Know the personal loan amount you may be eligible for with a ₹45,000 salary using simple calculations.
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.
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.
Here are some key benefits of getting a loan on a ₹45,000 salary through Bajaj Markets:
Borrow up to ₹50 Lakhs to meet various financial needs, such as education, healthcare, or home improvement
Access interest rates as low as 9.99% p.a., making borrowing affordable
Use the funds for various purposes like consolidating debt or funding personal milestones
Enjoy the benefits of an unsecured loan without pledging any assets
Opt for repayment plans tailored to your budget, such as fixed EMIs or flexible loan options
Apply digitally on Bajaj Markets and enjoy quick verification process
Submit only basic documents like ID and income proof, reducing paperwork
Receive funds swiftly in your bank account, often within minutes of approval
Bajaj Markets provides clear details on fees, ensuring you do not have to face any hidden costs
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.
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 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.
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.
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.
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.
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.
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.
A CIBIL score of 750 or more is generally preferred to get a personal loan at favourable terms.