The amount matters because a larger loan means a larger EMI, which your income has to carry. Applying for what you need, rather than the most you can get, makes approval more likely.
Worked example: Pallavi in Ajmer
Pallavi is 29 and works as a salaried hotel front-office executive in Ajmer. She earns Rs. 46,000 a month and has a CIBIL score of 742. She first thought of Rs. 2 lakh, then cut it to Rs. 1.3 lakh, the actual cost of her course and laptop, to improve her approval odds. She borrows at an illustrative 15.5% per annum.
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) | 6,334 | 22,021 | 13.8 |
| 36 months (3 years) | 4,538 | 33,382 | 9.9 |
Last updated: 21st October, 2026
The 36-month option lowers the EMI by Rs. 1,796 but adds Rs. 11,361 in interest. The processing fee on Rs. 1.3 lakh is up to Rs. 5,369. Pallavi picks 36 months (3 years), keeping the EMI under 10% of her salary.
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.
Working on your chances of approval? With a Bajaj Finance Personal Loan, you can borrow Rs. Rs. 40,000 to Rs. Rs. 75 lakh, subject to eligibility. Check your loan offer with your phone number and a one-time password (OTP) → apply online → receive funds within 24 hours* of approval.
