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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.

Personal Loan Lenders Available on Bajaj Markets

Partner Name

Min Interest Rate

Max Tenure

Processing Fee

Bajaj Finance Limited

10% p.a.

96 months

Up to 3.93% of the loan amount

CASHe

2.79% p.m.

18 months

Up to 5.5% of the personal loan amount + GST

Federal Bank

11% p.a.

48 months

0.70% to 2.80% of the loan amount + 18% GST

Fibe

14% p.a.

36 months

Up to 2% of the loan amount

Finnable

15.95% p.a.

60 months

Up to 3% of total loan amount

IIFL Finance

18% p.a.

42 months

2% to 6% of the loan amount + GST

InCred

16% p.a.

60 months

2%-5% on the sanctioned amount

Kissht

14% p.a.

24 months

3% - 5% of the loan amount

Kotak Mahindra Bank

10.99% p.a.

72 months


Up to 1.10% - 1.50% of the loan amount + GST

KreditBee

14% p.a.

24 months

Up to 3% of the loan amount

L&T Finance

12% p.a.

48 months

Up to 2% of loan amount + GST

MoneyTap

18% p.a.

36 months

5% to 10% of the loan amount

moneyview

1.33% p.m.

60 months

Starting from 2% of the approved loan amount

mPokket

24% p.a.

90 days

₹50 to ₹200 + 18% GST (depending on the loan amount with a maximum APR of 48%)

Muthoot Finance

14.50% p.a.

60 months

2% to 4% of the loan amount

Olyv

18% p.a.

12 months

2% - 12% of the loan amount

PaySense Partners

15% p.a.

60 months

2% - 2.5% of the loan amount + GST or ₹500 + GST (whichever is higher)

Privo

9.99% p.a.

60 months

1%-3% of the loan amount +GST

SMFG India Credit

12% p.a.

60 months

0% - 6% of the loan amount

Upwards

18% p.a.

36 months

Up to 4% of the loan amount

YES BANK

12.50% p.a.

72 months

Up to 2.75% of the loan amount

Zype

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.

Features and Benefits of Personal Loan on Bajaj Markets

Here are the notable features and benefits of getting a personal loan for a ₹35,000 salary through Bajaj Markets:

Affordable Interest Rates

Enjoy interest rates starting from 9.99% p.a., helping to manage repayment comfortably

Flexible Repayment Options

Select a repayment tenure between 12 to 96 months based on your financial capacity

Versatile Usage

The loan amount can be used for various purposes, including medical bills, home improvements, higher education, weddings, or consolidating existing debts

High Loan Amount

Borrow up to ₹50 Lakhs, offering sufficient funds to cover significant expenses

Unsecured Loan

No need to provide collateral or security, making it easier to access funds

Efficient Online Application

The entire process, from application to approval, is completed online for your convenience

Minimal Documentation

Only essential documents are required, reducing the effort involved in the application process

Quick Disbursement

Once approved, the loan amount is transferred to your account promptly, often within minutes

Transparent Fees

Bajaj Markets ensures complete transparency in fees and charges, so you know exactly what you are paying for

How Much Personal Loan Can I Get on ₹35,000 Salary?

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:

  1. Multiplier Method

  2. Fixed Obligation to Income Ratio (FOIR) Method

Multiplier 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

Fixed Obligation to Income Ratio (FOIR) Method

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.

Other Factors Influencing Eligibility and Personal Loan Amount for ₹35,000 Salary

When applying for a personal loan with a ₹35,000 salary, several additional factors influence your eligibility and the amount you can borrow. 

These include:

To qualify for a personal loan with a ₹35,000 salary, you need to ensure the following eligibility criteria are met:

  • Indian Citizenship

You should hold Indian citizenship to apply for a personal loan

  • Employment Type

Both salaried employees and self-employed professionals are eligible, subject to the lender’s requirements

  • Age Requirement

You must be at least 18 years old at the time of application

  • Minimum Monthly Income

A monthly income of at least ₹10,000 is required to apply for a personal loan

  • Work Experience

A minimum of one year of professional experience, whether in salaried employment or self-employment, is generally expected

  • Credit Score

A CIBIL score of 600 or higher is typically required to demonstrate creditworthiness and enhance the chances of approval

Documents Required for ₹35,000 Salary Personal Loan

To apply for a personal loan with a ₹35,000 salary, you need to submit the following documents:

  • Identity Proof

Any one of the following document is accepted for identity verification:

  • PAN Card

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

  • Address Proof

Provide any one of the following document to verify your residential address:

  • Aadhaar Card

  • Passport

  • Voter ID

  • Driving Licence

  • Recent utility bills (electricity, water, or telephone)

  • Income Proof

Submit the following documents to verify your income:

  • Salary slips for the last three months

  • Bank statements showing salary credits for the last three months

  • Photographs

Two recent passport-sized photographs are mandatory to complete the application

Having these documents ready ensures a smooth and hassle-free loan application process, allowing for quicker approvals and disbursements.

How to Apply for Personal Loan on Bajaj Markets with a ₹35,000 Salary

Follow these steps to apply for a personal loan with a ₹35,000 salary:

  1. Click on the ‘Check Eligibility’ option available on the Bajaj Markets website or app to begin the process

  2. Complete the online application form by providing your basic personal information, including name, contact details, and employment status

  3. Enter the loan amount you wish to borrow and select a repayment tenure as suitable

  4. Review the details and submit the completed application form for verification

Once the application is submitted, a representative will contact you to guide you through the next steps and finalise the process.

FAQs

What is the maximum amount of personal loan one can get on ₹35,000 salary?

The maximum loan amount you may qualify for with a ₹35,000 salary depends on the lender’s policies and your financial profile.

What is the CIBIL score required for a personal loan with ₹35,000 salary?

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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