Personal loans can be availed for multiple reasons, varying from down payment or renovation of property to medical emergencies. These are unsecured loans, which means the creditor won’t require you to offer assets as security against the loan.
Personal loans are fairly simple to get but the maximum amount you can get will vary depending on your profile. So if you are wondering ‘how much maximum personal loan can i get’, this page will cover all the information.
Everyone wants to know what is the maximum amount they can get as a loan for them to plan out their finances.
The highest amount offered differs greatly between banks, NBFCs, and other money lending platforms. The amount also varies depending upon the applicant’s income, liabilities, credit score, etc.
Most organizations have a limit which can be anywhere between Rs. 5 Lakh to Rs. 20 Lakh.
At Moneyview, an applicant can get a personal loan of up to Rs. 10 Lakh. It is a hassle-free and paperless process, wherein the eligibility is decided within 2 minutes.
The loan amount that an applicant can get is highly dependent on a few key factors. Some of these are -
The higher your monthly income, the higher your personal loan amount can be. In most cases, creditors will approve a loan amount that is up to 10 to 24 times your monthly salary.
However, if you are using your existing income to repay a lot of debts, then your debt-to-income ratio will be high and this will negatively impact your creditworthiness. In such cases, the loan amount offered will not be very high.
These are all your expenses, including any other EMIs that you may have. The higher your expenses, the lesser you will have left to repay the loan EMI. Creditors may approve a lower amount keeping these in mind.
If you happen to be closer to your retirement age, the tenure of your loan will be considerably shorter.
The creditors will consider the number of working years left, before calculating your loan amount and tenure.
The better your credit history, or your CIBIL score, the better your chances of getting a higher loan amount.
If you are new to credit, it might be difficult for you to get approval for a big loan amount, unless your salary is on the higher side, or you have an asset to pledge.
This factor is about your job role, position, or your company. For example, if you work in a job that is secure, your chances of getting a higher loan amount might be better.
The eligibility criteria for a personal loan from Moneyview is very broad and inclusive. You can check them out here -
The borrower should be between 21 and 57 years of age
They must earn a minimum of ₹25,000 or more monthly
Income must be credited directly to their bank account
They must have a minimum CIBIL score of 650
There are many things that you can do to improve your loan eligibility. These are long term plans, and may be helpful if you are planning to take a big loan in the future.
The loan amount directly depends on the income of the candidate. You might have other income channels like freelancing, or properties on rent, etc. To get the maximum amount of loan, consider adding up all your income sources.
Improve or build your credit score. If you are new to credit, start with small loans, and pay the EMIs in a timely manner. That way you will be able to build a good credit score.
Make informed choices when it comes to deciding on an EMI or the tenure. Missing EMI payments has a negative impact on your credit score, which can limit your credit options in the future.
Ideally your debt should not be more than 30-40% of your income. Thus it is advisable to pay off your existing debts before applying for a new one.
Limit the number of creditors you approach for a personal loan. Research well and apply to a place where you are most likely to get a loan. Otherwise your loan might end up getting rejected.
Aiming to get the maximum loan amount a lender can offer is imprudent at times. Here are the points you must remember while taking a loan.
Borrowing the maximum amount might lead to financial downfalls if you find it difficult to repay it. Hence, only borrow the sum that you can afford to repay. Not only will it be easier to return but it also helps you improve your credit score.
To find the best loan with suitable terms, you need to shop a little. Approach the lender and understand the tenure, interest rate, fees & charges, and other terms of the loan before proceeding with the loan application.
Only when you find the loan terms and conditions satisfactory should you apply for it.
Loans, while offering financial respite, can become a burden if handled carelessly. Borrowers must be timely in their repayments as missing a single repayment will have detrimental effects on your credit score.
Applicants generally believe longer tenure allows for financial freedom. However, short tenure comes with lower interest rates, reducing the overall amount you have to repay.
There are several reasons to take a loan - wedding, vacation, education, and more. Whatever the cause, ensure you spend the borrowed amount wisely, instead of splurging it on trivial stuff.
If you are looking for a high loan amount, then it is best to consider a personal loan insurance. In case of sudden financial hardships, personal loan insurance aids in repaying the loan without you having to miss a repayment.
Loan Amount
Min ₹10
Max ₹25,000
Rate of Interest
Min 5%
Max 25%
Loan Tenure
Min 3 months
Max 72 months
1
Assess Your Eligibility
Quickly check if you are eligible on the Moneyview platform in only 2 minutes!
2
Pick Your Repayment Duration
Select the desired loan sum and repayment period from the options provided.
3
Share Your Documents Online
Share only essential documents for profile verification, easily uploading them digitally.
4
Funds Disbursed
Once your application is validated and the loan agreement finalized, funds will be transferred to your bank within 24 hours!
Need Quick Cash?
The maximum personal loan amount is highly dependent on an applicant’s income and other liabilities. At Moneyview, our lending partners give personal loans up to Rs. 10 Lakh. To know more, visit our website or download our app
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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