How much money can I borrow through an unsecured loan?

The maximum amount of money you can borrow through an unsecured loan varies from one lender to another and depends on several factors, including your income, creditworthiness, and the lender's policies. Here are some general guidelines for different types of unsecured loans:

1. Personal Loans: Personal loan amounts can vary significantly, ranging from as low as ₹10,000 to ₹50 lakh or more, depending on the lender. Your eligibility for a specific loan amount will be determined based on your income, credit score, and other financial factors. Typically, borrowers with higher incomes and better credit scores can qualify for larger loan amounts.

2. Credit Cards: Credit card limits vary based on your creditworthiness and the type of credit card you hold. Credit limits can range from a few thousand rupees to several lakhs of rupees. Your credit card issuer may periodically review your credit limit and may increase it if you have a good repayment history.

3. Education Loans: The maximum amount you can borrow through an education loan depends on the lender and the course or program you are pursuing. Some lenders offer education loans of up to ₹2030 lakhs or more for studies in India, and higher amounts for studies abroad. The loan amount may cover tuition fees, living expenses, and other educationrelated costs.

4. Consumer Durable Loans: Consumer durable loans for purchasing electronic appliances or other goods typically offer loan amounts ranging from ₹10,000 to ₹5 lakh, depending on the product and lender.

5. Travel Loans: Travel loans may offer loan amounts ranging from ₹50,000 to ₹5 lakh or more, depending on the lender and your eligibility.

6. Wedding Loans: Wedding loans can vary widely in terms of loan amounts. Some lenders offer wedding loans up to ₹10 lakh or more to cover wedding expenses.

7. Medical Loans: Medical loans may offer loan amounts ranging from ₹50,000 to ₹5 lakh or more, depending on the lender and your medical expenses.

It's important to note that while lenders may have maximum loan amounts, your eligibility to borrow a specific amount is based on your financial profile. Lenders assess your income, credit score, existing financial obligations, and other factors to determine how much they are willing to lend to you. Borrowers with higher incomes, better credit scores, and a strong repayment capacity are more likely to qualify for larger loan amounts.

Before applying for an unsecured loan, it's advisable to check with the lender to understand their maximum loan amount and eligibility criteria. Additionally, it's essential to borrow only what you can comfortably repay to avoid financial strain and potential default.