Your salary and EMIs
Use your monthly take-home salary (what reaches your bank account). In existing EMIs, include every loan EMI, app loan instalment and the minimum due on each credit card. Nothing is sent until you choose to share it with an advisor.
11.60% is ICICI Bank's published mean personal loan rate for July to September 2026 (range 9.99% to 16.50%, checked 1 November 2026). Your rate depends on your credit report, employer and income.
Your estimate
| Rate and tenure | Estimated loan | EMI | Total interest |
|---|
Keep in mind: a longer tenure raises the amount but adds interest; a processing fee (up to 2% plus taxes at ICICI Bank) is deducted or charged; lenders also check your credit report, employer, age and work experience. The lender decides approval, amount, rate and tenure.
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An advisor compares partner banks and NBFCs for your salary and EMIs and calls you with options. Free, and no obligation to apply. Your calculator numbers are added below; you can edit them.
Worked example: ₹40,000 salary with two EMIs
A salaried borrower takes home ₹40,000 a month and pays ₹3,000 on a bike loan and ₹5,000 on an app loan. The figures are an illustration; use your own.
- EMI limit: at 50% FOIR, ₹40,000 × 50% = ₹20,000 a month can go to all EMIs.
- Room left: ₹20,000 − ₹8,000 already paid = ₹12,000 a month for the new loan.
- Loan it repays: the amount whose EMI is ₹12,000. The formula is EMI × (1 − (1 + r)−n) ÷ r, where r is the monthly rate (11.60% ÷ 12 = 0.967%) and n the number of months.
| ₹12,000 EMI at | Loan it repays | Total interest |
|---|---|---|
| 11.60%, 3 years | about ₹3.63 lakh | about ₹68,623 |
| 11.60%, 5 years | about ₹5.44 lakh | about ₹1,75,606 |
| 16.50%, 5 years | about ₹4.88 lakh | about ₹2,31,888 |
Two things change the answer most. At a stricter 40% limit the room is only ₹8,000 and the 5-year estimate falls to about ₹3.63 lakh. And if the ₹5,000 app loan were closed first, the room would rise to ₹17,000 and the estimate to about ₹7.71 lakh. Small, expensive EMIs cost you eligibility as well as interest.
How much personal loan on your salary? Quick table
No existing EMIs, 11.60% a year, 5 years. Existing EMIs reduce these amounts: each ₹1,000 you already pay each month takes about ₹45,366 off the estimate.
| Take-home salary | At 40% FOIR | At 50% FOIR |
|---|---|---|
| ₹25,000 | about ₹4.5 lakh | about ₹5.7 lakh |
| ₹30,000 | about ₹5.4 lakh | about ₹6.8 lakh |
| ₹40,000 | about ₹7.3 lakh | about ₹9.1 lakh |
| ₹50,000 | about ₹9.1 lakh | about ₹11.3 lakh |
| ₹75,000 | about ₹13.6 lakh | about ₹17.0 lakh |
| ₹1,00,000 | about ₹18.1 lakh | about ₹22.7 lakh |
Lenders also set their own minimum salary and maximum amount. ICICI Bank, for example, lists a minimum monthly income of ₹30,000 for salaried applicants and loans from ₹50,000 to ₹50 lakh over 12 to 84 months. See personal loan rates and eligibility for other lenders.
What else decides your eligibility?
- FOIR limit. Kotak Mahindra Bank says lenders prefer 40% to 50%. IndusInd Bank says banks generally do not approve loans if FOIR exceeds 50%. L&T Finance says 40% to 60% is generally accepted, depending on income and loan size.
- Gross or take-home pay. IndusInd Bank and L&T Finance describe FOIR on gross monthly income; many lenders look at net salary credited to your account. This calculator uses take-home pay, which gives a more cautious estimate.
- What counts as an obligation. IndusInd Bank lists loan EMIs, the minimum due on credit cards, rent and insurance premiums.
- Credit score. TransUnion CIBIL says a score above 700 is generally considered good; Bajaj Finserv lists a CIBIL score of 650 or higher for its personal loans. A recent missed EMI weighs heavily.
- Employer, age and work experience. ICICI Bank, for example, asks salaried applicants for 2 years of work experience.
- How many applications you make. TransUnion CIBIL notes that many enquiries in a short time can make you look credit-hungry. Check eligibility first, then apply to one or two lenders.
How to raise your eligibility
- Close or merge small, high-EMI loans first (see the worked example above).
- Pay credit card dues in full where you can, so the minimum due stops counting against you.
- Choose a longer tenure only if you accept the extra interest it adds.
- Do not take a new app or payday loan to cover a gap: it lowers your eligibility further. Read why you should never take a payday loan.
Frequently asked questions
How is personal loan eligibility calculated?
Lenders cap the share of your income that can go to all EMIs together, called FOIR (fixed obligation to income ratio). Multiply your income by that limit, subtract the EMIs you already pay, and the remainder is the EMI room for the new loan. The loan amount is what that EMI can repay at the lender's rate and tenure. At 11.60% over 5 years, each ₹1,000 of EMI room supports about ₹45,366.
How much personal loan can I get on a ₹40,000 salary?
With no existing EMIs and a lender that allows 50% of take-home pay for EMIs, ₹20,000 a month is available, which repays about ₹9.1 lakh over 5 years at 11.60%. If you already pay ₹8,000 in EMIs, the room falls to ₹12,000 and the estimate to about ₹5.4 lakh. The lender decides the actual amount.
What FOIR do banks accept for a personal loan?
It varies by lender and income. Kotak Mahindra Bank says lenders prefer a FOIR of 40% to 50%. IndusInd Bank says banks generally do not approve loans if FOIR exceeds 50%. L&T Finance says most banks and NBFCs accept 40% to 60%, and above 60% you may face delays or rejection.
Do credit card dues count as existing EMIs?
Yes. IndusInd Bank lists existing loan EMIs, the minimum amount due on credit cards, rent and insurance premiums among fixed obligations. Include card minimum dues and app loan EMIs in the existing EMIs box for a realistic estimate.
My existing EMIs are too high. Can I still get a personal loan?
A new loan on top is unlikely if your EMIs already take half your pay or more. Merging several small, expensive EMIs into one longer loan can free up room first. AdvanceCred takes on consolidation cases with up to 1 payday loan, up to 5 app and personal loans and up to 5 credit cards; the lender still decides approval.
Is the calculator result an approval?
No. It is an estimate from published rates and typical FOIR limits. AdvanceCred is a credit advisory and loan intermediation firm, not a lender. The bank or NBFC decides approval, amount, rate and tenure after checking your documents and credit report.
Sources
Checked on 3 November 2026 unless stated. Loan amounts, EMIs and interest are AdvanceCred's own arithmetic using the standard reducing-balance EMI formula.
- ICICI Bank, Personal Loan interest rates (9.99% to 16.50% p.a.; mean 11.60% for July to September 2026; processing fee up to 2% plus taxes; checked 1 November 2026) and Personal Loan (salaried minimum income ₹30,000 a month; 2 years' experience; ₹50,000 to ₹50 lakh; 12 to 84 months; checked 26 October 2026).
- Kotak Mahindra Bank, What is FOIR in banking? (lenders prefer a FOIR of 40% to 50%; checked 31 October 2026).
- IndusInd Bank, What is the meaning of FOIR in banking and how it is calculated (fixed obligations include rent, loan EMIs, insurance premiums and the minimum due on credit cards; FOIR on gross monthly income; banks generally do not approve loans if FOIR exceeds 50%).
- L&T Finance, What is FOIR (FOIR = total monthly obligations ÷ gross monthly income × 100; 40% to 60% generally accepted; above 60% may face delays or rejection).
- Bajaj Finserv, Personal loan eligibility calculator (CIBIL score of 650 or higher listed in eligibility criteria).
- TransUnion CIBIL, understand your credit score and report (above 700 generally considered good; checked 24 October 2026) and Why did I get an enquiry on my credit report? (many enquiries in a short time can look credit-hungry; checked 19 October 2026).
- AdvanceCred's case limits (up to 1 payday loan, 5 app and personal loans, 5 credit cards) are AdvanceCred's own policy as of 30 October 2026.
This page is general information, not financial advice or an offer of credit. Lenders' rates and eligibility rules change; check the lender's current Key Facts Statement before applying.