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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.

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 Loan on Bajaj Markets

Here are the key features and benefits of applying for a personal loan with a ₹70,000 salary through Bajaj Markets:

Competitive Interest Rates

Interest rates start as low as 9.99% p.a., making loan repayments more manageable

Flexible Repayment Tenures

Choose a repayment period ranging from 12 to 96 months to suit your financial planning

Multi-Purpose Loan

Use the loan for various needs, such as medical expenses, home renovation, higher education, weddings, or consolidating debts

Substantial Loan Amounts

Access loan amounts of up to ₹50 Lakhs to fulfil significant financial requirements

No Collateral Required

Personal loans are unsecured, so you don’t need to pledge assets or provide security

Seamless Online Process

The entire application process is digital, ensuring a smooth and hassle-free experience from start to finish

Minimal Paperwork

Submit only the necessary documents, simplifying the application process

Fast Loan Disbursal

Once approved, the funds can be credited to your account quickly, often within a few minutes

Clear and Transparent Charges

Bajaj Markets provides complete clarity on fees and charges, ensuring no hidden costs

How Much Personal Loan Can I get on a ₹70,000 Salary

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.

Multiplier 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

Fixed Obligation to Income Ratio (FOIR) Method

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.

Other Factors Influencing Eligibility and Personal Loan Amount for ₹70,000 Salary

In addition to your salary, lenders consider several other factors when determining your eligibility and the loan amount you may qualify for. 

These include:

  • Age Requirement

You need to be at least 18 years old at the time of submitting your application

  • Minimum Monthly Income

Your monthly income should be at least ₹10,000 to qualify for a personal loan

  • Indian Citizenship

Applicants must be Indian citizens to be eligible for a personal loan

  • Employment Type

Both salaried individuals and self-employed professionals can apply, provided they meet the lender’s specified criteria

  • Work Experience

Lenders typically require a minimum of one year of stable work experience, whether in a salaried job or as a self-employed individual

  • Credit Score

A CIBIL score of 600 or above is usually required to reflect good creditworthiness and improve the likelihood of approval

Documents Required for ₹70,000 Salary Personal Loan

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:

Identity Proof

Submit any one of these documents to confirm your identity:

  • PAN Card

  • Aadhaar Card

  • Voter ID

  • Passport

  • Driving Licence

Address Proof

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

Income Proof

To verify your income, you must submit:

  • Salary slips for the last three months

  • Bank statements showing salary credits for the past three months

Photographs

  • 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.

How to Apply for a Personal Loan with ₹70,000 Salary on Bajaj Markets

Follow these steps to apply for a ₹70,000 salary personal loan on Bajaj Markets:

  1. Begin by selecting the ‘Check Eligibility’ option on the Bajaj Markets website or app

  2. Complete the online application form by entering your personal information, including your name, contact details, and employment type

  3. Mention the loan amount you need and choose a repayment tenure that aligns with your financial planning

  4. 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.

FAQs

How much personal loan can I get on a ₹70,000 salary?

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.

What is the CIBIL score required for a personal loan with ₹70,000 salary?

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.

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