Required income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 September 2013 I decided to take a bank loan of Rs. 15,30,000/- for a truck; the loan manager said me to provide them last two years IT return. As per my return my monthly income is Rs.22,000/-. So sir, I want to know only one thing that am I eligible for a loan of Rs.15,30,000/- with this monthly income; and if not then how much monthly income required to get a loan of Rs.15,30,000/- for 60 months?
Any suggestion in this regard will great help for me.

Thanks in advance.

CA Rinkal

CA Rinkal (Expert)
Follow

23 September 2013 if you take a loan amount to rs. 15 30 000/- then your principle repayment must be at least 306000 (5 year repay) in addition to that interest so your income must be 6 lakh per annum.

and requirement is being decided by bank's criteria..