Personal Loans for Low Salaried Individuals
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Personal Loan for Low Salaried – Financially Empowering you
If your monthly salary is low, it doesn’t mean you have no chance of availing a personal loan. The term low salary is relative and the salary rate may differ among different companies. The amount disbursed depends on the person’s monthtly income, his repaying ability, company profile among all other things. Even if banks do not offer conventional personal loans to these low salaried candidates, there are so many NBFCs in the market offering personal loans to such individuals. All it takes is a little bit of research to find the right lender. One has to note that the interest rate for personal loans for low salaried would be on the higher side, as it is riskier for the financial establishment to lend to such people.
Most lenders do not have conventional salary-based interest rate table, you can check some prominent’s NBFCs interest rates and minimal income
Features of Personal Loan for Low salaried
Lower Minimum Income -These loans are structured to accommodate individuals with lower monthly incomes, providing access to funds even if you earn a modest salary.
Flexible Eligibility Requirements – Lenders understand that every applicant is unique. These loans may consider other factors beyond income, ensuring a holistic evaluation of your financial situation.
Competitive Interest Rates – Despite lower incomes, you can still benefit from competitive interest rates, making repayment more manageable.
Customized Loan Amounts – These loans offer flexibility in choosing the loan amount, allowing you to borrow only the amount that you would need for a specific purpose
Flexible Repayment Tenure – Get flexible repayment tenure, reducing the tension associated with repayment.
Quick Approval and Disbursement – We follow a streamlined loan approval processes and fast disbursal of funds, ensuring you receive the funds at the time you need the most
Minimal Documentation – The application is completely paperless, hassle-free, and bare minimal saving you plenty of time and energy
No Security Required – As personal loans are unsecured, you don’t need to pledge any collateral or assets to secure the loan.
Bank Interest rates for Personal Loan
| Institution | Interest rates | Loan amount |
| HDFC | From 10.5% | Upto 40 Lakhs |
| Axis Bank | From 10.49%` | Upto 40 Lakhs |
| ICICI bank | 10.75%-19% | Upto 40 Lakhs |
| Bank of Baroda | 10.75% – 18.5% | Upto 5 Lakhs |
| SBI | From 11% | Upto 30 Lakhs |
| IndusInd | From 10.49% | Upto 50 Lakhs |
| Yes Bank | From 10.99% | Upto 40 Lakhs |
| Standard Chartered | From 11.5% | Upto 50 lakhs |
| IDFC | From 10.49% | Upto 50 Lakhs |
| Kotak Mahindra | From 10.99% | Upto 40 Lakhs |
| PNB | From 11.40% | Upto 20 Lakhs |
| Bandhan bank | From 11.55% | Upto 25 Lakhs |
NBFCs Interest rates for Personal Loan
| Institution | Interest rates | Loan amount |
| Tata Capital | From 10.99% | Upto 35 Lakhs |
| InCred | From 18% | Upto 3 Lakhs |
| Finnable | From 16% | Upto 10 Lakhs |
| PaySense | From 16.8% | Upto 5 Lakhs |
| Poonawalla | From 9.99% | Upto 30 Lakhs |
| Fullerton | From 11.99% | Upto 25 Lakhs |
| LendingKart | From 12% | Upto 3 Lakhs |
| Axis Finance | From 13% | Upto 25 Lakhs |
| L&T Finance | From 12% | Upto 7 Lakhs |
| Mahindra Finance | From 10.99% | Upto 10 Lakhs |
| Aditya Birla | From 11.99% | Upto 50 Lakhs |
| Bajaj Finance | From 11% | Upto 50 Lakhs |
Benefits of Personal Loan for Low Salaried
Financial Accessibility: It ensures that even the underserved segment of this society get quality access to funds
Improved Credit Profile: Promptly repaying the loans would improve your credit profile and make you eligible for multiple loan offers
Flexible Use of Funds: Use the loan amount for a variety of purposes, such as medical expenses, education, travel, or home improvements, offering you the flexibility you need.
Emergency Handling: With a personal loan at your disposal, you’re better equipped to handle any financial emergencies, providing peace of mind and financial security.
Debt Consolidation: If you have multiple debts, you can use a personal loan to consolidate them into a single, manageable monthly payment, simplifying your financial life.
Eligibility Criteria for Personal Loan for Low Salaried
To qualify for a personal loan for Low Salaried in India, you generally need to meet the following eligibility criteria:
- Be an Indian citizen.
- Must be 21 years atleast and not more than 58 years
- Must be employed as a defense personnel for 6 months atleast
- Must receive a salary of Rs. 10000 atleast
Documents Required for Personal Loan for Low Salaried
- Proof of identity (Aadhar card, passport, driver’s license)
- Proof of address (utility bills, rental agreement) for self-employed
- Proof of income (Bank statement of Monthly Pension credit)
- PAN Card
- Passport-sized photographs
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