Personal loan for low salary individuals

Your income has a significant impact on your eligibility for a personal loan; it helps you get a personal loan easily. Applicants with a high income can easily get a personal loan from multiple lenders. Lenders check your salary to decide if you are eligible to get a personal loan and how personal loan you can get. But when you earn a low income, you have slim chances of getting a personal loan, because lenders doubt your capacity to repay the loan. 

That said, individuals with low income should never lose hopes to get a personal loan. There are multiple lenders that offer a personal loan to low salary individuals. Also required monthly income varies from city to city in which a borrower resides. 

Here is a list of lenders that offer a personal loan for individuals with low salary.

SBI Xpress Credit personal loan

State Bank of India offers SBI Xpress Credit personal loan for individuals with a minimum salary of Rs. 5,000 per month. Borrower can get a personal loan from Rs. 25,000 to 20 lakhs/ 24 times NMI. To avail a personal loan under SBI Xpress Credit scheme, the applicants should:

• Be employed with:

• Central/ state/ quasi-government central PSUS and profit-making state PSUS
• Educational institutions of national repute, and selected corporates with or without relationship with the bank
• Maintain their salary account with state bank of India

HDFC Bank personal loan

HDFC Bank offers a personal loan up to Rs. 15 lakh for various financial needs of customers such as wedding, home repair, travel, medical emergency and more. Applicants need to fulfil the following criteria to get HDFC Bank personal loan:

• Rs. 20,000 in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmadabad, Cochin and Rs. 15, 000 elsewhere
• Age of the applicant should be between 21 years and 60 years
• Should have a minimum of 2-year experience

Punjab Nation Bank personal loan scheme for public

Punjab National Bank offers a personal loan up to Rs. 15 lakh under various categories such as a Personal Loan for Public, Personal Loan for Doctors and Personal Loan for Pensioners. Under PNB personal loan scheme for public, the applicants should:

Be employed with:

• Military organizations such as Army, Navy, Air Force, BSF, CRPF, CISF, ITBP etc.
• Confirmed employee of central/ state/ quasi-government central PSUS and profit-making state PSUS
• Educational institutions of national repute, and reputed corporates with or without relationship with the bank
• Maintain their salary account with state bank of IndiaMinimum net monthly salary required is as under:

1. Metro Centres : Rs.15000
2. Urban Centres : Rs.12500
3. Semi- Urban/ Rural Centres : Rs.10000

Axis Bank personal loan

Axis Bank is private sector bank in India and has pan India presence. Salaried employees and self-employed individuals can get a hassle-free personal loan with minimum documentation. Apply for Axis Bank personal loan online to meet your household needs like dream vacation, daughter’s wedding and renovation of home. Customers can check Axis Bank personal loan EMI calculator for estimating the instalments they would need to pay in the future. Applicants need to fulfil the following criteria to apply for Axis Bank personal loan online. 

• Age limit: Anyone aged at least 21 years at the time of application and 60 years at the time of maturity of the personal loan can apply for Axis Bank personal loan. 
• Income criteria: The minimum salary required to get a personal loan from Axis Bank is Rs. 15,000. 

Check Axis Bank personal loan EMI calculator to figure out your Axis Bank personal loan EMI. 

Bajaj Finserv personal loan

Low income individuals can get a personal loan up to 10 lakh from Bajaj Finserv for their financial needs such as medical emergency, big-ticket purchase and wedding. You need to meet the following criteria to get a personal loan from Bajaj Finserv.

• You should be a resident of India.
• Your age should be between 23 years and 55 years.
• You should have a good credit score. 

Tata Capital personal loan

Registered with the RBI (Reserve Bank of India), Tata Capital is a leading NBFCs in India. It offers a wide range of financial services, such as retail loans, investment banking, investment advisory, and wealth management products. Tata Capital personal loan has low interest rates and no prepayment charges. You can choose from standard EMI plan and step up flexi EMI plan for loan repayment. 

• Any Indian citizen or national can apply for a personal loan from Tata Capital. 

• Applicants should be aged between 22 to 58 years old to apply for Tata Capital personal loan.
• The minimum income required to get Tata Capital personal loan is Rs. 15,000.
• You should have a minimum of 1-year work experience and should be working with same employer for past six months.

IDBI Bank Personal Loan

IDBI Bank offers a personal loan up to Rs. 10 to salaried employees and self-employed individuals to meet unplanned financial requirements. IDBI personal loan is available in three variants – personal loan for salaried and self-employed people, in-built overdraft facility IDBI Bank salary account holder and pensioners. The loan can be repaid within 60 months. Anyone can get IDBI Bank personal loan provided:

• Your age within the age of 21 years and 60 years.
• Your minimum annual income is Rs. 1,80,000 0r Rs. 15,000 per month.

Fullerton India personal loan

Salaried employees and self-employed individuals alike can get a personal loan from Fullerton India. Fullerton India personal loan eligibility criteria are very flexible. Borrowers can get a personal loan from Rs. 60,000 to Rs. 25 lakh in a financial emergency. Here are the eligibility criteria to get a personal loan from Fullerton India. 

• Applicant should have at least one year of work experience and should be engaged in the current profession or working with the current employer for a minimum of six months. 
• Minimum age required to get the loan is 21 years and maximum 60 years. 
• Minimum income required to get a Fullerton India personal loan is Rs. 15,000. 

 Multiple lenders offer a personal loan for low salary individuals provided borrowers meet other eligibility criteria and demonstrate their repayment capacity. Borrowers can apply for an Axis Bank personal loan online with a low salary. If you are confused about what your monthly instalment will be after getting a loan, use EMI calculator, for example you check Axis Bank personal loan EMI calculator, to figure out your EMI and apply for a personal loan with a lender that offers the personal for a period within which you can repay the loan. With a low salary, if you want to get a higher loan amount, you should apply for a personal loan with the lender that has longer repayment tenure.