Personal Loan for ₹45,000 Salary

For individuals earning ₹45,000 a month, a personal loan on Bajaj Markets is a flexible financing solution for expenses like medical emergencies, weddings, education, or travel. You can access a significant amount quite easily, without having to pledge a collateral.

With interest rates starting from 9.99% p.a. and repayment tenures extending up to 96 months, the loan is easy to manage. Do note that your loan eligibility depends on factors such as your credit score, income stability, and the lender’s terms.

Refer the below table.

*Disclaimer: The mentioned rates are as of 28th December 2024. These are subject to change at the lender’s discretion.

The loan amount you may qualify for with a personal loan on a ₹45,000 salary depends on your financial profile and the lender’s evaluation methods. Most lenders either use the multiplier method or the Fixed Obligation to Income Ratio (FOIR) method to determine your eligibility.

Multiplier Method

Under this method, lenders calculate the eligible loan amount by multiplying your net monthly income (NMI) by a specific multiplier, which usually ranges from 10 to 24. The exact multiplier varies based on your credit profile, repayment capacity, and lender policies.

Example:

• NMI: ₹45,000

• Assumed Multiplier: 20

• Eligible Loan Amount: ₹45,000 × 20 = ₹9,00,000
  

As per this calculation, you could qualify for a loan amount of up to ₹9 Lakhs based on a salary of ₹45,000. However, the loan amount offered to you is subject to the lender’s policies and your financial health.

The table below provides an estimate of personal loan amounts for various monthly salaries up to ₹45,000:

*Disclaimer: Calculations assume a multiplier of 20 and no pre-existing financial obligations or ongoing loan repayments.

FOIR Method

The FOIR method assesses your loan eligibility by calculating the proportion of your monthly income that is already committed to existing obligations (such as EMIs or rent). Lenders typically prefer that your total obligations, including the EMI for the new loan, do not exceed 50-55% of your NMI.

Example:

• NMI: ₹45,000

• Maximum Allowable Obligations (50% of NMI): ₹45,000 × 50% = ₹22,500

• Existing Obligations: ₹5,000

• Repayment Capacity: ₹22,500 - ₹5,000 = ₹17,500

Based on this, lenders will calculate the loan amount you may qualify for, considering the applicable interest rate and repayment tenure.

When applying for a personal loan with a ₹45,000 monthly salary, your CIBIL score is an important factor that lenders consider in their decision-making process. A minimum CIBIL score of 650 is generally required to secure loan approval. This score indicates that you have managed your finances well and are likely to repay the loan responsibly.

However, for optimal chances of approval and to receive more favourable interest rates, it’s ideal to have a CIBIL score of 700 or higher. A higher score not only increases your eligibility but can also result in better loan terms, including lower interest rates and higher loan amounts.

If your CIBIL score is below 650, it’s essential to work on improving it. Consistently paying your bills on time, reducing outstanding debts, and monitoring your credit report for errors can gradually increase your score and improve your chances of getting a personal loan with better terms.

When applying for a personal loan with a ₹45,000 salary, the following key eligibility factors play a crucial role in the approval process:

Citizenship Requirement

Applicants must be Indian citizens to qualify for a personal loan. This is a basic requirement set by most lenders.

Employment Type

Both salaried and self-employed individuals are eligible to apply for a personal loan, provided they meet the lender’s specific criteria for income and job stability.

Age Criteria

The minimum age to apply for a personal loan is typically 18 years. However, the maximum age limit for eligibility varies depending on the lender’s policies, with many setting it around 60-65 years.

Minimum Income Requirement

A minimum monthly income of ₹10,000 is generally required to apply for a personal loan. This helps ensure that the applicant has the financial capacity to repay the loan.

Work Experience

Lenders often prefer applicants who have at least one year of work experience, as it demonstrates financial stability and consistency in income.

CIBIL Score

A CIBIL score of 750 or higher is generally necessary to increase your chances of loan approval. A good credit score showcases your creditworthiness, which can lead to better loan terms. It's advisable to check your credit score in advance to assess your eligibility.

Ensuring you meet these criteria before applying can streamline the approval process and increase your eligibility for higher loan amounts.

To apply for a personal loan on a ₹45,000 salary, you will need to provide the following:

Providing these documents accurately will help speed up your loan approval process and minimise any delays. Ensure that all documents are current and valid before submission.

Here’s a straightforward and effective process to apply for your personal loan through Bajaj Markets:

1. Go to the Bajaj Markets personal loan application page.
   

2. Select your profession from the available options.
   

3. Enter your mobile number and residential PIN code.
   

4. Accept the terms and conditions.
   

5. Click on the 'Proceed' button.
   

6. On the following page, enter or select the following details:
   

   • PAN number
     

   • Full name (as per PAN card)
     

   • Date of birth
     

   • Monthly net salary
     

   • Employer category
     

   • Employer or company name
     

   • Valid email address
     

   • Gender
     

   • Salary credit mode (Bank or Cash)
     

7. Hit the 'Submit' button to progress to the next step.
   

8. Review the personal loan offers based on your eligibility.
   

9. Choose the loan offer that best suits your needs.
   

10. Provide any additional details or documents if required.
    

11. Complete the KYC verification, set up the e-mandate, and finalize the loan disbursement on the lender’s website.

Once submitted, your application will be reviewed. Following this, loan providers will contact you to further process your loan application. On approval, the loan amount shall be disbursed directly to your bank account.