance , 9 months ago

How much personal loan can I get on my salary?

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1 answer


by millie , 9 months ago


The amount of personal loan you can get on your salary will depend on several factors, including your income, credit history, and other financial obligations. Lenders typically consider your debt-to-income ratio, which is the percentage of your income that goes towards paying existing debts.

As a general guideline, lenders may offer you personal loans up to 40-50% of your annual salary. However, this can vary from lender to lender. It's crucial to check with individual lenders or use online loan calculators to get a better estimate based on your specific circumstances. Additionally, keep in mind that even if you are offered a larger loan amount, it's essential to borrow only what you can comfortably repay within the agreed terms.