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Home Articles Low Salary Personal Loan – Personal Loan for Salary Less than 15000

Low Salary Personal Loan – Personal Loan for Salary Less than 15000

IndianMoney.com Research Team | Posted On Tuesday, January 22,2019, 11:45 AM

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Low Salary Personal Loan – Personal Loan for Salary Less than 15000

 

 

What is personal loan?

A personal loan is usually taken to meet short term needs. People use personal loan for family vacation, wedding or medical emergency. A Personal Loan is availed by individuals on the basis of specific criteria, like level of income, employment history, credit score, and scope for repayment.

Borrowers can also avail personal loans online. There are online tools like Personal Loan EMI Calculator that help borrowers assess EMI installments throughout the tenure, before applying for a personal loan. Please check IndianMoney Personal Loan Calculator.

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Low Salary Personal Loan – Personal Loan for Salary Less than 15000

Personal Loan Features:

  • The first and the most important benefit of personal loan is that unlike any other loan i.e. home loan or car loan it can be used for any purpose. 
  • If the borrower meets the eligibility criteria and has a good credit score, he can avail personal loan within 3 days. In fact some of the banks provide the facility of online approval of personal loans for existing customers.
  • It is an unsecured loan. So, you do not have to keep any asset as security for the loan and therefore, it is easy to avail a personal loan.
  • The tenure of repayment goes up to 7 years and the borrower has the flexibility to choose a tenure which suits his needs.
  • Personal loan is generally available at fixed rate of interest. So, the equated monthly installments or EMIs remain fixed across loan tenure.

SEE ALSO: Personal Loan For Holidays: A Very Bad Idea

Personal Loan for Low-Income Earners Less than 20,000 Rupees:

A personal loan is a convenient way to deal with emergency financial needs. A lender takes into consideration some eligibility criteria to sanction a personal loan. If the borrower has a CIBIL score above 750 and has a steady monthly income, then he is most likely to get personal loan from banks and other lending institutions.

Some banks and lenders offer personal loans to professionals having a salary less than Rs 20,000. The borrower just needs to visit an online loan website and check if he is eligible for personal loan. He needs to provide personal details and income details to check eligibility.

Personal Loan for Salary Less than 12,000:

Salary plays a significant part for lenders to decide whether to sanction loan or not. Generally, lenders advice maintaining EMIs within 30% of monthly salary. You may have a good CIBIL score as well as a good repayment history, but a salary less that 12,000 are too low to avail personal loan.

Some private lenders offer personal loan to individuals with low salary. But, you have to convince the lender that you have a proper repayment plan and will not default.

SEE ALSO: Top 10 Indian Apps Providing Instant Personal Loans

Personal Loan for Salary Less than 15000:

If you are looking for financial assistance to meet the different expenditures of life, then you can avail a personal loan. A borrower can also apply for a personal loan online to enjoy hassle free experience. It is essential to maintain a high CIBIL score and meet other eligibility criteria like working at a reputed firm and earning a good salary.

If you have a good track record of repayment, then some lending institutions may consider reviewing your loan application even if you have a salary below Rs 15,000. However, you need to have a good repayment plan in place. You can check your eligibility for personal loan online by using the personal loan eligibility calculator. If you fall in the eligible category then the loan will be sanctioned.

Low Salary Personal Loan – Documents Needed

  • Address proof
  • Identity proof
  • Passport sized photographs
  • Bank statement of previous 3 months
  • Latest salary slip/ current date salary certificate along with form 16.

SEE ALSO: Personal Loans For Pensioners

FAQ

Personal Loan for Low Salary:

A personal loan is an unsecured loan given to individuals to meet emergency requirements. There are quite a few banks in India that offer personal loan to people with low salary. Personal loan for low income group depends on the monthly in hand salary and place of residence.

How much Personal Loan can I get on my salary?

Most of the banks and lending institutions in India follow the 50% to 60% rule. Banks decide the maximum loan amount that can be availed by the borrower, according to in hand salary. So, if you have a salary of Rs 15,000 a month, then you are eligible for a loan amount of Rs. 7.5 lakhs to 9 lakhs.

Can one get a Personal Loan salary less than 12000?

Yes, you can get a personal loan if you earn Rs 12,000 each month. You do not need to earn a huge monthly salary to qualify for a personal loan. You only need to meet the minimum income requirement. So, look for banks and lenders who offer personal loan in your income band and apply for a personal loan.

Can one get a Personal Loan for salary less than 10000?

Some banks offer personal loan for the low income group residing in semi-urban or rural area. In case your salary is less than Rs 10,000, lenders will have to be convinced that you have alternate sources of income that help repay the loan amount with ease.

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