What is the minimum salary required for a personal loan

Know about the minimum salary required to get a Bajaj Finserv Personal Loan and how does your income define your personal loan eligibility.
What is the minimum salary required for a personal loan
5 min read
30 Mar 2023

A personal loan is an unsecured loan where the borrower does not have to put up any security or collateral to avail of the loan. The money from this loan can be used for any reason as there is no restriction on the end usage. You can get the personal loans for meeting a wide range of expenses, including buying a car, paying for your child’s education, or even covering unexpected medical costs.

Personal loans are great financing option because they offer a great deal of flexibility in terms of their purpose, tenure, and higher loan amount. The personal loan eligibility criteria usually vary from lender to lender.

When you apply for a personal loan, one of the most important criteria that lenders look at is how much money you make every month. This is because your income is one of the things that determine if you can pay back the loan on time. Moreover, these eligibility criteria also determine the personal loan interest rate for you.

Minimum salary required for a personal loan

Your salary is one of the most crucial requirements to be eligible for any loan.

Bajaj Finserv Personal Loan minimum salary requirement starts at Rs. 25,001 in more than 3,000 cities in India. These criteria differ marginally depending on the city in which you reside.

Eligibility criteria for a personal loan

Apart from the minimum monthly salary, you are also supposed to meet a few basic eligibility criteria to avail of a personal loan that are mentioned below:

Nationality: Indian

Age: 21 years to 80 years**.

Employed with: Public, private, or MNC.

CIBIL Score: 685 or higher.

*You should be 80 years* or younger, at the end of the loan tenure.

Step-by-step process to apply for a personal loan

  • Visit the personal loan page on our website
  • Click on "APPLY" at the top of the page to open our online application form
  • Enter your 10-digit mobile number and verify the OTP sent to your phone
  • Fill out the application form with your full name, PAN , date of birth, and PIN code
  • Now, click on "PROCEED" to go to the loan selection page
  • Type in the amount you want to borrow. You can choose between our three variants of personal loans: Term, Flexi Term, and Flexi Hybrid
  • Choose the repayment period, which can range from 6 months to 96 months, and then click "PROCEED"
  • Fill out your KYC information and send in your application

Our representative will help you figure out what to do next. After your documents are checked and verified, the loan amount will be sent to your bank account.

Before applying for a personal loan for Rs. 10000 salary, you can use the personal loan EMI calculator to get a clear understanding of the expected instalment for loan amount you need.

 Bajaj Finserv App for All Your Financial Needs and Goals

Trusted by 50 million+ customers in India, Bajaj Finserv App is a one-stop solution for all your financial needs and goals.

You can use the Bajaj Finserv App to:

  • Apply for loans online, such as Instant Personal Loan, Home Loan, Business Loan, Gold Loan, and more.
  • Explore and apply for co-branded credit cards online.
  • Invest in fixed deposits and mutual funds on the app.
  • Choose from multiple insurance for your health, motor and even pocket insurance, from various insurance providers.
  • Pay and manage your bills and recharges using the BBPS platform. Use Bajaj Pay and Bajaj Wallet for quick and simple money transfers and transactions.
  • Apply for Insta EMI Card and get a pre-approved limit on the app. Explore over 1 million products on the app that can be purchased from a partner store on No Cost EMIs.
  • Shop from over 100+ brand partners that offer a diverse range of products and services.
  • Use specialised tools like EMI calculators, SIP Calculators
  • Check your credit score, download loan statements and even get quick customer support—all on the app.

Download the Bajaj Finserv App today and experience the convenience of managing your finances on one app.

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