# How much can you borrow from a personal loan?

Asked by: Suzanne Kub  |  Last update: February 9, 2022

With a personal loan, you may be able to borrow \$5,000 to \$50,000, depending on your needs and circumstances — but each lender has their own eligibility requirements.

## What is the maximum amount you can borrow on a personal loan?

Personal loan amounts can range from \$1,000 to \$100,000, while loan terms range from 12 months to 84 months. A longer loan term will result in lower monthly payments, but higher interest costs.

## How much should I ask for for a personal loan?

As a general rule, borrowers should aim to spend no more than 35% to 43% on debt, including mortgages, car loans and personal loan payments. So if your monthly take home pay is \$4,000, for instance, you should ideally keep all total debt obligations at, or under \$1,720 each month.

## How much loan can I get on 35000 salary?

Here taking a salary as ₹ 35k, & without any fixed monthly obligation, you can pay a maximum of ₹ 17,500 as EMI considering 50% FOIR. If the interest rate is 10% per annum, the loan amount eligibility can be arrived at ₹ 20,46,586 using a home loan eligibility calculator (assuming 3 household members).

## How much personal loan can I get if my salary is 40000?

How much personal loan can I get on a ₹40000 salary? According to the Multiplier method, on a salary of ₹40000, you will be eligible for ₹13.50 lakhs for 5 years. Going by the Fixed Obligation Income Ratio method, if you have monthly EMIs of ₹3000, you will be eligible for an amount of ₹8.80 lakhs.

## How I Borrow FREE Money

23 related questions found

### What is the monthly payment on a 20 000 personal loan?

The monthly payment on a \$20,000 loan ranges from \$273 to \$2,009, depending on the APR and how long the loan lasts. For example, if you take out a \$20,000 loan for one year with an APR of 36%, your monthly payment will be \$2,009.

### Can you get a personal loan with a 700 credit score?

Having a 700 credit score should give you a shot at qualifying for a personal loan from nearly all major lenders, as it's unusual for a lender to have a minimum credit score requirement higher than 700. With a score of 700, you also are likely to qualify for personal loans that do not have origination fees.

### How much can I borrow with a 800 credit score?

The average mortgage loan amount for consumers with Exceptional credit scores is \$208,977. People with FICO® Scores of 800 have an average auto-loan debt of \$18,764.

### What credit score do I need for a \$4000 loan?

Whether you have good credit or bad credit, you may qualify for a \$4,000 personal loan. To increase your chance of approval you should have a credit score of 580 or higher. If you have a lower credit score you should consider adding a cosigner to your application or apply for a secured personal loan.

### How much can I borrow with a 750 credit score?

A 750 credit score could qualify you for a \$200,000 30-year mortgage, at a rate of 3.625%. That translates to a monthly payment of \$912. With a credit score of 625 however, your rate would be 4.125% for a mortgage of the same size and term. This would result in a monthly payment of \$969.

### How much would a 15 000 loan cost per month?

The monthly payment on a \$15,000 loan ranges from \$205 to \$1,504, depending on the APR and how long the loan lasts. For example, if you take out a \$15,000 loan for one year with an APR of 36%, your monthly payment will be \$1,504.

### What credit score do I need for a \$50000 loan?

In most cases, you should have a 650 or higher credit score if you are applying for a \$50,000 personal loan. If your credit score is 650 or below you may still qualify if your income is high enough.

### How long does it take to get approved for a personal loan?

Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.

### How much personal loan can I get on 30k salary?

For example, if you are wondering how much personal loan can I get on a 30,000 salary. If you have no other EMIs, you can multiply your monthly salary by 27 to get the maximum loan amount you would be eligible for. In this case, it would be ₹8,10,000 with a tenure of 60 months.

### How much loan can I get on 16000 salary?

The maximum loan amount may range between 8 to 10 times your monthly income. Henceforth, you may become eligible for a maximum loan amount of Rs. 1,60,000 which can be repaid in a tenure that is comfortable to you. In case you are looking for a loan at better terms, you may check your eligibility here.

### How do I qualify for a large personal loan?

To qualify for a \$100,000 personal loan, make sure you have a strong credit profile and present a low level of risk to the lender. In general, a qualified applicant for a large loan has a FICO credit score of at least 720.

### Do you need collateral for a personal loan?

Personal loans are typically unsecured, meaning they don't require collateral, but lenders require some personal loans to be backed by something that holds monetary value. Collateral on a secured personal loan can include things like cash in a savings account, a car or even a home.

### How can I borrow 40k?

Most lenders require a minimum credit score of 580 or higher to qualify for a \$40,000 personal loan. If you have credit challenges or a lower score than 580, you should look into using a cosigner or secured personal loan.

### What credit score do I need to get a \$15 000 loan?

You will likely need a credit score of at least 660 for a \$15,000 personal loan. Most lenders that offer personal loans of \$15,000 or more require fair credit or better for approval, along with enough income to afford the monthly payments.

### Can you repay a personal loan early?

Can I pay off my loan early? In short – yes – you can always pay back your personal loans early. However, you need to watch out for early repayment charges (ERCs) that you may have agreed to when you took the loan out. Even if your lender does not claim to have an ERC, you still need to watch out for hidden fees.

### What is the monthly payment on a \$30000 loan?

With a loan amount of \$30,000, an interest rate of 8%, and a loan repayment period of 60-months, your monthly payment is around \$700.

### Is 2 years of credit history good?

Most lenders (and scoring models) consider anything less than two years of credit history to be little more than a decent start. ... It's not until you have seven to 10 years of solid credit history that you'll score top marks for this credit factor.

### Is a 755 credit score good?

A 755 credit score is Very Good, but it can be even better. If you can elevate your score into the Exceptional range (800-850), you could become eligible for the very best lending terms, including the lowest interest rates and fees, and the most enticing credit-card rewards programs.