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A personal loan for ₹60,000 salary can help meet financial requirements such as medical expenses, education, or home improvement. On Bajaj Markets, you can compare personal loans offered by lenders with competitive interest rates starting at 9.99% p.a., loan amounts of up to ₹50 Lakhs, and repayment tenures of up to 96 months. These loans are unsecured and require no collateral. Loan eligibility and terms depend on factors such as your credit score, income stability, and lender-specific policies.

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 the key features and benefits of comparing personal loans on Bajaj Markets:

Competitive Interest Rates

Compare personal loans with interest rates starting as low as 9.99% p.a.

Borrow Higher Amounts

Lenders on Bajaj Markets allow you to avail personal loans of up to ₹50 Lakhs.

Multi-purpose Usage

The loan amount can address various financial needs like medical emergencies, weddings, education, travel, or debt consolidation.

No Security Required

Personal loans on Bajaj Markets are unsecured, requiring no collateral submission.

Hassle-free Documentation

The minimal paperwork involved makes the application process seamless and user-friendly.

Faster Processing

The online application ensures that your loan is reviewed and verified quickly.

Quick Fund Disbursal

Once approved, the loan amount can be credited to your account in no time.

Custom Loan Options

Choose between term loans with fixed EMIs or flexi loans for greater repayment flexibility.

Transparent Fee Structure

Enjoy complete transparency with zero hidden charges or undisclosed fees.

How Much Personal Loan Can I Get on ₹60,000 Salary

The loan amount you may qualify for with a ₹60,000 salary depends on factors like your credit score, existing financial obligations, and lender-specific policies. Lenders commonly calculate eligibility for a personal loan on a ₹60,000 salary using the Multiplier Method or the Fixed Obligation to Income Ratio (FOIR) Method.

Multiplier Method

Under this method, your net monthly income (NMI) is multiplied by a fixed factor, typically between 15 and 24, to estimate your loan eligibility.

Monthly Income

(₹)

Multiplier

(15x)

Multiplier

(20x)

Multiplier

(24x)

₹40,000

₹6 Lakhs

₹8 Lakhs

₹9.6 Lakhs

₹50,000

₹7.5 Lakhs

₹10 Lakhs

₹12 Lakhs

₹60,000

₹9 Lakhs

₹12 Lakhs

₹14.4 Lakhs

₹70,000

₹10.5 Lakhs

₹14 Lakhs

₹16.8 Lakhs

₹80,000

₹12 Lakhs

₹16 Lakhs

₹19.2 Lakhs

Using this method, you may qualify for a loan of up to ₹12 Lakhs, based on your credit profile and the lender's policies. For instance, if your monthly salary is ₹60,000 and the multiplier applied is 20, your eligible loan amount would be ₹12 Lakhs.

Fixed Obligation to Income Ratio (FOIR) Method

The FOIR method considers your existing obligations, ensuring that your total financial commitments, including the new EMI, do not exceed 50-55% of your income.

Example Calculation:

  • Monthly Salary (NMI): ₹60,000

  • Maximum Allowable Obligations (50% of NMI): ₹30,000

  • Existing Obligations: ₹5,000

  • Available for New Loan EMI: ₹30,000 - ₹5,000 = ₹25,000

Based on the available EMI capacity, lenders calculate the maximum loan amount by factoring in the interest rate and repayment tenure.

Both methods help determine the eligibility for a personal loan on a ₹60,000 salary, but the exact amount will vary based on the lender’s evaluation criteria and your financial profile.

Other Factors Influencing Eligibility and Personal Loan Amount for ₹60,000 Salary

Here are additional factors that may impact your eligibility and the loan amount you can borrow:

Residency Requirement

Applicants must be Indian citizens to qualify for a personal loan.

Employment Type

Both salaried professionals and self-employed individuals are eligible, based on lender-specific criteria.

Age Criteria

You must be at least 18 years old to apply for a personal loan.

Minimum Income Requirement

A monthly income of ₹10,000 or higher is typically required by lenders.

Work Experience

Applicants with at least one year of work experience are preferred by most lenders.

Credit Score

A CIBIL score of 600 or above is generally required to demonstrate creditworthiness.

Documents Required for a Personal Loan with ₹60,000 Salary

Here is a list of essential documents you may need to submit when applying for a personal loan:

Proof of Identity

Submit any one document such as a PAN card, Aadhaar card, Voter ID, Passport, or Driving Licence.

Proof of Address

Provide address verification through documents like Aadhaar card, Passport, Voter ID, Driving Licence, electricity bill, or telephone bill.

Income Verification

Lenders typically request salary slips or bank statements showing salary credits for the last three months.

Photographs

Submit two recent passport-sized photographs to complete your application.

Additional documents may vary by lender, so it’s important to check their specific requirements before applying.

How to Apply for a Personal Loan with ₹60,000 Salary on Bajaj Markets

Here is a stepwise guide to applying for a personal loan with ₹60,000 salary on Bajaj Markets:

  1. Click on the ‘Check Eligibility’ option to explore loan options

  2. Fill in your personal details in the online application form

  3. Enter the loan amount and choose your preferred repayment tenure

  4. Submit the application form along with the required documents

After submission, a representative will contact you to assist with the next steps of your application process.

Frequently Asked Questions

What is the maximum amount of personal loan one can get on ₹60,000 salary?

The maximum personal loan amount for a ₹60,000 salary depends on the lender’s policies and evaluation methods. Using the multiplier method, where lenders multiply your net monthly income (NMI) by a factor of 15 to 24, you could qualify for a loan amount between ₹9 Lakhs and ₹14.4 Lakhs. The final amount will also depend on your credit score, repayment capacity, and existing obligations.

What is the CIBIL score required for a personal loan with ₹60,000 salary?

A minimum CIBIL score of 600 is typically required for a personal loan with a ₹60,000 salary. However, a score of 750 or above is preferred by most lenders, as it increases the likelihood of approval and helps secure better loan terms, such as lower interest rates and higher loan amounts.

How much personal loan can I get on ₹60,000 salary?

You could get a personal loan of ₹9 Lakhs to ₹14.4 Lakhs based on the Multiplier Method, where lenders multiply your net monthly income (NMI) by a factor typically ranging from 15 to 24. For a ₹60,000 salary, this means:

  • ₹60,000 × 15 = ₹9 Lakhs (lower range)

  • ₹60,000 × 24 = ₹14.4 Lakhs (upper range)

The final amount also depends on your credit score, repayment capacity, and the lender’s evaluation policies for determining how much loan you can get on ₹60,000 salary.

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