Personal Loan for ₹80,000 Salary

With a monthly income of ₹80,000, you can get high-value personal loans with favourable terms. The exact amount may depend on the lender’s policy, credit score, and other factors. Once approved, use the funds for home renovation, travel, medical needs, debt consolidation, etc.

Applying for a personal loan on Bajaj Markets is a fully digital process. Your strong income profile increases your chances of approval, allowing access to higher loan amounts. Multiple lenders on Bajaj Markets offer competitive interest rates to help fulfil your funding needs. 

On Bajaj Markets, you can instantly check your eligibility and choose flexible repayment tenures. With a user-friendly platform, getting a personal loan highlighting transparency and hassle-free experience.

Refer the table below:-

Lenders estimate your eligible personal loan amount using two common approaches, the multiplier method and the EMI-to-income ratio. Each lender may apply different limits based on internal policies and your financial profile.

Multiplier Method

Under the multiplier method, lenders multiply your salary by a set factor, typically between 15 times. With ₹80,000 as your income, you could get a loan amount of up to ₹12 Lakhs.

Estimated Personal Loan Eligibility for Monthly Salaries up to ₹80,000 (Multiplier Method)

The table below shows estimated personal loan amounts for salaries up to ₹80,000, calculated using the standard income multiplier method:

FOIR Method

The FOIR method is based on your ongoing debt obligations. Lenders ensure that all your monthly loan payments, including the new one, do not exceed 40% to 50% of your net salary.

Example

• Monthly Income: ₹80,000

• FOIR Limit (at 50%): ₹40,000

• Based on the EMI cap of ₹40,000, lenders back-calculate the loan amount you are eligible for using the applicable interest rate and tenure

Lenders use both the Multiplier and FOIR methods to calculate how much you can safely borrow based on your income.

To get an ₹80,000 salary personal loan, your CIBIL score should ideally be above 650. Most banks prefer this range to offer better loan approval chances and favourable interest rates. Here are some tips on how you can improve your score if it is low: 

• Pay all EMIs and credit card bills on time; set reminders or automate payments 

• Clear high-interest debts to reduce the credit burden 

• Avoid multiple new credit applications in a short period 

• Regularly check and correct errors in your credit report 

• Keep your credit card utilisation below 30% of the limit 

• Maintain a healthy mix of credit types for long-term score improvement

Apart from salary, several other factors determine your personal loan eligibility and the amount. Lenders evaluate your complete financial profile to assess repayment ability and risk. 

• Monthly Income 

While ₹80,000 is considered good, lenders assess whether it is adequate to cover your EMIs and expenses. Higher income typically improves eligibility, especially in metro cities where the cost of living is higher. 

• Credit Score 

A CIBIL score of 650 or above is preferred. A strong credit history assures the lender of your repayment discipline and increases your loan approval chances.  

• Age 

Lenders prefer salaried individuals between 23 and 65 years. The acceptable age range can go up to 65 years for self-employed, ensuring a sufficient working period to repay the loan.

• Work Experience 

Stable employment enhances your creditworthiness. Salaried applicants should have at least 2 years of experience, with 1 year in the current job. Business owners need 5 years in their current business, while self-employed professionals should have at least 3 years of experience. 

• Current Liabilities 

If you already have active loans or EMIs, they are included to determine your repayment capacity. High existing liabilities may reduce the new loan amount you are eligible for. 

When applying for a personal loan through Bajaj Markets, keeping the documents ready can speed up your application process. These include:

Here are the steps:

1. Click here to open the online application form

2. Select your profession from the dropdown menu

3. Enter your PIN code and mobile number

4. Review and accept the terms and conditions

5. Click on ‘Proceed’ to continue

6. On the next screen, provide the following details:

   • PAN number

   • Full name (as per PAN card)

   • Date of birth

   • Net monthly income

   • Employer category

   • Company name

   • Email ID

   • Gender

   • Salary credit method (Bank or Cash)

7. Once all fields are filled, click on ‘Submit’

8. Choose a loan offer and select your preferred tenure

9. You will be redirected to the lender’s website to complete:

   • KYC verification

   • E-mandate setup

   • Final loan disbursal steps