Personal Loan for ₹60,000 Salary

If you earn ₹60,000 a month, applying for a personal loan on Bajaj Markets can be a straightforward way to meet your financial needs. Many salaried professionals in this income bracket opt for short-term loans to cover a range of needs. Whether you're planning a destination wedding, dealing with medical expenses, or consolidating older debts, a personal loan can offer much-needed financial support. It is unsecured, so you won’t need to pledge assets or arrange guarantors.

Getting a personal loan with a ₹60,000 income on Bajaj Markets can be quite straightforward if you meet the basic eligibility criteria. Here are some of the possible benefits: 

• Loan Amount as per Your Needs 

You could be eligible for a loan amount that’s based on your monthly income and credit score. This can be used for personal or family-related goals. 

• Affordable Interest Rates

Enjoy competitive interest rates starting as low as 9.99% p.a. This can help in making your repayment more affordable and avoid straining your monthly budget. 

• Flexible Tenure Options 

The repayment tenure may range up to 8 years. This means you could choose a repayment period that suits your income cycle and reduces EMI pressure. 

• Collateral-Free Application Process 

You might not be asked to offer any asset or security. This means quicker processing and fewer formalities for salaried individuals. 

• Instant Online Application and Approval 

You can easily apply for a personal loan online on Bajaj Markets. Pre-approved offers and minimal paperwork could speed up the process. 

• Customisable EMI Plans 

Depending on your salary and expenses, you could opt for EMIs that fit comfortably into your budget. A Personal Loan EMI calculator can help you plan this better. 

• End Use Flexibility 

The loan amount can possibly be used for multiple purposes—from planning travel and wedding functions to managing urgent medical expenses or debt repayments. 

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.

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.

Most lenders on Bajaj Markets prefer a minimum CIBIL score of 650 for personal loans on a ₹60,000 salary. However, a score of 700 or above greatly improves your chances of approval and can help you secure lower interest rates. A higher CIBIL score signals responsible credit behaviour, reassuring lenders of your ability to repay the loan promptly. If your score is below 600, it’s advisable to work on improving it by clearing existing dues and making timely payments before applying. 

You can qualify for a personal loan on a ₹60,000 salary if you meet the following general eligibility conditions: 

• You must be an Indian citizen with a valid address and income proof

• You must be a salaried or self-employed individual

• Your age should be at least 18 years at the time of application

• You should have a stable income from your salary or business

• You need to have at least 1 year of continuous employment or business experience

• You must provide valid KYC and income documents as required by the lender

• Your credit score should preferably be above 650 to apply for a ₹60,000 loan

Check your CIBIL score now to know your updated credit score and see how you can improve it.

Apart from income and credit score, lenders may assess several other parameters before approving your loan: 

• Debt-to-Income Ratio

Lenders usually evaluate how much of your income is already committed to EMIs. A lower ratio often indicates better repayment capacity. 

• Job Stability and Employer Category

Working in a reputed organisation or being in a government job might help improve your eligibility, especially if you have been employed for at least 6–12 months. 

• Residential Location

Applicants living in metro cities might get different eligibility terms compared to those in semi-urban or rural areas, as cost-of-living factors vary. 

• Loan Repayment History

Your past performance in repaying loans, credit cards, or EMIs may influence how lenders assess your application. 

• Existing Liabilities

Having several ongoing loans or credit obligations may reduce your eligibility, even with a higher monthly income. 

• Relationship with Lender

An existing cordial banking relationship may speed up approvals and help you secure better terms on you personal loan with a ₹60,000 salary. 

When applying for a personal loan, submitting the correct documents can speed up the process. Here's a list of standard documents usually required on Bajaj Markets:

Note: Documents required can vary across lenders. It's advisable to contact your preferred lender to confirm exact eligibility criteria and documentation before you apply.

Applying for a personal loan on a ₹60,000 salary can be quick and hassle-free if you have all your documents ready. Here’s how you can start the process on Bajaj Markets: 

1. Click here to go to the loan application page and start the process. 
2. Choose your profession from the dropdown options provided.
3. Provide your pin code and mobile number for OTP verification.
4. Agree to the terms and conditions by ticking the boxes, and click on ‘Proceed’.
5. Enter your personal details, as asked:

• Name as per PAN card
• PAN
• Email ID
• Date of birth
• Gender

1. Similarly, provide details of your employment, such as: 

• Employer/company name
• Employer category
• Net monthly salary
• Salary credit mode (Cash or Bank)

1. Check the information carefully and click on ‘Submit’.
2. You will be able to see various loan offers as per your eligibility.
3. Choose a suitable option and provide any additional details, as and if required. 
4. Next, you’ll be redirected to the website of the lender for further steps like KYC process, e-mandate, and loan disbursal. 

This streamlined process ensures quick approvals and disbursal, helping you access funds without delay.

Note: This process is meant for salaried individuals. If you choose ‘self-employed’ as your profession, you’ll be taken to a different page to provide business details like monthly turnover. Follow the instructions provided on that page accordingly.

Reference of all T&Cs necessarily refers to the terms of the Partners as regards pre-approved offers and loan processing time, amongst other conditions.