Question 1

How much personal loan can I get on 60000 salary?

Accepted Answer

On a ₹60,000 monthly salary, you can typically get a personal loan of ₹10-15 lakhs. Banks calculate eligibility based on 15-25x your monthly income, subject to your CIBIL score (700+), existing EMIs, and company category.

Question 2

How much personal loan can I get?

Accepted Answer

Personal loan eligibility depends on your income, CIBIL score, and existing obligations. Generally, you can get 15-25 times your monthly salary, ranging from ₹50,000 to ₹2 Crores.

Question 3

How is personal loan EMI calculated?

Accepted Answer

Personal loan EMI is calculated using the formula: EMI = P × r × (1+r)^n / [(1+r)^n – 1], where P is principal, r is monthly interest rate (annual rate/12/100), and n is tenure in months. Use our free EMI calculator for instant results.

Question 4

Is personal loan interest tax deductible?

Accepted Answer

Personal loan interest is NOT tax deductible for personal expenses. However, if used for business purposes, home renovation, or education, you may claim deductions under Section 24(b) or 80E respectively with proper documentation.

Question 5

What is personal loan interest rate in SBI, HDFC, ICICI?

Accepted Answer

Personal loan interest rates vary by bank: SBI offers 11-15%, HDFC Bank 10.5-21%, ICICI Bank 10.75-19%. Actual rates depend on your credit score, income, and relationship with the bank. Compare all rates on Unyfy to find the lowest.

Unyfy — The AI That Talks Money With You

Track Spending, Compare Loans, Find Best Credit Cards