How much can I borrow with a 720 credit score on a personal loan?

A credit score of 720 puts you in a strong position with most lenders in India. You’re seen as a reliable borrower, which helps you qualify for personal loans with competitive starting interest rates. The exact loan amount you can get with a 720 score depends on several factors, not just your credit score. Lenders will look at your monthly income, current debts, job stability, age and city of residence before deciding the final amount.

• Lenders usually prefer applicants who are at least 21 years old and have a steady income.
• Your debt-to-income ratio should normally be under 40% for a higher sanction amount.
• Salaried and self-employed individuals can both apply, but you’ll need to show proof of income and employment.
• Most lenders require at least one year of work experience for salaried applicants.
• Your city of residence can affect the minimum income requirement, with metro cities often needing higher salaries.

Using an online personal loan eligibility calculator is a good way to estimate how much you can borrow. You will need to enter your age, income, city and existing EMIs to get an instant estimate. Keeping your debts low and income stable helps you qualify for a higher amount. Always check your credit report before applying and fix any errors you find.