{"id":5047,"date":"2019-03-15T07:27:00","date_gmt":"2019-03-15T07:27:00","guid":{"rendered":"\/blog\/?p=5047"},"modified":"2024-02-02T16:57:09","modified_gmt":"2024-02-02T11:27:09","slug":"pre-calculating-the-personal-loan-amount-of-you-can-get","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/personal-use-loan\/pre-calculating-the-personal-loan-amount-of-you-can-get\/","title":{"rendered":"Pre-calculating the Personal Loan Amount of You can get?"},"content":{"rendered":"\n

If\nyou don\u2019t need a loan now, you would be thinking as to why it makes sense to\npre-calculate the loan amount that you can get, if need be.<\/p>\n\n\n\n

You\nare right. You don\u2019t need a loan right now. But emergencies come announced. So\nbetter be prepared for them. If you do this exercise today, you will have a\nrough estimate of the amount of loan you can get.<\/p>\n\n\n\n

So\nlets try to understand this calculation.<\/p>\n\n\n\n

The\nlenders these days have an unsaid limit of 40% on the income that a borrower\ncan use for loan repayment. So suppose you earn Rs 1 lac a month, then the\nlenders would not like to see your total EMIs exceeding Rs 40,000 (i.e. 40% of\nRs 1 lac).<\/p>\n\n\n\n

Now comes the question as to what loan amount can you get where EMI is Rs 40,000. There can be several answers here depending on interest rate and loan tenure.<\/p>\n\n\n\n

Considering\npersonal loans, which can cost between 15 and 20%, lets assume that interest\nrate in this case is 17%.<\/p>\n\n\n\n

So\nat 17% and EMI of Rs 40,000, you can get a loan of:<\/p>\n\n\n\n