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.
Lender | Interest Rate (p.a.) | Minimum Income (per month) | Tenure |
SBI Xpress Credit Personal Loan | Term loan facility: 11.50% -14.50% Overdraft facility: 12.00% – 14.00% | Rs. 5,000 | Up to 72 months |
HDFC Bank Personal Loan | 11.25% to 21.50% | Rs. 15000 (20K for Delhi, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Ahmedabad, Cochin) | 12 to 60 months |
Punjab Nation Bank Personal Loan | 12% to 15% p.a. | Metro Centres: Rs.15000 Urban Centres: Rs.12500 Semi- Urban/ Rural Centres: Rs.10000/- | Up to 60 months |
Axis Bank Personal Loan | 12.00% to 24% p.a. | Rs. 15,000 | Up to 60 months |
Bajaj Finserv | 12.99% p.a. | Rs. 12,000 | Depends on policy |
Tata Capital Personal Loan | 11.25% | Rs. 15,000 | Up to 72 months |
IDBI Bank Personal Loan | 10.15% to 12.90% | Rs. 15,000 | 12 to 60 months |
Fullerton India | 12.99% to 49% p.a. | Rs. 15,000 | Up to 60 months |
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:
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:
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:
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.
Check Axis Bank personal loan EMI calculator to figure out your Axis Bank personal loan EMI.
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.
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.
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:
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.
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.
Afinoz.com is one of the leading online financial marketplace in India. We strive to provide authenticated, accurate, and updated information about banking and investment products and services. Afinoz leverages modernistic technology to deliver smooth and hassle free performance.
Mastering the Symphony of RCM Across Healthcare In the intricate world of healthcare provision, maintaining…
When buying the zine, people always read the cover at first, so as to know…
When buying the zine, people always read the cover at first, so as to know…
Post-press processing is the last process in the entire gift box custom printing process. But, it is…
Wine tours are thrilling and enlightening experiences, offering enriching insights into the world of wines…
In the world of printing, color plays a vital role in bringing designs to life.…
This website uses cookies.
Leave a Comment