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How much can one borrow?
- It usually depends on your income and varies based on whether you are salaried or self-employed. Usually, the banks restrict the loan amount such that your EMI is not more than 40-50% of your monthly income.
- Any existing loans that are being serviced by the applicant are also considered when calculating the personal loan amount. For the self employed, the loan value is determined on the basis of the profit earned as per the most recently acknowledged profit / loss statement, while taking into ac ...