Besides a minimum salary, lenders look at your CIBIL score, employer, work history, city and existing EMIs. Meeting the minimum salary is a start. A higher CIBIL score supports a better rate, and fewer existing EMIs leave more room for a new one.
Worked example: Rekha in Ranchi
Rekha is 26 and works as a salaried bank customer service officer in Ranchi. She earns Rs. 35,000 a month, has a CIBIL score of 744 and no other EMIs. She wants her EMI under 15% of salary, her own rule. She borrows Rs. 1 lakh for a family wedding, at an illustrative 16% per annum. She checks how far her salary goes, not only whether she meets the minimum salary.
EMI = P × R × (1 + R)^N ÷ [(1 + R)^N − 1]. P is the loan amount in rupees, R is the annual rate divided by 12 and by 100, and N is the tenure in months. The formula spreads the principal and interest into equal monthly payments, so early EMIs carry more interest and later ones more principal. All figures are rounded to the nearest rupee.
| Tenure | Monthly EMI (Rs.) | Total interest (Rs.) | EMI as share of salary (%) |
|---|
| 24 months (2 years) | 4,896 | 17,511 | 14.0 |
| 36 months (3 years) | 3,516 | 26,565 | 10.0 |
Last updated: 21st October, 2026
The 36-month option lowers the EMI by Rs. 1,380 but adds Rs. 9,054 in interest. The processing fee on Rs. 1 lakh is up to Rs. 4,130. Rekha picks 24 months (2 years), since the EMI stays within her 15% rule and her offer, not a minimum salary figure, guides the amount.
What can delay approval: a CIBIL score below 650 or existing EMIs that take up a large share of your income. Names or addresses that do not match across documents, and more than one loan application in the same month, can also slow it down.
Wondering whether you meet the minimum salary? With a Bajaj Finance Personal Loan, you can borrow Rs. 40,000 to Rs. 75 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online in about 5 minutes → receive funds within 24 hours* of approval.
