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For individuals earning ₹45,000 a month, a personal loan 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.

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 Loans on Bajaj Markets

Here are some key benefits of getting a loan on a ₹45,000 salary through Bajaj Markets:

High Loan Amount

Borrow up to ₹50 Lakhs to meet various financial needs, such as education, healthcare, or home improvement

Low Interest Rates

Access interest rates as low as 9.99% p.a., making borrowing affordable

Multiple Uses

Use the funds for various purposes like consolidating debt or funding personal milestones

No Collateral Needed

Enjoy the benefits of an unsecured loan without pledging any assets

Flexible Repayment

Opt for repayment plans tailored to your budget, such as fixed EMIs or flexible loan options

Hassle-free Online Process

Apply digitally on Bajaj Markets and enjoy quick verification process

Minimal Documentation

Submit only basic documents like ID and income proof, reducing paperwork

Quick Disbursal

Receive funds swiftly in your bank account, often within minutes of approval

Transparent Charges

Bajaj Markets provides clear details on fees, ensuring you do not have to face any hidden costs

How Much Personal Loan Can I Get on a ₹45,000 Salary?

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.

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.

Loan Amount as per Multiplier Method

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

Monthly Income

Estimated Loan Amount

₹20,000

₹3,00,000

₹25,000

₹3,75,000

₹30,000

₹6,00,000

₹35,000

₹7,00,000

₹45,000

₹9,00,000

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

Other Factors Influencing Eligibility and the Personal Loan Amount for ₹45,000 Salary

When applying for a personal loan for a salary of ₹45,000, here are the key eligibility criteria to consider:

  • Applicants must be Indian citizens to be eligible for a personal loan

  • Both salaried and self-employed individuals can apply, provided they meet the lender’s requirements for income and job stability

  • The minimum age to apply is 18 years, while the maximum age limit depends on the lender's policies

  • A minimum monthly income of ₹10,000 is typically required to qualify for a personal loan

  • Lenders often prefer applicants with at least one year of work experience to demonstrate financial stability

  • A CIBIL score of 750 or higher is generally necessary to showcase creditworthiness and improve approval chances

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

Documents Required for a ₹45,000 Salary Personal Loan on Bajaj Markets

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

  • Identity Proof: Any one of the following

    • Aadhaar card

    • PAN card

    • Voter ID

    • Passport

    • Driving licence

  • Address Proof: Any one of the following

    • Aadhaar card

    • Passport

    • Driving licence

    • Recent utility bill

  • Income Documents: Salary slips for the last three months and bank statements showing salary credits

  • Photographs: Two recent passport-sized photographs

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.

How to Apply for a Personal Loan with a ₹45,000 Salary on Bajaj Markets

Follow these steps to apply for a personal loan for ₹45,000 salary on Bajaj Markets:

  • Click on the ‘Check Eligibility’ option on this page

  • Enter your personal details, including name, contact information, income, and employment type, in the online form

  • Specify the required loan amount and preferred repayment tenure

  • Cross-check the details provided and submit the application 

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.

Frequently Asked Questions

What is the maximum amount of personal loan one can get on ₹45,000 salary?

The maximum loan amount depends on the lender but can range from about ₹8 Lakhs to ₹12 Lakhs. However, the exact loan amount offered depends on your overall eligibility for the loan and the lender’s policies.

What is the CIBIL score required for a personal loan with ₹45,000 salary?

A CIBIL score of 750 or more is generally preferred to get a personal loan at favourable terms.

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