Learn how much personal loan you may qualify for with a ₹60,000 salary, eligibility criteria, and key factors explained.
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.
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 the key features and benefits of comparing personal loans on Bajaj Markets:
Compare personal loans with interest rates starting as low as 9.99% p.a.
Lenders on Bajaj Markets allow you to avail personal loans of up to ₹50 Lakhs.
The loan amount can address various financial needs like medical emergencies, weddings, education, travel, or debt consolidation.
Personal loans on Bajaj Markets are unsecured, requiring no collateral submission.
The minimal paperwork involved makes the application process seamless and user-friendly.
The online application ensures that your loan is reviewed and verified quickly.
Once approved, the loan amount can be credited to your account in no time.
Choose between term loans with fixed EMIs or flexi loans for greater repayment flexibility.
Enjoy complete transparency with zero hidden charges or undisclosed fees.
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.
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.
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.
Here are additional factors that may impact your eligibility and the loan amount you can borrow:
Applicants must be Indian citizens to qualify for a personal loan.
Both salaried professionals and self-employed individuals are eligible, based on lender-specific criteria.
You must be at least 18 years old to apply for a personal loan.
A monthly income of ₹10,000 or higher is typically required by lenders.
Applicants with at least one year of work experience are preferred by most lenders.
A CIBIL score of 600 or above is generally required to demonstrate creditworthiness.
Here is a list of essential documents you may need to submit when applying for a personal loan:
Submit any one document such as a PAN card, Aadhaar card, Voter ID, Passport, or Driving Licence.
Provide address verification through documents like Aadhaar card, Passport, Voter ID, Driving Licence, electricity bill, or telephone bill.
Lenders typically request salary slips or bank statements showing salary credits for the last three months.
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.
Here is a stepwise guide to applying for a personal loan with ₹60,000 salary on Bajaj Markets:
Click on the ‘Check Eligibility’ option to explore loan options
Fill in your personal details in the online application form
Enter the loan amount and choose your preferred repayment tenure
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.
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.
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.
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.