Bajaj Finance’s Salaried Personal Loan (SALPL) policy is one of the most robust, segmented, and highly customizable loan frameworks in India’s lending ecosystem. With a deep focus on borrower profile, risk segmentation, and geographic and employer categories, the SALPL policy for Dec’24 offers detailed product matrices suited for a broad range of salaried borrowers.
This article highlights the core underwriting framework, product structures, and key policy parameters.
1. Full Underwriting (FUW) Program Overview
This is Bajaj Finance’s flagship salaried PL offering based on a detailed credit assessment.
Eligibility Parameters
| Criteria | Details |
|---|---|
| Age | Min 23 years; Max 59 years (62/65 for Govt/professors) |
| Employment | Listed company employees, Govt, PSU; excludes partnerships, trusts, HUFs |
| Loan Tenure | Up to 96 months for salary ≥ ₹50K; otherwise 60 months |
| Minimum Salary (City-wise) | ₹27K–₹50K depending on city tier |
| Minimum CIBIL | 685 for standard cases |
| Residence | Must fall within BFL defined geo-limits; Geo-tagging mandatory |
Maximum Loan Amount (By Risk Segment & Location)
| Market | Super Green | Green | Amber | Red | Dark Red |
|---|---|---|---|---|---|
| Prime | ₹38L | ₹33L | ₹28L | ₹17L | Not Allowed |
| Growth G4 | ₹28L | ₹17L | ₹17L | ₹11L | Not Allowed |
In select Prime locations and listed company profiles, loans up to ₹50L are allowed for age < 50 years and 96-month tenure.
Loan Products Offered
- Term Loan – Up to 96 months
- Dropline Flexi Loan – Up to 96 months
- Hybrid Flexi Loan – 84/96 months (24M Pure Flexi + Dropline)
2. Risk Segmentation & Multiplier Matrix
Borrowers are segmented based on employer, income, and credit behavior.
Multiplier Grid (Prime Market)
| Segment | <₹50K Salary | ₹50K–₹75K | >₹75K |
|---|---|---|---|
| Super Green | 14x | 20x | 20x–24x |
| Green | 14x | 16x | 20x |
| Amber | 10x | 12x | 14x |
| Red | 10x | 10x | 10x |
Max 24x multiplier applies for Super Green segment with HL ever in CIBIL and <2 unsecured loans.
3. FOIR (Fixed Obligation to Income Ratio)
| Net Salary | No HL | With HL |
|---|---|---|
| < ₹50K | 60% | 60% |
| ≥ ₹50K | 65% | 70% |
FOIR Kicker (+5%)
Applicable for:
- ABB > ₹40K & Salary > ₹1L (Prime) or > ₹75K (Growth)
- Listed companies in Super Green segment with HL & ABB ≥ ₹20K
4. Credit Behavior Norms
- No DPD in the last 12 months
- EMI bounce in the last 6 months not allowed
- No more than 2 unsecured loans in last 6 months
- No over-leveraged BNPL accounts
5. Special Programs
NIP Program (No Income Proof)
- For listed company employees with banking validated via AA/Perfios
- Multiplier and FOIR apply
- Salary slip not needed
Paperless Balance Transfer
- 100% BT allowed from leading institutions (e.g., HDFC, ICICI, SBI)
- Max Loan: ₹38L (subject to foreclosure clause)
- No salary slip required
Credit Card BT Program
- Max 4 cards can be clubbed
- CC outstanding between ₹50K–₹10L
- CC limit ≥ ₹1L
- Only listed companies allowed
Top-Up Program
- Available after 6 EMI months
- Up to 10% of existing loan as instant pre-approved top-up
- Full underwriting for >10% top-up
6. Unlisted & Govt Employee Programs
Unlisted Companies
- Max loan: ₹25L (ETB), ₹22L (NTB)
- Eligibility restricted by segment, employee strength, company vintage
Govt/PSU Employees
| Grade | Max Loan |
|---|---|
| Super | ₹35L |
| GA | ₹15L |
| GB | ₹10L |
| GO (Tech/Staff) | ₹5L |
- Only Grade I–III eligible
- Education qualification required for GO category
7. ABB Program (Average Bank Balance-Based Lending)
- Min 6-month salary account banking required
- ABB ≥ ₹5K required
- Max loan: ₹17L
- Allowed for unlisted, LLP, proprietorship, partnership firms
8. Employee Loans (Internal Staff)
- Loan limits based on HR-confirmed bands (GB 02–GB 07)
- Max LA: ₹38L for GB 07+
- Only term loans for GB 03B and below
- 12-month cooling-off period for top-up
9. Additional Policies
- Salary verification via Perfios/OCR mandatory
- No loan for maternity leave cases
- Clubbing rental income (capped at 15% of net salary) allowed
- Pre-EMI home loan burden considered with a 10–20% salary add-back
- Employment checks via EPFO, email domain, or official ID
- Strict norms for geo-tagging and co-applicant residence
Conclusion
The Bajaj Finance SALPL Policy is a well-structured, multi-layered lending framework that adapts to different risk profiles, market conditions, and borrower segments. With special provisions for government employees, doctors, professionals in unlisted companies, and pre-approved customers, Bajaj is targeting responsible growth with strong underwriting controls.
For field sales agents, credit managers, and DSAs, this policy offers rich opportunities to service diverse customer profiles while maintaining strict credit discipline.
Stay compliant, stay efficient, and drive better conversions with Bajaj’s evolved SALPL policy.
