Personal Loan for ₹55,000 Salary

Explore personal loan options you can get on your ₹55,000 salary and make a well-informed borrowing decision. Compare interest rates, tenure, and eligibility to choose the best fit for your needs.

If you earn ₹55,000 per month and need funds, a personal loan can be one of the most suitable options. You can take a loan for a variety of reasons, including short-term expenses like weddings, medical bills, overseas travel, house improvements, or other obligations. 

Personal loans give freedom in terms of use and repayment, and they are unsecured, meaning you do not need to pledge any security. 

Refer the table below:-

The loan amount you may be eligible for with a ₹55,000 monthly income depends on your financial background and how each lender assesses your profile. Most financial institutions calculate eligibility using either the Multiplier Method or the FOIR (Fixed Obligation to Income Ratio) Method.

Multiplier Method

Under this approach, lenders multiply your Net Monthly Income (NMI) by a factor, generally ranging from 10 to 24. The exact multiplier depends on your credit score, employment stability, and internal lending policies.

Example Calculation

• Monthly Income: ₹55,000

• Multiplier: 15

• Estimated Loan Amount: ₹55,000 × 15 = ₹8,25,000

Some banks and NBFCs may apply higher or lower multipliers based on risk assessment.

Estimated Loan Eligibility for ₹45,000 to ₹55,000 Monthly Salary

The table below shows estimated personal loan amounts based on various monthly incomes. These figures are calculated using a standard multiplier of 15, commonly used by lenders:

FOIR Method

The FOIR method considers your existing financial obligations. Lenders typically ensure that all EMIs combined, including the new one, do not exceed 40%–50% of your net monthly income.

Example Calculation

Monthly Salary: ₹55,000

FOIR Cap at 50%: ₹27,500

The maximum EMI permitted would be ₹27,500, and your loan eligibility would be calculated based on this EMI, taking into account the interest rate and loan tenure.

Both methods are commonly used by lenders to estimate how much you can borrow while maintaining healthy financial management.

Many lenders can provide you with a loan with a cibil score of 650, even though it is considered a low score. However, you can work towards it and try to improve your score by following these tips:

• Check errors and mistakes in your credit report

• Pay all your bills and instalments on time

• Avoid multiple loan applications within a short period

• Use your credit card wisely and keep the utilisation low

There are various factors that can influence your personal loan eligibility for your ₹55,000 salary:

• Credit Score 

The most important aspect influencing your eligibility for a personal loan is your credit score. Lenders use it to evaluate your creditworthiness and loan-repayment capacity. You are a more desirable borrower if your credit score is higher. 

• Current Debt

Before taking a personal loan application, lenders consider your current debts. These consist of any outstanding bills, credit card balances, and other loan repayments. Your eligibility is reduced if you have a lot of outstanding debt because lenders are concerned about your capacity to make future loan payments.

• Loan Amount and Duration

The loan duration and amount can affect your loan eligibility. The restrictions could be stricter for higher loan amounts than for smaller ones. To improve your chances of getting approved, be careful to just borrow what you can afford.

• Income and Employment

Your eligibility is mostly determined by your monthly income. If you have a high salary, you can get a high loan amount, and with a low income, the amount will decrease.  

• Relationship with the Lender 

Banks and lenders can give various benefits to existing clients. You also get exclusive deals from your bank with your monthly income.

• Credit History

Your credit history helps the lender learn about your past borrowing habits. Your chances of getting approved increases if you have a spotless credit history free of defaults and late payments. However, overdue accounts, defaults, or late payments can affect your chances of getting approved for a loan. 

• Guarantor or Collateral 

A personal loan is unsecured, and you do not need any guarantors or security for these loans. However, you could think about offering collateral or a guarantor to secure the loan if your eligibility is poor due to low income or credit score. 

• Documentation and Application 

When applying for a personal loan, correct and comprehensive documentation is essential. Inaccurate documentation or incomplete applications result in rejection or delays. 

• Policies 

Every lender has a different set of rules and requirements for qualifying. It is crucial to check the policies and pick a lender whose terms fit your financial situation. Examine the fees, interest rates, and qualifying requirements offered by various lenders. 

• Age

Your age can impact your eligibility for personal loans. The age criteria for borrowers normally be at least 21 years old. However, different lenders have different age limit criteria.  

Here is a list of documents you may need to submit while applying for a loan:

You can easily apply for a personal loan on a ₹55,000 salary via Bajaj Markets by following the simple steps:

1. Go to the ‘Personal Loan’ page under ‘Loans’

2. Click on the ‘Check Eligibility’ button 

3. Fill out the online application form with your basic personal information 

4. Select the loan amount and tenure 

5. Submit the application form 

A customer representative will contact you regarding the next steps.

There are different types of loans you can get from various lenders on Bajaj Markets. Some of these loans are listed below:

• Personal Loans

These are flexible loans that you can use for paying for a trip or medical bills. Personal loans are usually offered by lenders based on your monthly income, credit history, etc. The loan amount for a ₹55,000 salary depends on the lender and additional variables, including your credit score and current debts.

• Gold Loan

You can get a gold loan by offering the lender gold jewellery or decorations as security. Depending on the lender and your preferences, the loan period may range from a few days to years. 

• Home Loan

You can take home loans to build or buy a home. In this case, the house itself serves as the lender's collateral. The home serves as the primary security, but depending on your characteristics and the home's value, the lender may also demand collateral security. 

• Car Loan

The cost of the automobile, your income, and the lender's evaluation of your capacity to repay all affect the loan amount. Although it is not often stated clearly, a salary of ₹55,000 would enable you to borrow a substantial sum for the purchase of a car. 

• Loan Against Property

A Loan Against Property (LAP) enables you to acquire money for any need by using your property as collateral. Currently, the LAP interest rate varies from 8.99% to 15% annually, with various parameters such as credit score, term, and loan amount.

• Education Loan

Students who choose to pursue higher education in India or outside are given these unsecured loans. Tuition, living expenses, books, travel, and other course-related expenditures are all covered by these loans.