You can borrow as much as you can repay comfortably. This in banking terms would mean a personal loan that has an EMI that does not exceed 40% of your monthly take home income, once the EMIs for existing loans have been deducted.
For self-employed applicants, profit is the benchmark that determines loan value.
Opting for a long tenure will lower the EMI, and therefore will enable you to be eligible for a larger loan amount.
The loan amount you are eligible for is also dependent on other factors like the company you are employed with, the location of your residence and your credit history.
Opting for a long tenure will lower the EMI, and therefore will enable you to be eligible for a larger loan amount.
The loan amount you are eligible for is also dependent on other factors like the company you are employed with, the location of your residence and your credit history.
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