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Several factors influence the personal loan amount you may be eligible for based on your salary and overall financial profile. A personal loan is an unsecured form of credit that may be used to meet various financial requirements, subject to the lender’s eligibility criteria and terms.
The personal loan amount depends on the lender and its policies. For instance, lenders on Bajaj Markets offer Personal Loans from small ticket sizes up to ₹75 Lakhs, at interest rates starting from 10% p.a. p.a. and tenures of up to 108 months, across 20+ lending partners. This type of financing is unsecured, and lenders usually do not ask you to submit any collateral to secure the loan.
Since personal loans are generally unsecured, their interest rates may be higher than those of secured loans. Your salary is also one of the factors lenders may consider when determining your personal loan eligibility and the loan amount they may offer.
Personal loan eligibility for salaried applicants depends on factors such as net monthly income, existing financial obligations and the lender’s assessment criteria. The key points include:
Eligibility calculation methods: Lenders may use a salary multiplier of around 10 to 24 times the net monthly income, a Fixed Obligation to Income Ratio (FOIR) of around 50% to 75%, or a combination of both. Where both methods are applied, the lower eligible amount may be considered.
Net income considered: Lenders generally assess the net salary credited to the applicant’s bank account after deductions such as PF and tax, rather than the total CTC.
Existing EMIs affect eligibility: Current monthly debt obligations reduce the amount of income available for servicing a new loan and may therefore affect the eligible loan amount.
Eligibility criteria on Bajaj Markets: Personal loan products listed on Bajaj Markets may have a minimum net monthly income requirement starting from ₹9,000 and a CIBIL score requirement starting from 650. The final eligibility and loan amount depend on the respective lending partner’s assessment and policy.
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. Both are shown below with a worked example, and the Personal Loan Eligibility Calculator applies the same logic to your own figures.
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 applied may vary based on factors such as your income, employer profile and the lender’s assessment criteria, which may also influence the eligible loan amount and applicable interest rate.
Example: On a net salary of ₹30,000, a lender applying a multiplier of 10 would cap the loan at ₹3 Lakhs, while one applying 24 would consider up to ₹7.20 Lakhs. On ₹50,000, the same range runs from ₹5 Lakhs to ₹12 Lakhs.
Note: The multiplier a lender uses depends on the employer category, the applicant's credit profile and its own policy, and the examples assume no existing monthly obligations.
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 income as instalments.
Banks either extend the loan's term or lower the loan amount if your expenses are greater than this proportion.
Example: At a 50% FOIR, a net salary of ₹30,000 allows total EMIs of ₹15,000 a month. With no existing EMIs, that supports a loan of about ₹6.74 Lakhs at 12% p.a. over 60 months, where each ₹1 Lakh costs roughly ₹2,224 a month. If ₹5,000 of that headroom is already committed to a two-wheeler EMI, the new-loan EMI falls to ₹10,000 and the eligible amount to about ₹4.50 Lakhs. Closing a small existing loan before applying therefore lifts eligibility by more than the balance repaid.
A Personal Loan Eligibility Calculator can provide an estimate based on the details entered, such as income and existing financial obligations. The actual loan eligibility and amount may differ based on the lender’s assessment criteria and policies. An online EMI calculator can also be used to estimate the EMI for a selected loan amount, interest rate and tenure.
The table below shows the indicative loan a salaried applicant could be offered at each income level, calculated at a 50% FOIR, 12% p.a. and a 60-month tenure, with no existing EMIs. A lender applying a 10x multiplier as a cap would offer less at the higher salary bands.
| Net Monthly Salary | Max EMI (50% FOIR) | Indicative Loan Amount |
|---|---|---|
₹7,500 |
₹3.37 Lakhs |
|
₹10,000 |
₹4.50 Lakhs |
|
₹12,500 |
₹5.62 Lakhs |
|
₹15,000 |
₹6.74 Lakhs |
|
₹20,000 |
₹8.99 Lakhs |
|
₹25,000 |
₹11.24 Lakhs |
|
₹30,000 |
₹13.49 Lakhs |
|
₹37,500 |
₹16.86 Lakhs |
|
₹50,000 |
₹22.48 Lakhs |
Disclaimer: Figures are indicative estimates. Actual eligibility depends on your credit score, existing debts, employer category and specific lender policies, and is capped at each partner's maximum loan amount.
You can apply for a personal loan with a monthly income starting from ₹9,000 on Bajaj Markets. The minimum salary required for such a loan may differ depending on the lender, loan amount, location, and type of employment. Some lenders may ask for more.
Here's a closer look at the minimum salary requirements by each lender on the financial marketplace:
| Lender | Minimum Monthly Salary Requirement |
|---|---|
Bajaj Finance Personal Loan |
₹25,000 |
Kotak Mahindra Bank Personal Loan |
₹25,000 for Kotak salary account holders; ₹30,000 for other bank or NBFC salary accounts; ₹20,000 for Kotak Mahindra Bank employees |
Federal Bank Personal Loan |
₹10,000 |
SMFG India Credit Personal Loan |
₹25,000 in Mumbai or Delhi; ₹20,000 elsewhere in India |
Fibe Personal Loan |
₹18,000 in metro cities; ₹15,000 in non-metro cities |
Kissht Personal Loan |
₹15,000 |
KreditBee Personal Loan |
₹10,000 (net monthly salary) |
PaySense Personal Loan |
₹20,001 in metropolitan cities; ₹18,001 in other cities (net monthly income) |
Muthoot Finance Personal Loan |
₹20,000 to ₹30,000 in metro cities; ₹15,000 to ₹25,000 in non-metro cities |
Finnable Personal Loan |
₹20,000 in Tier 1 cities; ₹15,000 in Tier 2 cities |
InCred Personal Loan |
₹15,000 to ₹50,000 |
Moneyview Personal Loan |
₹13,500 |
Freo Personal Loan |
₹20,000 |
Unity SFB Personal Loan |
₹20,000 for salaried applicants, self-employed: annual turnover of at least ₹24 Lakhs |
Prefr Personal Loan |
₹25,000 (net monthly income) |
PayU Finance Personal Loan |
₹20,000 |
mPokket Personal Loan |
₹9,000 |
Olyv Personal Loan |
₹20,000 for salaried applicants; ₹25,000 for self-employed applicants |
Ram Fincorp Personal Loan |
₹18,000 |
Branch Personal Loan |
₹10,000 |
FatakPay Personal Loan |
₹15,000 for salaried applicants |
Disclaimer: The minimum monthly salary requirements mentioned above are subject to change and may vary based on factors such as the applicant’s location, employment profile and the respective lender’s eligibility criteria. Certain terms and conditions may apply. Applicants should verify the latest eligibility requirements with the lender before applying.
The table below provides key details of personal loan products from lending partners listed on Bajaj Markets, including the maximum loan amount, applicable interest rate and repayment tenure:
| Available Offerings | Max. Loan Amount | Min. Interest Rate | Max. Tenure | Processing Fees |
|---|---|---|---|---|
₹75 Lakhs |
10% p.a. |
108 months |
Up to 3.93% of the loan amount + taxes (if applicable) |
|
₹40 Lakhs |
10.99% p.a. |
72 months |
Up to 1.5% of the loan amount + taxes (if applicable) |
|
₹5 Lakhs |
12.75% p.a. |
48 months |
Up to 2-3% of the loan amount + taxes (if applicable) |
|
₹25 Lakhs |
12% p.a. |
60 months |
Up to 6% of the loan amount + taxes (if applicable) |
|
₹15 Lakhs |
12% p.a. |
48 months |
Up to 3% of the loan amount + taxes (if applicable) |
|
₹5 Lakhs |
14% p.a. |
36 months |
Up to 2% of the loan amount + taxes (if applicable) |
|
₹4 Lakhs |
14% p.a. |
24 months |
3% to 5% of the loan amount + taxes (if applicable) |
|
₹10 Lakhs |
12% p.a. |
60 months |
Up to 5.1% + GST |
|
₹5 Lakhs |
14% p.a. |
60 months |
Up to 2.75% of the loan amount + GST or ₹500 (whichever is higher) |
|
₹10 Lakhs |
14.5% p.a. |
60 months |
Up to 4% of the loan amount + taxes (if applicable) |
|
₹10 Lakhs |
15.95% p.a. |
60 months |
Up to 3% of the loan amount + taxes (if applicable) |
|
₹10 Lakhs |
13.99% p.a. |
60 months |
Up to 5% of the loan amount + taxes (if applicable) |
|
₹10 Lakhs |
1.33% p.m. |
60 months |
Starting from 2% of the loan amount + taxes (if applicable) |
|
₹6 Lakhs |
17.25% p.a. |
60 months |
1.50% to 4.50% of the loan amount |
|
₹5 Lakhs |
12% p.a. |
36 months |
1% onwards |
|
|
₹5 Lakhs |
18% p.a. |
12 months |
2% to 6% of the loan amount |
₹5 Lakhs |
16% p.a. |
36 months |
3% of the loan amount |
|
₹5 Lakhs |
16% p.a. |
36 months |
Up to 5% of the loan amount plus applicable taxes |
|
₹5 Lakhs |
17.99% p.a. |
48 months |
3% to 5% |
|
₹5 Lakhs |
23% p.a. |
36 months |
2.5% to 4% of the loan amount |
|
₹2 Lakhs |
18.96% p.a. |
24 months |
₹50 to ₹200 + 18% GST (maximum APR of 48%) |
|
₹1 Lakh |
18% p.a. |
12 months |
2% - 12% of the loan amount |
|
₹1.5 Lakhs |
6% p.m. |
90 days |
3%-10% |
|
₹2 Lakhs |
16% p.a. |
36 months |
3.50% |
|
₹5 Lakhs |
18% p.a. |
48 months |
2% – 6% |
Applicants with a modest salary are assessed based on factors such as income, existing obligations, FOIR, credit profile and the respective lender’s eligibility criteria. The application process on Bajaj Markets generally involves the following steps:
Review the minimum income criteria: Check personal loan products from lending partners whose minimum income requirements match your profile. For example, the stated minimum monthly income starts from ₹9,000 for mPokket, ₹10,000 for KreditBee and ₹13,500 for moneyview, subject to the respective lender’s eligibility criteria.
Check your CIBIL score: A CIBIL score of 650 or above may be considered for personal loan products listed on Bajaj Markets, subject to the respective lender’s criteria. You can check your CIBIL score on Bajaj Markets before submitting a loan application.
Estimate the eligible loan amount: FOIR and salary-multiplier calculations can provide an estimate of the loan amount you may qualify for. For example, using an illustrative FOIR of 50%, a net monthly salary of ₹15,000 would leave around ₹7,500 for total monthly debt obligations. The actual eligible amount and tenure depend on the lender’s assessment.
Keep the required documents ready: Documents may include PAN, Aadhaar, recent bank statements showing salary credits, salary slips or Form 16. The exact documentation requirements vary by lender.
Submit the application online: Select ‘Apply Now’, enter the required contact, PAN, employment and income details, and complete the applicable verification steps. Personal loan products or offers displayed depend on the information provided and the respective lender’s eligibility criteria.
Complete lender verification: Review the applicable product details and proceed with the selected lending partner. Complete KYC and other required formalities, including an e-mandate where applicable. Disbursal to the registered bank account is subject to the lender’s approval and verification.
Having an earning co-applicant or changes in existing financial obligations may affect eligibility where permitted by the lender. The final loan amount, interest rate, tenure and approval remain subject to the respective lender’s assessment and policies.
On Bajaj Markets, you can get a maximum personal loan of ₹75 Lakhs. You can compare different partner lenders and choose one that fits your requirements.
The minimum salary required for a personal loan varies by lender. For personal loan products listed on Bajaj Markets, the minimum monthly salary requirement starts from ₹9,000 with certain lending partners. The applicable income requirement and final eligibility depend on the respective lender’s criteria and terms and conditions.
Your eligible personal loan amount depends on your monthly income, repayment capacity, and overall creditworthiness. For instance, on a net salary of ₹50,000 with no existing EMIs, a 50% FOIR allows an EMI of ₹25,000, which supports about ₹11.24 Lakhs at 12% p.a. over 60 months; an existing ₹10,000 EMI brings that down to roughly ₹6.74 Lakhs.
On a ₹60,000 salary, a 50% FOIR allows total EMIs of ₹30,000. With no other obligations, that supports a loan of about ₹13.49 Lakhs at 12% p.a. over 60 months. With existing EMIs of ₹15,000, the eligible amount falls to around ₹6.74 Lakhs, and with ₹25,000 of obligations, to roughly ₹2.25 Lakhs.
A ₹5 Lakh loan at 12% p.a. over 60 months carries an EMI of about ₹11,120. At a 50% FOIR with no other EMIs, that needs a net monthly salary of around ₹22,500, and more if existing obligations are in place. You can calculate this using the Personal Loan Eligibility Calculator available on Bajaj Markets.
On a ₹40,000 salary, a 50% FOIR allows total EMIs of ₹20,000. With no existing obligations, that supports about ₹8.99 Lakhs at 12% p.a. over 60 months. If ₹10,000 is already committed to other EMIs, the eligible amount is around ₹4.50 Lakhs; with ₹15,000 committed, about ₹2.25 Lakhs.
With a ₹30,000 salary, you can generally secure a loan amount ranging from ten to twenty-four times your monthly income, or about ₹3 Lakhs to ₹7.20 Lakhs under the multiplier method and around ₹6.74 Lakhs at a 50% FOIR with no existing EMIs. Your eligibility depends on your credit score, existing debts, and employer's reputation.
The key factors are net monthly income, the lender's Fixed Obligation to Income Ratio, existing EMIs and credit card dues, the credit score, and the employer category and job stability. Together these decide the EMI a lender allows and the loan amount that EMI supports over the chosen tenure.
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