Personal Loan Lenders for Low Salary
Borrower’s monthly income is a key factor affecting their personal loan eligibility as it is a salary-based loan. However, due to this criterion, not all applicants qualify 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
| Bank | Minimum Monthly Income | Rate of Interest |
| HDFC | Rs. 25,000 | 10.75% p.a |
| SBI | Rs. 15,000 | 11.75% p.a. |
| Yes Bank | Rs. 25,000 | 10.99% p.a. |
| Kotak Mahindra Bank | Rs. 20,000 | 10.99% p.a. onwards |
| Bajaj Finserv | Rs. 25,000 | 14.50% p.a. onwards |
| Tata Capital | Rs. 15,000 | 11.75% 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. |
Best Low Income Personal Loan Provider
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 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% - 25% p.a.
- Loan Amount: Rs. 50,000 - Rs. 40 Lakhs.
- Tenure: 3 months - 6 years.
- Processing Fees: Up to Rs. 4,999.
- 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: 11% - 14% p.a.
- Loan Amount: Rs. 24,000 - Rs. 20 Lakhs.
- Tenure: 6 months - 6 years.
- Processing Fees: 1.50% of the loan amount (minimum Rs. 1,000 and maximum Rs. 15,000) + GST.
- Prepayment Charges: 3% of principal outstanding.
Yes Bank Personal Loan
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.
Key Features
- Interest Rates: 10.99% - 20% p.a.
- Loan Amount: Rs. 1 Lakh - Rs. 40 Lakhs
- Tenure: 1 - 5 years.
- Processing Fees: Up to 2% of the loan amount.
- Prepayment Charges: Up to 4% of principal outstanding.
Kotak Mahindra Bank Personal Loan
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.
Key Features
- Interest Rates: Starting from 10.99% p.a. onwards.
- Loan Amount: Rs. 50,000 - Rs. 5 Lakhs (Up to Rs. 40 Lakhs with additional documents).
- Tenure: 1 - 5 years.
- Processing Fees: Up to 3% of the loan amount + applicable taxes.
- Prepayment Charges: 2% - 4% of principal outstanding + GST.
Bajaj Finserv Personal Loan
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.
Key Features
- Interest Rates: 11% p.a. onwards.
- Loan Amount: Rs. 1 Lakh - Rs. 40 Lakhs.
- Tenure: 6 months - 7 years.
- Processing Fees: Up to 3.93% of the loan amount.
- Prepayment Charges: 4.72% of principal outstanding + GST.
Tata Capital Personal Loan
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.
Key Features
- Interest Rates: 10.99% - 29% p.a.
- Loan Amount: Rs. 40,000 - Rs. 35 Lakhs.
- Tenure: 1 - 6 years.
- Processing Fees: Up to 3% of the loan amount + GST.
- Prepayment Charges: 2% - 4.5% of principal outstanding + GST.
Finnable Personal Loan
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.
Key Features
- Interest Rates: 16% - 28% p.a.
- Loan Amount: Rs. 50,000 - Rs. 10 Lakhs.
- Tenure: Up to 5 years.
- Processing Fees: 3% - 4% on the principal loan amount.
- Prepayment Charges: 3% - 6% + GST on the remaining principal amount.
Moneyview Personal Loan
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.
Key Features
- Interest Rates: 16% - 39% p.a.
- Loan Amount: Rs. 5,000 - Rs. 5 Lakhs.
- Tenure: 3 months - 5 years.
- Processing Fees: Starts from 2% of the approved loan amount.
- Prepayment Charges: 5% on principal outstanding + GST.
KreditBee Personal Loan
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.
Key Features
- Interest Rates: 15% - 29.95% p.a.
- Loan Amount: Rs. 10,000 - Rs. 4 Lakhs.
- Tenure: 3 months - 2 years.
- Processing Fees: Rs. 500 - 6% of the loan amount.
- Prepayment Charges: Nil.
CASHe Personal Loan
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.
Key Features
- Interest Rates: 27.38% - 30.42% p.a., depends on the repayment tenure.
- Loan Amount: Rs. 1,000 - Rs. 4 Lakhs.
- Tenure: 3 months - 1.5 years.
- Processing Fees: Rs. 85 - 3% of the loan amount, depends on the repayment tenure.
- Prepayment Charges: Nil.
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 10.50% p.a.
- Repayment tenure: Repayment can be made online through EMIs within a tenure of 3 months to 7 years..
- Processing fee: The processing fee can be up to 6% of the sanctioned loan amount.
- Prepayment: The part or full loan prepayment facility is available at charge of up to 6% of the remaining principal amount 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. 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:
- 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.
Personal Loan for Low Salary FAQs
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.
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