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There are a number of factors that determine how much loan amount you will be eligible for against your salary structure. A personal loan is among the most preferred credit options that you can obtain in times of financial crisis.
The personal loan amount depends on the lender and its policies. For instance, lenders on Bajaj Markets offer personal loans ranging from ₹500 to ₹55 Lakhs. This type of financing is unsecured, and lenders usually do not ask you to submit any collateral to secure the loan.
This is another reason why the interest rates on these loans are substantially higher than those on secured loans. Notably, your salary is one of the crucial factors that will determine the personal loan amount that you can borrow.
When assessing your eligibility for a personal loan, financial institutions will typically use the multiplier technique, the fixed obligation income ratio, or a combination of these two methods. Here is a detailed discussion of each of the methods.
To determine your eligibility for a personal loan, banks and other financial organisations frequently employ this technique. Under this technique, lenders calculate the eligibility of personal loans based on a predetermined multiple of the income.
The approximate range of this multiple is between 10 to 24 times your net monthly salary. The multiplier increases the likelihood of receiving a larger loan at a lower interest rate if you work at a reputable company with a higher salary.
As an illustration, consider the question, "How much personal loan can I get on a ₹30,000 salary?" To calculate this, you can multiply your monthly earnings by 24 to determine the maximum sum you would be eligible for. In this instance, it would be around ₹7.20 Lakhs.
The following table shows estimated maximum loan amounts for different monthly income figures using a multiplier of 24 as per the multiplier method:
Monthly salary |
Loan amount |
|---|---|
₹8,000 |
₹1.92 Lakhs |
₹12,000 |
₹2.88 Lakhs |
₹15,000 |
₹3.60 Lakhs |
₹20,000 |
₹4.80 Lakhs |
₹25,000 |
₹6 Lakhs |
₹30,000 |
₹7.20 Lakhs |
₹35,000 |
₹8.40 Lakhs |
₹40,000 |
₹9.60 Lakhs |
₹45,000 |
₹10.80 Lakhs |
₹50,000 |
₹12 Lakhs |
₹55,000 |
₹13.20 Lakhs |
₹60,000 |
₹14.40 Lakhs |
₹65,000 |
₹15.60 Lakhs |
₹70,000 |
₹16.80 Lakhs |
₹80,000 |
₹19.20 Lakhs |
₹90,000 |
₹21.60 Lakhs |
₹1,00,000 |
₹24 Lakhs |
The examples given above all presume that you do not currently have any monthly responsibilities. Please be aware that these are merely examples provided for your comprehension. In order to know the actual loan amount, contact your lending institution and ask for the same.
The highest amount of instalments you can make using your net income after calculating your monthly expenses like rent and EMIs is the basis for this method's calculation. Lenders often count between 50- 75% of net revenue as instalments.
Banks either extend the loan's term or lower the loan amount if your expenses are greater than this proportion. Let us take a look at a personal loan if you are making ₹30,000.
You can secure a personal loan of up to ₹3.65 Lakhs if you have monthly expenses of around ₹8,000. However, should your monthly expenses be lower, around ₹5,000, you could be eligible for a personal loan reaching ₹4.94 Lakhs.
This is provided you possess a strong credit score and select a 60-month repayment tenure. Here are some examples:
Salary |
Monthly Expenses of ₹5,000 |
Monthly Expenses of ₹7,000 |
Monthly Expenses of ₹9,000 |
|---|---|---|---|
₹30,000 |
₹4.94 Lakhs |
₹4.08 Lakhs |
₹3.22 Lakhs |
₹40,000 |
₹7.30 Lakhs |
₹6.44 Lakhs |
₹5.58 Lakhs |
₹50,000 |
₹9.66 Lakhs |
₹8.81 Lakhs |
₹7.95 Lakhs |
₹60,000 |
₹12.03 Lakhs |
₹11.17 Lakhs |
₹10.31 Lakhs |
₹70,000 |
₹14.39 Lakhs |
₹13.53 Lakhs |
₹12.67 Lakhs |
Use a personal loan eligibility calculator for precise results. Please be aware, however, that the calculator displays the results based on several variables provided by the user. Your actual loan eligibility is the result of many different things.
But if you meet these requirements, using the personal loan eligibility calculator can give you a decent idea of what to expect when you apply. You can also calculate the EMI for the amount you wish to take as a personal loan through an online EMI calculator.
The personal loan amount in India depends on your income, credit score, employment type, and lender policies. On Bajaj Markets, the minimum personal loan amount starts from just ₹500.
The maximum personal loan amount can go up to ₹55 Lakhs, subject to eligibility. A minimum credit score of 600 is usually required to apply.
You can apply for a personal loan with a monthly income starting from ₹10,000 on Bajaj Markets. The minimum salary required for a personal loan may differ depending on the lender, loan amount, location, and type of employment. Some lenders may ask for more.
Always check the lender’s terms to understand the minimum salary for a loan before applying.
On Bajaj Markets, you can explore personal loans starting from a monthly income of ₹10,000. Below are details of partner lenders, including their maximum loan amounts and starting interest rates:
Lenders |
Max. Loan Amount |
Max Loan Tenure |
|---|---|---|
moneyview |
₹10 Lakhs |
60 months |
CASHe (Bhanix Finance) |
₹3 Lakhs |
18 months |
Privo (Credit Saison) |
₹5 Lakhs |
60 months |
Bajaj Finance |
₹55 Lakhs |
96 months |
Kotak Mahindra Bank |
₹40 Lakhs |
72 months |
KreditBee |
₹10 Lakhs |
60 months |
L&T Finance |
₹15 Lakhs |
48 months |
Freo (MoneyTap) |
₹5 Lakhs |
36 months |
SMFG India Credit |
₹25 Lakhs |
60 months |
YES BANK |
₹50 Lakhs |
72 months |
Federal Bank |
₹5 Lakhs |
48 months |
Aditya Birla Capital |
₹7 Lakhs |
60 months |
Fibe |
₹5 Lakhs |
36 months |
Kissht |
₹4 Lakhs |
24 months |
Muthoot Finance |
₹10 Lakhs |
60 months |
Finnable |
₹10 Lakhs |
60 months |
InCred |
₹10 Lakhs |
60 months |
Piramal Finance |
₹6 Lakhs |
60 months |
IIFL Finance |
₹5 Lakhs |
42 months |
Olyv |
₹1 Lakh |
12 months |
Upwards |
₹5 Lakhs |
36 months |
Zype |
₹5 Lakhs |
12 months |
mPokket |
₹45,000 |
90 Days |
PaySense |
₹5 Lakhs |
60 months |
Disclaimer: The mentioned details are subject to change at the lender’s discretion.
Personal loans are available from loan providers at competitive rates depending on your credit report, repayment history, your monthly income and other variables. In addition to the interest rates and foreclosure fees in the event the loan is prepaid, lenders also levy processing fees.
The table below shows the interest rates offered by partner lenders at Bajaj Markets:
Lenders |
Min. Interest Rates |
|---|---|
moneyview |
1.33% p.m. |
CASHe (Bhanix Finance) |
2.79% p.m. |
Privo (Credit Saison) |
9.99% p.a. |
Bajaj Finance |
10.00% p.a. |
Kotak Mahindra Bank |
10.99% p.a. |
KreditBee |
12.00% p.a. |
L&T Finance |
12.00% p.a. |
Freo (MoneyTap) |
12.00% p.a. |
SMFG India Credit |
12.00% p.a. |
YES BANK |
12.50% p.a. |
Federal Bank |
12.75% p.a. |
Aditya Birla Capital |
13.50% p.a. |
Fibe |
14.00% p.a. |
Kissht |
14.00% p.a. |
Muthoot Finance |
14.50% p.a |
Finnable |
15.95% p.a. |
InCred |
16.00% p.a. |
Piramal Finance |
17.25% p.a. |
IIFL Finance |
18.00% p.a. |
Olyv |
18.00% p.a. |
Upwards |
18.00% p.a. |
Zype |
18.00% p.a. |
mPokket |
24.00% p.a. |
PaySense |
14.00% p.a. |
Disclaimer: The mentioned rates are subject to change at the lender’s discretion.
|
|
You can get a personal loan salary as per variable lender terms, starting at ₹10,000 monthly income on Bajaj Markets. You must also ensure to borrow a personal loan on salary as much as you actually need and spend the loan amount prudently over time.
It is important to keep in mind that failing to repay even a single EMI can hamper your credit score and reduce the chances of loan approvals in the long run.
On Bajaj Markets, you can get a maximum personal loan of ₹55 Lakhs. You can compare different partner lenders and choose one that fits your requirements.
For a personal loan on Bajaj Markets, you must have a minimum monthly income of ₹10,000.
Your eligible personal loan amount depends on your monthly income, repayment capacity, and overall creditworthiness.
For instance, if your monthly salary is ₹50,000 and your monthly expenses are around ₹10,000, you can get a loan amount of up to ₹7.52 Lakhs.
The loan amount depends on your monthly expenses, including the EMI amount you can afford. For example, on a monthly salary of ₹60,000 with monthly expenses of ₹25,000, you can get a loan of up to ₹3.43 Lakhs. On the other hand, with expenses of ₹15,000 you can get up to ₹7.73.
The salary required for a ₹5 lakh loan depends on how much EMI you can comfortably afford, along with your other monthly expenses. You can easily calculate this using the Personal Loan Eligibility Calculator available on Bajaj Markets.
Your personal loan amount is determined based on your existing financial obligations and repayment capacity.
For example, if your current monthly obligations are ₹20,000, you may be eligible for a loan of approximately ₹85,954. However, if your obligations are reduced to ₹10,000, your loan eligibility could increase to as much as ₹5.15 lakhs.
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