What personal loan amount can I qualify based on my salary?  

The personal loan amount you can qualify based on your salary depends on various factors from lenders, such as:

Multiplier Method: Lenders often use a multiplier to estimate your loan eligibility. They multiply your monthly salary by a factor that usually ranges from 10 to 25. This gives you a rough idea of the potential loan amount. For example, if your monthly income is ₹30,000 and the multiplier is 15, your estimated loan amount could be ₹4,50,000.

EMI/NMI Ratio: Lenders also consider your existing financial commitments to ensure you can comfortably repay the loan. They calculate the ratio of your monthly loan instalments (EMI) to your Net Monthly Income (NMI). A lower ratio indicates better affordability. Lenders prefer this ratio to be below a certain threshold, usually 45% to 60%.

Fixed Obligations to Income Ratio (FOIR): This method assesses your debt burden. Lenders check your fixed monthly expenses, like rent and loans, against your income. A lower FOIR suggests you have more financial flexibility to take on new debt.