Features and Benefits of personal loan for Rs. 10,000 salary
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Quick approval
Meet our simple eligibility criteria and get approval in just 5 minutes.
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Money in just 24 hours*
Get your loan amount transferred to your account within 24 hours* of approval.
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Repay the loan in 96 months
Choose a tenure of up to 8 years to repay your loan.
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No collateral, minimal paperwork
Submit only a few basic documents to get your personal loan instantly, no need to pledge any security.
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Online loan account
Manage your EMIs and view your online loan statement with our customer portal, My Account.
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Find all the terms and conditions mentioned upfront in your loan agreement.
100% transparency, no hidden charges
The eligibility parameters for Bajaj Finserv and most other lenders require you to have a good CIBIL Score and a reasonably high salary at a reputable organisation to qualify for a personal loan. Therefore, if your salary is less than Rs. 10,000, you may need to convince the lender about alternative sources of income that you intend to use to repay your personal loan.
However, it is ideal that you meet all other eligibility criteria and submit all the minimum documents necessary to stand a chance of getting approval on your application for a personal loan for Rs. 10,000 salary.
With quick approval and disbursal within 24 hours*, Bajaj Finance Personal Loan on Rs. 10, 000 salary is a handy solution to meet your financial requirements. Plan your loan repayment with the personal loan EMI calculator and make an informed decision.
*Terms and conditions apply
Eligibility Criteria of Personal Loan for Rs. 10000 Salary
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Indian
Nationality
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Age
21 years to 80 years*
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CIBIL score
685 or higher
You can check the Personal Loan Eligibility Calculator to estimate your eligibility.
*Terms and conditions apply.
Documents required for an instant loan on a Rs. 10,000 salary
Minimal documentation is one of the most significant advantages of Insta Personal Loans, and in some cases, you might not even need to provide any documents. In case you are asked for documents, you will only need the following:
- KYC documents such as Aadhaar, passport, driving license, voter’s ID, or a Letter of National Population Register
- PAN card
- Cancelled cheque
- Bank account statements for the last 3 months
- Salary slips for the last 3 months
Fees and charges for Rs. 10,000 instant loan
When taking out a ₹10,000 personal loan on low interest, it's important to be aware of the associated fees and charges. Typically, you may face an application fee and a processing fee, which is usually a certain percentage of the loan amount. The interest on a ₹10,000 loan will depend on the lender's rate and can significantly affect the total repayment amount. Additionally, some lenders might impose late payment penalties or prepayment charges. To ensure transparency, carefully review all terms and fees before accepting the loan to understand the full cost of borrowing.
Personal loan interest rate and applicable charges
Type of fee |
Applicable charges |
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Rate of interest |
11% to 32% p.a. |
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Processing fees |
Up to 3.93% of the loan amount (inclusive of applicable taxes). |
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Flexi Fee
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Term Loan – Not applicable
Flexi variant - A fee will be deducted upfront from the loan amount (as applicable below)
*All the Flexi charges above are inclusive of applicable taxes *Loan amount includes approved loan amount, insurance premium, and VAS charges. |
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Bounce charges |
Rs. 700 to Rs. 1,200 per bounce. |
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Part-prepayment charges |
Full prepayment
Part-prepayment
*Foreclosure will be processed post clearance of first EMI |
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Penal charge |
Delay in payment of instalment(s) shall attract penal charge of Rs. 8 - Rs. 12 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount. |
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Stamp duty (as per respective state) |
Payable as per state laws and deducted upfront from loan amount. |
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Annual maintenance charges |
Term Loan: Not applicable Flexi Term Loan (Flexi Dropline): Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount (as per the repayment schedule) on the date of levy of such charges. Flexi Hybrid Loan: Up to 0.295% (inclusive of applicable taxes) of the total withdrawable amount during the initial tenure. Up to 0.295% (inclusive of applicable taxes) of total withdrawable amount during subsequent tenure. |
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Broken period interest / Pre-monthly Instalment interest |
Broken Period Interest/Pre-monthly instalment Interest" shall mean the amount of interest on loan for the number of day(s) which is (are): Scenario 1: Over and above the period of 30 (thirty) days from the date of disbursement of the loan.
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Switch fee |
Up to 1.18% of the loan amount (inclusive of applicable taxes). Switch fee is applicable only in case of switch of loan. In switch cases, processing fees will not be applicable. |
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Cash collection handling charges |
Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs. |
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Cash deposit charges |
Customers will incur a cash deposition charge of Rs. 50 (inclusive of applicable taxes) when making cash payments at our branch offices. |
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PG facility charges |
Rs. 11 (inclusive of applicable taxes) will be charged for utilizing the payment gateway to make part or full payments towards the loan through digital properties. |
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Note: Additional cess if any, will be applicable to all charges according to state law.
*Terms and conditions apply.
For Micro Finance Loans, please note below:
Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Minimum interest, maximum interest, and average interest are 13%, 32%, and 35.40% per annum respectively. Part-prepayment and foreclosure charges are NIL. {Average interest rate is higher than max interest rate, because maximum interest rates was reduced effective 02 May 2024 however average interest rate is computed on a volume weighted basis for last quarter (Apr'24 - Jun'24)}
Additional read: Know all about the Interest rate on personal loan
What is the EMI for a Rs. 10,000 instant loan?
The EMI (Equated Monthly Instalment) for a personal loan is influenced by the loan amount, tenure, and interest rate. To calculate the EMI for a Rs. 10,000 personal loan, you need to use the formula:
EMI=P×r×(1+r)n(1+r)n−1EMI=(1+r)n−1P×r×(1+r)n
where:
· P = Principal loan amount (₹10,000)
· r = Monthly interest rate (annual rate/12)
· n = Loan tenure in months
For example, for a Rs. 10,000 loan at an annual interest rate of 13% for a tenure of 1 year, the EMI would be approximately Rs. 893. Here’s a simple table to illustrate EMI calculations for different scenarios:
Loan Amount |
Interest Rate (Annual) |
Tenure (Months) |
EMI (Approx.) |
₹10,000 |
10% |
12 |
₹879 |
₹10,000 |
13% |
12 |
₹893 |
₹10,000 |
15% |
12 |
₹908 |
₹10,000 |
10% |
24 |
₹438 |
₹10,000 |
13% |
24 |
₹439 |
This table provides a basic idea of how EMI varies with different interest rates and tenures. For precise EMI calculations, using an online EMI calculator available on our website.
How to apply for a personal loan with a salary less than Rs. 10,000?
Here is our detailed guide to applying for a personal loan with Rs.10000 salary online:
- 1 Click on Apply Online to open the online application form
- 2 Share your mobile number and verify your profile with an OTP
- 3 Fill in your basic personal and professional details
- 4 Upload the required documents for verification and submit the form
Our representative will get in touch with you to guide you on the next steps of getting your loan.
Personal Loan on Low Salary Less Than Rs. 10,000
Personal loan for a salary less than Rs. 12,000
Personal loan for a salary less than Rs. 15,000
Personal loan for a salary less than Rs. 20,000
Factors that affect your personal loan amount
When applying for a personal loan, several factors determine the amount you can borrow. Lenders assess these factors to evaluate your ability to repay the loan and to set appropriate terms. Understanding these key factors can help you secure a personal loan that meets your needs.
1. Credit score
Your credit score is one of the most significant factors affecting the amount you can borrow. It reflects your creditworthiness based on your credit history and financial behavior. A higher credit score indicates a lower risk to lenders, often resulting in a higher loan amount and better interest rates. Conversely, a lower credit score may limit the loan amount and result in higher interest rates. Regularly checking and improving your credit score can enhance your borrowing capacity.
2. Monthly income
Lenders consider your monthly income to determine your ability to repay the loan. A higher income usually means you can handle larger loan payments. Lenders assess your income against your loan amount to ensure you can manage the EMIs comfortably. Besides your primary income, additional sources such as bonuses, investments, or side jobs can also be factored in, provided you can substantiate them.
3. Debt-to-income ratio
The debt-to-income (DTI) ratio is a critical measure used by lenders to evaluate your financial health. It is calculated by dividing your total monthly debt payments by your monthly income. A lower DTI ratio indicates that you have a manageable level of debt relative to your income, making you a more attractive candidate for a larger loan. Lenders typically prefer a DTI ratio below 40%, as it suggests you can handle additional debt without financial strain.
4. Credit and repayment history
Your credit and repayment history provide insight into your financial responsibility. Lenders review your past behavior concerning credit card payments, loans, and other debts. A history of timely payments and responsible credit use demonstrates reliability and can lead to approval for a larger loan amount. Conversely, a history of late payments or defaults may result in a lower loan amount or denial.
5. Employment history
A stable employment history is another crucial factor. Lenders prefer borrowers with a steady job and a reliable source of income, as this indicates job security and consistent earnings. A longer tenure with your current employer often suggests stability, which can positively impact the loan amount you are eligible for. Frequent job changes or periods of unemployment might raise concerns about your financial stability and affect your loan approval.
By understanding and improving these factors, you can increase your chances of securing a personal loan with a favorable amount and terms.
Check other personal loan options based on your budget
Before committing to a personal loan, it's essential to explore various options based on your budget. Different lenders offer varying interest rates, loan amounts, and repayment terms. Comparing offers from multiple financial institutions can help you find the most suitable loan that aligns with your financial situation. Consider factors such as interest rates, processing fees, and loan tenure. Use online loan comparison tools or consult with financial advisors to evaluate your options comprehensively. This approach ensures that you secure a personal loan with favorable terms that best fit your budget and financial goals.
Frequently Asked Questions
The minimum salary requirement depends on the lender. You can choose to include a co-applicant to improve your chances of getting approval. You can also check if you have Personal Loan offer.
Both salaried and self-employed individuals can opt for our Insta Personal Loan. Select customers can get the funds without submitting any documents.
The eligibility criteria vary based on the lender. The minimum salary required to get a Bajaj Finance Personal Loan is Rs. 25,001.
Selected customers with a pre-approved offer can get our Insta Personal Loan without submitting a salary slip.
To get our personal loan, you need to have a credit score of 685 or higher.
Getting an Insta Personal Loan from Bajaj Finance is simple. You only need to follow the steps below.
- Click on ‘CHECK OFFER’.
- Enter your 10-digit mobile number and OTP.
- Go with the pre-assigned limit or choose a different loan amount.
- Choose a repayment tenure that suits you best.
- Click on ‘PROCEED’ to complete the online process.
The online process may differ depending on whether you are a new customer or have an existing relationship with us.
Any individual who meets the eligibility criteria set by the lender can get a personal loan. Borrowers can check the pre-approved offer to get our Insta Personal Loan without submitting the salary slips.
Yes, you can get a personal loan even if you get a cash salary. Please note that you will need salary slips and a valid bank account, among other requirements, apply for our personal loan.
Bajaj Finance Personal Loan is disbursed within 24 hours*.
With a Bajaj Finance Personal Loan, the minimum loan amount you can borrow is Rs. 20,000.
Getting an Insta Personal Loan from Bajaj Finance is simple. You only need to follow the steps below.
- Click on ‘CHECK OFFER’.
- Enter your 10-digit mobile number and OTP.
- Go with the pre-assigned limit or choose a different loan amount.
- Choose a repayment tenure that suits you best.
- Click on ‘PROCEED’ to complete the online process.
The online process may differ depending on whether you are a new customer or have an existing relationship with us.
