Personal Loan for a ₹10,000 Salary

While getting a personal loan on a ₹10,000 monthly salary is challenging, it is possible for select borrowers depending on their credit score, city of residence, and existing liabilities. Several lenders on Bajaj Markets offer easy loan options for borrowers with a modest income. You can compare different offers, check interest rates, and choose a plan that suits your budget.

With Bajaj Markets, you can explore personal loan options designed for low-income earners. Whether you need funds for medical expenses, education, or emergencies, multiple lenders offer flexible solutions to match your budget. Meet the basic eligibility requirements, submit the necessary documents, and apply online. 

A stable income and a healthy credit score can improve your chances of quick approval and better rates.

Even with a monthly income of ₹10,000, you can apply for a personal loan on Bajaj Markets without providing any security. Here are some key benefits you can enjoy:

• High Loan Amount

Based on your financial profile and the lender’s terms, you may be eligible for a loan of up to ₹55 Lakhs on Bajaj Markets. This gives you the flexibility to meet a wide range of financial needs.

• Quick Disbursal

Once your loan is approved, the amount is disbursed quickly. This ensures you have timely access to funds for emergencies or planned expenses.

• Affordable Interest Rates

You can find competitive personal loan interest rates on Bajaj Markets, starting from 9.99% p.a. Comparing offers helps you choose the most affordable option for your needs.

• Flexible Repayment Tenure

Select a repayment tenure that fits your budget and cash flow. You can opt for longer tenures of up to 8 years to keep your EMIs comfortable and manageable.

• No Collateral Required

These personal loans are unsecured, so you do not need to pledge assets like property or gold. This simplifies the process and speeds up loan approval.

The loan amount you can get with a ₹10,000 monthly salary depends on your financial profile and how the lender evaluates your eligibility. Most lenders follow either the Multiplier method or the FOIR (Fixed Obligation to Income Ratio) method.

• Multiplier Method

In this method, your Net Monthly Income (NMI) is multiplied by a factor, typically between 10 to 24, based on your credit score, income stability, and lender policies.

Example:

Monthly Income: ₹10,000

Multiplier: 15

Eligible Loan: ₹10,000 × 15 = ₹1,50,000

Do note that the actual multiplier applied may vary significantly between banks and NBFCs. Some lenders may also require a minimum salary threshold, typically above ₹15,000, especially in metro cities.

With a ₹10,000 salary and a multiplier of 15, you could be eligible for a loan of around ₹1.5 Lakhs.

Estimated Personal Loan Eligibility for Monthly Salaries up to ₹10,000 (Multiplier Method)

The table below presents estimated personal loan amounts based on salaries up to ₹10,000, calculated using the standard multiplier method:

• FOIR Method

FOIR refers to the portion of your income already used to pay existing EMIs. Most lenders prefer that your total EMIs, including the new loan, do not exceed 40% to 50% of your income.

Example:

Monthly Income: ₹10,000

Maximum EMI Allowed (at 50% FOIR): ₹5,000

Based on the eligible EMI, the loan amount is calculated backwards, depending on the interest rate and tenure.

Both methods are used to balance your repayment capacity with financial stability.

To get a personal loan, a CIBIL score of 600 or higher is generally required. If your score is low, you can improve it by taking a few simple steps:

• Pay your credit card bills and loan EMIs on time to maintain a positive repayment history

• Keep your credit utilisation ratio below 30% to show responsible usage

• Avoid applying for multiple loans or credit cards within a short period

• Request a higher credit limit, but keep your spending in check to improve your utilisation ratio

• Check your credit report regularly and fix any errors promptly

Following these habits can help you strengthen your credit profile and boost your chances of loan approval.

Your eligibility for a personal loan depends on multiple factors beyond just your income. Lenders evaluate your credit score, existing debts, and repayment history before making a decision.

• Credit Score

A higher credit score reflects responsible financial behaviour and increases your chances of approval. It may also help you secure better interest rates. Most lenders prefer a credit score of 650 or above for personal loans.

• Age

Most lenders prefer borrowers between 18 and 60 years old. Younger applicants may need a co-applicant, while older applicants may face stricter scrutiny.

• Relationship with the Lender

Being an existing customer can work in your favour. Some lenders offer faster approvals or better loan terms to loyal customers.

• Application and Documentation

Providing accurate and complete documents is essential. Many lenders simplify the process by accepting digital applications using your PAN and Aadhaar.

• Lender’s Policies

Every lender has its own eligibility rules. Comparing offers can help you find the loan that best matches your profile.

To apply for a personal loan with a ₹10,000 salary, you need to provide certain basic documents:

Follow these simple steps to apply for a personal loan on Bajaj Markets:

1. Click here to visit the application section

2. Fill in basic personal and financial details in the online application form

3. Enter the desired loan amount and choose your preferred repayment tenure

4. Upload the required documents and submit the form for verification

5. Once submitted, a representative may contact you to assist with the next steps