4 Ways to Get a Personal Loan for Salary Under Rs. 20,000, Rs. 12,000 and Rs.10,000

Updated on: 17 Feb 2022 // 28 min read // Personal Loans
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Our world is less than ideal, which is why it is almost inevitable for one to find themselves in a situation when they need some additional cash. This need could be for a wide variety of purposes, such as paying a deposit for a rental home, bearing the expenses of a medical emergency, or travelling due to some unforeseen reasons, amongst many others. In such cases, one of the most efficient ways to gain access to the requisite funds is to Get a Personal Loan.

BankInterest RateTenureEMI (Per lakhs)Disbursed
ICICI Personal Loan11.25%5 YearsRs. 2,1873 to 4 days
SBI Personal Loan9.60%5 YearsRs. 2,1055 to 7 days
PNB Personal Loan8.95%5 YearsRs. 2,0735 to 7 days
Bajaj Finserv Personal Loan12.95%5 YearsRs. 2,27324 Hours
Tata Capital Personal Loan10.99%5 YearsRs. 2,1745 to 7 days
Indiabulls Personal Loan13.99%5 YearsRs. 2,32624 Hours
Citibank Personal Loan9.99%5 YearsRs. 2,1245 to 7 days
Yes Bank Personal Loan10.75%5 YearsRs. 2,1625 to 7 days

Thanks to the ready availability and minimal documentation of this credit, it is exceedingly easy to get. Besides, it doesn’t need you to pledge any asset as collateral. However, due to the absence of any security against the loan amount, the lender is at greater risk.

To minimise this risk, most lenders adhere to certain measures, which assures them of getting the loan repayment in full, complete with the interest. These measures include:

  • Age Limit of 21 to 60 years
  • Verification of Source of Employment
  • Verification of Your Annual Income
  • High Interest Rate
  • Analysis of Your Credit Report

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While these checks allow the lender to confirm your willingness to repay the loan in general, there is yet another aspect that lenders rely on to be assured of your ability to repay the loan, i.e., a minimum monthly income. Most lenders in India have made it mandatory to have a minimum income ranging from Rs. 10,000 to Rs. 50,000 per month, for you to qualify for the loan.

For instance, to be eligible for ICICI Bank Personal Loan, you must have a minimum monthly income of Rs. 25,000 if you are a resident of Mumbai or Delhi, and that of Rs. 17,500, if you reside in any other city, town or village. Similarly, in order to procure Bajaj Finserv Personal Loan you ought to have a minimum monthly income from Rs. 30,000 to Rs. 50,000 based on the city of your residence.

So, does that mean you cannot qualify for a Personal Loan if your income is Rs. 20,000, Rs. 12,000 or even Rs. 10,000? Fortunately, you can! All you need to do is look for apt alternatives. Here are 4 ways in which you can avail a Personal Loan with incredible ease, even if your monthly income is as low as Rs. 10,000 per month! Let us take a quick look at each one of them.

1. Personal Loan from Organised Banks

While we mentioned earlier that certain banks need the borrower to have a higher monthly income to qualify for the loan, there are some others which are rather lenient in this regard.

Here’s a list of banks, which require the least possible minimum income in order to consider you eligible for Personal Loan, in the descending order:

  • ICICI Bank Personal Loan – Rs. 17,500 per month (if you reside in non-metro cities)
  • Axis Bank Personal Loan – Rs. 15,000 per month
  • Dena Bank Personal Loan – Rs. 15,000 per month
  • Punjab National Bank Personal Loan – Rs. 15,000 per month
  • HDFC Bank Personal Loan – Rs. 12,000 per month
  • Canara Bank Personal Loan – Rs. 10,000 per month
  • State Bank of India Personal Loan – Rs. 10,000 per month (if you reside in semi-urban or rural areas)
  • City Union Bank Personal Loan – Rs. 6,500 per month
  • State Bank of India Xpress Credit Personal Loan – Rs 5,000 per month

2. Personal Loans from Co-Operative Banks

If you are looking for a Personal Loan, with comparatively cheaper interest rates, you might be better off approaching a co-operative bank for the same. In case you were wondering, here is a list of such banks who will readily offer you a quick loan, even if your income is less than Rs. 20,000 a month.

  • The Greater Bombay Co-operative Bank Ltd. Personal Loan – Rs. 10,000 per month
  • Abhyudaya Co-operative Bank Personal Loan – Rs. 8,000 per month
  • The Andaman and Nicobar State Co-operative Bank Ltd. Personal Loan – Rs. 5,000 per month
  • The National Co-operative Bank Ltd. Personal Loan – Rs. 5,000 per month
  • The West Bengal State Co-operative Bank Ltd. Personal Loan – Rs. 2,000 per month

Of course, these banks are confined to the regions that they are established in, and hence, you can only seek a credit from them if you belong to their region of service. That being said, most co-operative banks do not levy any additional charges such as processing fee or prepayment penalty, thus making the loan exceptionally cost-effective for you.

In case of cooperative banks, the maximum loan amount on offer is primarily dependent on your monthly income, as the amount is usually in multiples of the latter. For instance, if your income is Rs. 10,000 a month, most co-operative banks will offer you a loan worth 10 times of Rs. 10,000, some will offer 12 times, and others will offer 15 times. Hence, it is advisable for you to check with the bank, if you’ll be able to procure the amount that you wish to have. 

Top Personal Loans for Festive Shopping

3. Cash Loans

There are numerous Peer to Peer Lending Companies, Mobile Wallets, as well as Non-Banking Financial Companies (NBFCs) who readily offer quick short-term loans to people in need of additional funds. Not only can you avail such a loan in less than a day’s time, but can also find lenders who offer the same at remarkably Low Interest Rates on Personal Loan. It is for this reason, such loans probe to be your best bet in case of emergencies.

However, you must remember that the loan amount in this case is rather low, and so is the repayment tenure. Hence, you may not be able to fulfil significant obligations such as paying for your child’s higher education, or renovating your home.

Little or no need of documentation, the absence of stringent rules pertaining to minimum monthly income and online availability of Cash Loans have made them popular than ever before.

4. Secured Loans

While Personal Loans are primarily unsecured in nature, they can be tricky to procure when you don’t have the desired level of income. In such a situation, it is highly recommended to Opt for a secured Personal Loan or Loan Against Property instead, wherein you can qualify for the loan of your choice, by pledging an asset in exchange, While such loans accrue comparatively lower rates of interest, you must be aware of the fact that in case of defaults on repayment of the equated monthly instalments (EMIs), the lender reserves the right to seize the pledged asset and to sell it off, if need be.

In most cases, such cases exempt the buyers from any criteria pertaining to the minimum monthly income; thus implying that Personal Loan for 10,000 salary is no more a far-fetched dream.

We hope that you are now aware of the best and most cost-effective measures to seek a Rs. 12,000 salary Personal Loan, or even lower than that! So, what are waiting for? Study the nuances mentioned above, and based on your understanding of which Personal Loan will best suit your needs, take your pick. After all, your needs are too precious to wait for the right time or the desirable monthly income.

Also Read: How Much Loan Can a Salaried Person Get?

To apply online for Best Personal Loan Providers for Pensioners, Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.

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