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Check out how a personal loan can help you meet your financial needs with a monthly salary of ₹35,000.
If your monthly income is ₹35,000, you could consider a personal loan as an effective way to manage significant financial needs. Personal loans for this salary bracket typically come with interest rates starting from 9.99% p.a., tenures of up to 96 months, and amounts of up to ₹50 Lakhs.
Such loans can be used for various purposes, including medical expenses, home improvements, travel, or weddings. Bajaj Markets offers a reliable platform to help you find lenders, compare options, and access personal loans suited to your financial goals through a seamless process.
Refer the table below:-
Partner Name |
Min Interest Rate |
Max Tenure |
Processing Fee |
|---|---|---|---|
10% p.a. |
96 months |
Up to 3.93% of the loan amount |
|
2.79% p.m. |
18 months |
Up to 5.5% of the personal loan amount + GST |
|
11% p.a. |
48 months |
0.70% to 2.80% of the loan amount + 18% GST |
|
14% p.a. |
36 months |
Up to 2% of the loan amount |
|
15.95% p.a. |
60 months |
Up to 3% of total loan amount |
|
18% p.a. |
42 months |
2% to 6% of the loan amount + GST |
|
16% p.a. |
60 months |
2%-5% on the sanctioned amount |
|
14% p.a. |
24 months |
3% - 5% of the loan amount |
|
10.99% p.a. |
72 months |
Up to 1.10% - 1.50% of the loan amount + GST |
|
14% p.a. |
24 months |
Up to 3% of the loan amount |
|
12% p.a. |
48 months |
Up to 2% of loan amount + GST |
|
18% p.a. |
36 months |
5% to 10% of the loan amount |
|
1.33% p.m. |
60 months |
Starting from 2% of the approved loan amount |
|
24% p.a. |
90 days |
₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%) |
|
14.50% p.a. |
60 months |
2% to 4% of the loan amount |
|
18% p.a. |
12 months |
2% - 12% of the loan amount |
|
15% p.a. |
60 months |
2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher) |
|
9.99% p.a. |
60 months |
1%-3% of the loan amount +GST |
|
12% p.a. |
60 months |
0% - 6% of the loan amount |
|
18% p.a. |
36 months |
Up to 4% of the loan amount |
|
12.50% p.a. |
72 months |
Up to 2.75% of the loan amount |
|
18% p.a. |
12 months |
2% to 6% of the loan amount |
*Disclaimer: The mentioned rates are as of 28th December 2024. These are subject to change at the lender’s discretion.
Enjoy interest rates starting from 9.99% p.a., helping to manage repayment comfortably
Select a repayment tenure between 12 to 96 months based on your financial capacity
The loan amount can be used for various purposes, including medical bills, home improvements, higher education, weddings, or consolidating existing debts
Borrow up to ₹50 Lakhs, offering sufficient funds to cover significant expenses
No need to provide collateral or security, making it easier to access funds
The entire process, from application to approval, is completed online for your convenience
Only essential documents are required, reducing the effort involved in the application process
Once approved, the loan amount is transferred to your account promptly, often within minutes
Bajaj Markets ensures complete transparency in fees and charges, so you know exactly what you are paying for
The loan amount you may qualify for with a ₹35,000 salary depends on your financial profile and the evaluation criteria of the lender.
Two commonly used methods are:
Multiplier Method
Fixed Obligation to Income Ratio (FOIR) Method
In the multiplier method, lenders estimate your loan eligibility by multiplying your Net Monthly Income (NMI) by a predetermined factor, usually ranging from 10 to 24. The exact multiplier depends on the lender’s policies and your financial stability.
Example Calculation:
Monthly Salary (NMI): ₹35,000
Assumed Multiplier: 15
Eligible Loan Amount: ₹35,000 × 15 = ₹5,25,000
Estimated Personal Loan Eligibility Using the Multiplier Method
Monthly Income (₹) |
Estimated Loan Amount (₹) |
|---|---|
₹25,000 |
₹3,75,000 |
₹30,000 |
₹4,50,000 |
₹35,000 |
₹5,25,000 |
₹40,000 |
₹6,00,000 |
₹45,000 |
₹6,75,000 |
₹50,000 |
₹7,50,000 |
The FOIR method assesses your loan eligibility based on your existing financial obligations relative to your income. Lenders prefer that your total monthly obligations, including the proposed loan EMI, do not exceed a certain percentage of your NMI, typically 50-55%.
Example Calculation:
Monthly Salary (NMI): ₹35,000
Maximum Allowable Obligations (50% of NMI): ₹35,000 × 50% = ₹17,500
Existing Monthly Obligations: ₹5,000
Available for New Loan EMI: ₹17,500 - ₹5,000 = ₹12,500
The lender calculates your loan amount considering the interest rate and repayment tenure, based on the available EMI of ₹12,500.
To get a personal loan, a CIBIL score of 650 or above is generally considered acceptable by many lenders. However, a higher score (700+) improves your chances of approval and better interest rates. If your score is below 650, consider these steps to improve it:
Pay credit card bills and EMIs on time
Keep your credit utilisation ratio low.
Avoid multiple loan applications simultaneously
Check your credit report for errors and get them corrected
Maintain a healthy mix of secured and unsecured credit
When applying for a personal loan with a ₹35,000 salary, several additional factors influence your eligibility and the amount you can borrow.
To qualify for a personal loan with a ₹35,000 salary, you need to ensure the following eligibility criteria are met:
You should hold Indian citizenship to apply for a personal loan
Both salaried employees and self-employed professionals are eligible, subject to the lender’s requirements
You must be at least 18 years old at the time of application
A stable and regular monthly income is essential to apply for a personal loan, as it assures lenders of your repayment ability
A minimum of one year of professional experience, whether in salaried employment or self-employment, is generally expected
A CIBIL score of 600 or higher is typically required to demonstrate creditworthiness and enhance the chances of approval. It is advisable to check your credit score before applying to assess your eligibility.
To apply for a personal loan with a ₹35,000 salary, you need to submit the following documents:
Document Type |
Accepted Documents |
|---|---|
Identity Proof |
- PAN Card- Aadhaar Card- Voter ID- Passport- Driving Licence |
Address Proof |
- Aadhaar Card- Passport- Voter ID- Driving Licence- Utility bills (electricity, water, or telephone) |
Income Proof |
- Last 3 months’ salary slips- Last 3 months’ bank statements showing salary credit |
Photographs |
- Two recent passport-sized photographs |
Follow these steps to apply for a personal loan with a ₹35,000 salary:
Click here to navigate to the application page
Choose your current occupation from the dropdown menu provided
Type in your contact number and residential PIN code
Carefully review the terms and conditions and agree to them
Click ‘Proceed’ to head to the next steps
Enter your personal and professional credentials, such as your full name, PAN card number, Date of Birth, Net monthly income, category and name of employer, email ID, gender and mode of salary credit.
Click on the ‘Submit’ button to proceed to the next step
Explore the offers available according to your eligibility
Select your offer of choice and provide your preferred repayment tenure
Review all the entered information and submit the application
Once the application is submitted, a representative will contact you to guide you through the next steps and finalise the process.
The maximum loan amount you may qualify for with a ₹35,000 salary depends on the lender’s policies and your financial profile.
A minimum CIBIL score of 600 is generally required to qualify for a personal loan with a ₹35,000 salary. A higher score may improve your eligibility, provide better interest rates, and enable access to higher loan amounts.
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