Personal Loan for Low Salary

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.

Personal Loan Lenders for Low Salary

BankMinimum Monthly IncomeRate of Interest
HDFCRs. 25,000 10.50% - 21% p.a.
SBIRs. 15,000 9.60% - 15.65% p.a.
Axis BankRs. 15,000 10.49% - 21% p.a.
ICICI BankRs. 30,00010.50% - 19% p.a.
Tata CapitalRs. 15,000 10.50% - 24% p.a.

Best Low Income Personal Loan Provider

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 Personal Loan

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.

Key Features

  • Interest Rates: 10.50% - 21% p.a.
  • Loan Amount: Rs. 50,000 - Rs. 40 Lakhs.
  • Tenure: 1 - 5 years.
  • Processing Fees: Up to 3.5% of loan amount.
  • Prepayment Charges: 2% - 4% of principal outstanding.

SBI Personal Loan

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.

Key Features

  • Interest Rates: 9.60% - 15.65% p.a.
  • Loan Amount: Rs. 24,000 - Rs. 20 Lakhs.
  • Tenure: 1 - 6 years.
  • Processing Fees: 1.50% of the loan amount + GST.
  • Prepayment Charges: 3% of principal outstanding.

Axis Bank Personal Loan

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.

Key Features

  • Interest Rates: 12% - 21% p.a.
  • Loan Amount: Rs. 50,000 - Rs. 15 Lakhs.
  • Tenure: 1 - 5 years.
  • Processing Fees: 1.5% - 2% of the loan amount + GST.
  • Prepayment Charges: 2% - 5% of principal outstanding.

ICICI Bank Personal Loan

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.

Key Features

  • Interest Rates: For this salary loan interest rate varies between 10.50% and 19% p.a.
  • Loan Amount: Rs. 50,000 - Rs. 25 Lakhs.
  • Tenure: 1 - 6 years.
  • Processing Fees: Up to 2.50% of loan amount + GST.
  • Prepayment Charges: 5% of principal outstanding + GST.

Tata Capital Personal Loan

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.

Key Features

  • Interest Rates: 10.99% onwards.
  • Loan Amount: Rs. 75,000 - Rs. 25 Lakhs.
  • Tenure: 1 - 6 years.
  • Processing Fees: Up to 2.75% of the loan amount + GST.
  • Prepayment Charges: 4.5% of principal outstanding + GST.

Low Income Personal Loan Features

  • Loan amount: The maximum loan amount of up to Rs. 40 Lakhs is available.
  • Rate of interest: Personal Loan Interest Rates start from as low as 9.60% p.a.
  • Repayment tenure: Repayment can be made online through EMIs within a tenure of 1 to 6 years.
  • Processing fee: The processing fee can be up to 3.5% of the sanctioned loan amount.
  • Prepayment: The part or full loan prepayment facility is available at a charge of 5% of principal outstanding plus applicable GST.
  • Quick processing: You can apply for the loan and get disbursal online with quick processing.

Eligibility Criteria of Personal Loan for Low Salary

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:

  • Occupation: Personal loans are available to salaried individuals who are employed in private companies, public sector firms, and government companies. Some lenders also offer personal loans to self-employed individuals. 
  • Age: You should be at least 21 years old when applying for a private loan for salaried and below 60 years when the loan matures. 
  • Work stability: You should have a work experience of minimum 2 years, with at least 1 year served at the current employer to get a personal loan against cash salary. 
  • CIBIL score: Most lenders require a minimum CIBIL score of 750 while some may accept applications with a credit score of 700 or above. 

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.

Document Required for Low Income Personal Loan

Following documents are required to get a salary loan online:

  • Duly filled and signed personal loan application form. 
  • Recent passport size photographs.
  • Identity proof, such as a copy of your passport, aadhaar card, driving licence, or voter ID card. 
  • Proof of residence, such as a copy of your passport, driving licence, aadhaar card, or voter ID card. 
  • Proof of age.
  • Bank statements of at least the last 3 months. 
  • Recent salary slips along with Form 16. Most lenders offer personal loan on salary slip.  
  • Signature verification proof is also required to get a low salary loan. 

Kotak Personal Loan Festival Offer 

Ahead of festival season, Kotak Mahindra Bank has announced Rs 999 flat processing fee offer on Personal Loans. Customers can avail of instant approvals on personal loan applications up to Rs. 20 Lakhs at lowest interest rate starting at 10.25% p.a for maximum of 5 years. 

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Personal Loan for Low Salary FAQs

What is minimum salary required for personal loan?

The minimum salary required for personal loan varies from lender to lender. However, you can get a personal loan in salary 15000 or above.

How can I get a personal loan with a low salary?

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.

Can I get a Personal Loan on ₹ 10,000 Salary?

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.

How much personal loan can I get on a 20000 salary?

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. 

Can I get a personal loan without a salary slip?

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.

Which bank gives a loan for a low salary?

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.

Can I get a personal loan from SBI on a Rs. 10,000 salary?

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.