@barney The maximum amount you can borrow depends on several factors, such as the size of your salary, the regularity of your pay, the number of dependents, and whether you have existing debts. A high personal loan can be used for mortgages, education, and other loans.
The banks usually multiply your salary by 30 to get the maximum amount they are willing to give you. It is not always the case that your loan is capped at that amount, but it also depends on your income credibility.
Factors considered by banks when giving loans
Good credit score
A good credit score is essential for a personal loan because this will determine the maximum amount you can get.
A good salary
Banks tend to be very generous in giving out personal loans when you have a good salary.
No existing debts
Banks like to see a clean slate and do not want to take on existing debt. Whether you have plenty of debts or none is not relevant here; it could be helpful as a form of credit reference.
A clear financial plan
If you want to take a personal loan, you need to have a plan for the loan with all your assets. This means that you should have a spreadsheet detailing all your assets and liabilities (debts) and what the maximum amount should be each month.