Borrower’s monthly income is one of the key factors that affect their Personal Loan Eligibility as it is a salary based loan. However, due to this criterion, not all applicants get qualified for a personal loan. Here we will explain a few personal loan options especially designed for individuals earning a comparatively low salary or income.
|Bank||Minimum Monthly Income||Rate of Interest|
|HDFC||Rs. 25,000||10.50% p.a.|
|SBI||Rs. 15,000||10.55% p.a.|
|Yes Bank||Rs. 25,000||10.99% p.a.|
|Kotak Mahindra Bank||Rs. 20,000||10.50% p.a. onwards|
|Bajaj Finserv||Rs. 25,000||11% p.a. onwards|
|Tata Capital||Rs. 15,000||10.99% p.a.|
|Finnable||Rs. 15,000||16% - 28% p.a.|
|Moneyview||Rs. 13,500||16% - 39% p.a.|
|KreditBee||Rs. 10,000||15% - 29.95% p.a.|
|CASHe||Rs. 15,000||27.38% - 30.42% p.a.|
HDFC, SBI, Yes Bank, Kotak Mahindra Bank, Bajaj Finserv, Tata Capital, Finnable, Moneyview, KreditBee and CASHe are some of the best low income personal loan providers in India. Below are the details of personal loan offers of each of these top 10 lenders:
HDFC Bank offers personal loans up to Rs. 40 Lakhs at attractive interest rates and flexible tenure to salaried individuals aged above 21 years and earning at least Rs. 25,000 per month.
The State Bank of India (SBI) offers Personal Loan up to Rs. 20 Lakhs to salaried as well as self-employed individuals who are at least 21 years old. You can get SBI personal loan for 15000 salary.
Salaried employees as well as self-employed individuals aged above 22 years and earning at least Rs. 25,000 per month can apply for a Yes Bank personal loan online. The maximum loan offered is up to Rs. 40 Lakhs.
Kotak Mahindra Bank offers instant low-salary personal loans online up to Rs. 5 Lakhs (Up to Rs. 40 Lakhs with additional documents) to salaried individuals who earn a minimum monthly income of at least Rs. 20,000.
Get instant personal loan up to Rs. 40 Lakhs with minimal documentation from Bajaj Finserv if you are aged 21 years or above and are earning a minimum monthly income of at least 25,000.
Tata Capital offers personal loans up to Rs. 35 Lakhs to salaried people who are aged 22 to 58 years old and earning a monthly salary of at least Rs. 15,000.
Finnable offers instant personal loans to salaried employees who earn a monthly salary of at least Rs. 15,000. This collateral-free loan up to Rs. 10 Lakhs is disbursed within just 24 hours at affordable interest rates.
Get flexible loan amount of Rs. 5,000 to Rs. 5 Lakhs from Moneyview instantly at affordable interest rate starting from just 16% p.a. Salaried as well as self-employed individuals aged 21 years or above and having minimum monthly income of Rs. 13,500 can apply.
If you are a salaried or self-employed individual, aged between 21 to 45 years and earning a monthly salary of Rs. 10,000 or more, you can get an instant personal loan up to Rs. 4 Lakhs from KreditBee for all your personal needs.
CASHe provides instant personal loan to salaried individuals, to help them fulﬁll their needs. CASHe personal loans are disbursed from 3 months to 1.5 years, depending on your needs. The minimum monthly salary of the applicant should be Rs. 15,000 to be eligible.
If you are earning a comparatively low income, it is recommended to check the minimum income requirement of lenders. Many lenders offer a low income personal loan to individuals with a minimum monthly income of at least Rs. 10,000. Also, in addition to meeting the income criteria of the lender, you will also have have to fulfill the other eligibility parameters of the lender as mentioned below to get a low salary loan:
If you are wondering how much loan can I get on 15000 salary, the answer is that the loan amount depends on various other factors apart from salary, such as borrower’s CIBIL score, loan amount requirement, lender’s policy, and so on.
Following documents are required to get a salary loan online:
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 3.5% of the sanctioned limit + GST.
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The minimum salary required for personal loan varies from lender to lender. However, you can get a personal loan in salary 10,000 or above.
Many lenders offer personal loan on salary less than Rs. 20,000 to individuals with a low salary. It is recommended to check the minimum income eligibility criteria of lenders before applying for the loan. If you are looking for a personal loan apply online with low salary Rs. 15,000.
Yes. Some lenders, such as KreditBee, offer a personal loan for minimum Rs. 10,000 salary. However, borrowers with personal loan salary less than Rs. 15,000 must have a good CIBIL score of 750 or above to be eligible for the loan.
If you are wondering how much personal loan can I get on 20000 salary, here is the answer:
The expected loan against salary amount you can get on a 20000 salary is up to Rs. 5.40 lakhs. The loan amount for personal loan for 20000 salary may differ from lender to lender and on your eligibility.
Yes, with some online personal loan providing apps, such as Money View, you can get a personal loan without a salary slip. If you don’t have salary slips, you can provide other sources or proof of income, such as bank statements, salary certificate, etc. to get a cash salary personal loan.
Lenders like HDFC, SBI, Yes Bank, Kotak Mahindra Bank, Bajaj Finserv, Tata Capital, Finnable, Moneyview, KreditBee and CASHe, give a loan for a low salary. A few lenders may offer personal loan below Rs. 15,000 salary as well.
No. You cannot get a SBI personal loan for 10000 salary. The minimum income required by SBI for a personal loan is at least Rs. 15,000 per month.