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% - 21% p.a.|
|SBI||Rs. 15,000||9.60% - 15.65% p.a.|
|Axis Bank||Rs. 15,000||10.49% - 21% p.a.|
|ICICI Bank||Rs. 30,000||10.50% - 19% p.a.|
|Tata Capital||Rs. 15,000||10.50% - 24% p.a.|
HDFC, SBI, Axis Bank, ICICI Bank, and Tata Capital are some of the best low income personal loan providers in India. Below are the details of personal loan offers of each bank:
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 and doctors aged above 21 years and earning at least Rs. 15,000 per month can apply for personal loan online at Axis Bank. The maximum loan for 15000 salary is up to Rs. 15 Lakhs at attractive interest rate.
ICICI Bank offers instant low salary personal loan online up to Rs. 25 Lakhs in just 3 seconds to salaried as well as self-employed individuals who earn a minimum monthly income of Rs. 30,000 or above.
Get instant personal loan up to Rs. 25 Lakhs with minimal documentation from Tata Capital if you are aged 22 years or above and are earning a minimum monthly income of at least 15,000.
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. 15,000. 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 15000 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 Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% 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 15000 or above.
Yes. Many lenders offer personal loan on salary less than 20000 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 15000.
Yes. Some lenders, such as Punjab National Bank and Bajaj Finserv offer a personal loan for 10000 salary. However, borrowers with personal loan salary less than 15000 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 Bank, SBI, Axis Bank, ICICI Bank and Tata Capital give a loan for a low salary. A few lenders may offer personal loan below 15000 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.