If you earn a monthly salary of ₹70,000, you may have access to a wide range of personal loan options designed to suit your financial needs. With interest rates starting from 9.99% p.a., repayment tenures extending up to 96 months, and loan amounts reaching ₹50 Lakhs, personal loans are a practical way to manage significant expenses.
Whether it’s for funding a wedding, paying for medical emergencies, or renovating your home, personal loans can cater to various financial requirements. Bajaj Markets provides a user-friendly platform where you can compare lenders, evaluate options, and apply for a personal loan seamlessly, ensuring a smooth borrowing experience.
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 applying for a personal loan with a ₹70,000 salary through Bajaj Markets:
Interest rates start as low as 9.99% p.a., making loan repayments more manageable
Choose a repayment period ranging from 12 to 96 months to suit your financial planning
Use the loan for various needs, such as medical expenses, home renovation, higher education, weddings, or consolidating debts
Access loan amounts of up to ₹50 Lakhs to fulfil significant financial requirements
Personal loans are unsecured, so you don’t need to pledge assets or provide security
The entire application process is digital, ensuring a smooth and hassle-free experience from start to finish
Submit only the necessary documents, simplifying the application process
Once approved, the funds can be credited to your account quickly, often within a few minutes
Bajaj Markets provides complete clarity on fees and charges, ensuring no hidden costs
The loan amount you may qualify for with a ₹70,000 salary depends on your financial profile and the evaluation criteria of lenders. Two commonly used methods to determine eligibility are the Multiplier Method and the Fixed Obligation to Income Ratio (FOIR) Method.
The Multiplier Method calculates your loan eligibility by multiplying your Net Monthly Income (NMI) by a predefined factor, typically ranging between 10 and 24. This factor is based on the lender’s policies and your financial health.
Example Calculation:
Net Monthly Income: ₹70,000
Assumed Multiplier: 15
Eligible Loan Amount: ₹70,000 × 15 = ₹10,50,000
Estimated Personal Loan Eligibility Using the Multiplier Method
Monthly Income (₹) |
Estimated Loan Amount (₹) |
₹50,000 |
₹7,50,000 |
₹60,000 |
₹9,00,000 |
₹70,000 |
₹10,50,000 |
₹80,000 |
₹12,00,000 |
₹90,000 |
₹13,50,000 |
₹1,00,000 |
₹15,00,000 |
The FOIR method evaluates your loan eligibility by assessing your total monthly financial obligations compared to your income. Lenders generally prefer that your monthly obligations, including the proposed loan EMI, do not exceed 50-55% of your NMI.
Example Calculation:
Monthly Salary (NMI): ₹70,000
Maximum Allowable Obligations (50% of NMI): ₹70,000 × 50% = ₹35,000
Existing Monthly Obligations: ₹10,000
Available for New Loan EMI: ₹35,000 - ₹10,000 = ₹25,000
Based on the available EMI of ₹25,000, lenders will calculate the loan amount you are eligible for, taking into account the interest rate and tenure.
In addition to your salary, lenders consider several other factors when determining your eligibility and the loan amount you may qualify for.
These include:
You need to be at least 18 years old at the time of submitting your application
Your monthly income should be at least ₹10,000 to qualify for a personal loan
Applicants must be Indian citizens to be eligible for a personal loan
Both salaried individuals and self-employed professionals can apply, provided they meet the lender’s specified criteria
Lenders typically require a minimum of one year of stable work experience, whether in a salaried job or as a self-employed individual
A CIBIL score of 600 or above is usually required to reflect good creditworthiness and improve the likelihood of approval
If you are applying for a personal loan on Bajaj Markets with a salary of ₹70,000, you will need to provide the following documents:
Submit any one of these documents to confirm your identity:
PAN Card
Aadhaar Card
Voter ID
Passport
Driving Licence
Provide any one of these documents as proof of your residential address:
Aadhaar Card
Voter ID
Passport
Driving Licence
Recent electricity bill
Recent telephone bill
To verify your income, you must submit:
Salary slips for the last three months
Bank statements showing salary credits for the past three months
Two recent passport-sized photographs are also required for the application process
Having these documents ready ensures that your personal loan application is processed without unnecessary delays.
Follow these steps to apply for a ₹70,000 salary personal loan on Bajaj Markets:
Begin by selecting the ‘Check Eligibility’ option on the Bajaj Markets website or app
Complete the online application form by entering your personal information, including your name, contact details, and employment type
Mention the loan amount you need and choose a repayment tenure that aligns with your financial planning
Review the form for accuracy and submit it for verification
After submission, a representative will contact you to assist with the next steps, guide you through the verification process, and finalise your application.
The maximum personal loan amount for a ₹70,000 salary depends on the lender’s policies and evaluation criteria. Using the Multiplier Method with an assumed multiplier of 15, you could be eligible for up to ₹10.5 Lakhs. However, the actual amount may vary based on factors like your credit score, existing liabilities, and repayment capacity.
To apply for a personal loan with a ₹70,000 salary, a minimum CIBIL score of 600 is typically required. A higher score, such as 750 or above, can increase your chances of approval and may provide access to better loan terms, including lower interest rates and higher loan amounts.