Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation! Apply Now

Personal loans are unsecured loans, meaning they do not require collateral. So, you must have a stable source of income to avail a personal loan from a bank/NBFC. 

 

While each lender sets different minimum income criteria, certain banks/NBFCs offer personal loans to individuals who do not earn a high salary. Thankfully, availing an online personal loan for a low salary of less than ₹10,000 is possible.

 

Thanks to the quick loan disbursement process, you can easily avail a personal loan at reasonable interest rates even if your salary is low. Moreover, the application process is simple and hassle-free, and you can get loan approval within minutes.

Low Salary Personal Loan Interest Rates Comparison

Our Partners
sort list
Maximum Loan Tenure
sort list
Maximum Loan Amount
sort list
Minimum Interest Rate
sort list
sort list
Image

Bajaj Finance Limited

6 years

₹35 Lakhs

12% p.a.

4.7
Image

CASHe

1 year

₹4 Lakhs

27% p.a.

4.4
Image

Fibe

3 years

₹5 Lakhs

14% p.a.

4
Image

Finnable

5 years

₹10 Lakhs

15.95% p.a.

4
Image

IIFL Finance

3.5 years

₹5 Lakhs

18% p.a.

4.1
Image

InCred

6 years

₹10 Lakhs

16% p.a.

4.3
Image

KreditBee

2 years

₹4 Lakhs

18% p.a.

4.1
Image

Kotak Mahindra Bank

5 years

₹25 Lakhs

10.99% p.a.

4.2
Image

L&T Finance

4 years

₹15 Lakhs

11% p.a.

4.6
Image

moneyview

5 years

₹5 Lakhs

16% p.a.

4.2
Image

mPokket

120 days

₹45,000

24% p.a.

4.1
Image

Muthoot Finance

5 years

₹15 Lakhs

14.50% p.a.

4
Image

PaySense Partners

5 years

₹5 Lakhs

15% p.a.

4.3
Image

Privo

5 years

₹5 Lakhs

9.99% p.a.

4.5
Image

Olyv

12 months

₹5 Lakhs

1.5% p.m.

4.1
Image

SMFG India Credit

5 years

₹25 Lakhs

12% p.a.

4.2
Image

Upwards

3 years

₹5 Lakhs

1.5% p.m.

4.3
Image

YES BANK

6 years

₹50 Lakhs

10.99% p.a.

4.2
Image

Zype

1 Year

₹5 Lakhs

18% p.a.

4
View More

Features and Benefits of Low Salary Personal Loan

Instant Approval

The application process for a personal loan is simple and hassle-free. Once the documents are verified, your loan is approved instantly.

Immediate Disbursal

On approval of your&nbsp;<a href="https://www.bajajfinservmarkets.in/loans/personal-loan.html">instant personal loan</a>&nbsp;application, you can receive the loan amount in your bank account within 24 hours.

Flexible Repayment tenure

You can repay your personal loan in comfortable EMIs over a tenure of up to 5 years.

High Loan Amount

Individuals can avail a personal loan of an amount of up to ₹50 Lakhs.

Unsecured Loan

The loan does not require you to pledge an asset as collateral. This makes a personal loan an ideal option if you have a low income.

No Hidden Charges

You can apply for a personal loan here without worrying about hidden charges or fees. Moreover, you are informed about the complete terms and conditions of the loan well in advance.&nbsp;

Eligibility Criteria for Low Salary Personal Loans

While the eligibility criteria may differ for every lender, some of the general eligibility conditions you must fulfil for most low salary personal loans are as follows:

  • You must be an Indian citizen

  • You must have a regular source of income, even if the income is less

  • You must be at least 18 years of age. There is also an upper age limit to be eligible for a personal loan, which is usually between 58 and 65 years

Documents Required for Low Salary Personal Loan

Submit the following documents while applying for low income personal loans online/offline:

  • Identity Proof

Aadhaar card, PAN card, Passport, Voter’s ID, etc.

  • Address Proof 

Aadhaar card, Voter’s ID, Passport, driving licence, rent agreement, utility bills, etc.

  • Proof of Income 

IT returns certificate or latest Form 16 or Latest salary slips (usually last three months’ salary slips are required) 

Factors to Consider When Availing a Personal Loan for Low Salary

Before availing a personal loan for low salary income, be aware of a few factors to help you make an informed decision. Here are some factors you need to consider:

1. Check the Interest Rates:

The cost of your low-income personal loan is influenced by the interest rate the lender charges when you borrow money. Neglect this factor, and you may have to pay an additional amount on your loan due to high interest rates.

As a result, the total interest you pay on your loan can increase significantly. To avoid this, you must evaluate and compare the interest rates charged by different lenders before choosing one. 

2. Evaluate Your Credit Score:

Credit score is crucial in your loan approval process. So, assess your credit score before applying for a low income personal loan. 

Ideally, maintain a credit score above 750 for easy loan approval at low interest rates. However, many lenders approve loans when the credit score exceeds 700.

3. Criteria for Eligibility:

It is essential to review and compare the eligibility requirements of various lenders before applying for a low salary personal loan. This is important when your income is low. Knowing these requirements in advance will minimise loan rejections.

4. Assess the EMI Payment:

Assessing your monthly EMIs is another crucial aspect to consider before availing a personal loan for low salary income. You can do this easily using an online EMI calculator. 

This can help you plan the repayment schedule, thereby helping you manage your monthly expenses. In addition, planning your EMIs well in advance eliminates the risk of payment defaults that can reduce your credit score.

5. Compare the Processing Charges:

Before applying for a personal loan, compare the processing charges across different lenders. This helps reduce the entire borrowing cost, and you know how much to pay back to the lender.

Read More

How to Apply for Low Salary Personal Loan

To avail a low salary personal loan, apply online via Bajaj Markets by following the steps mentioned below:

  • Step 1: Visit the ‘Personal Loans’ page on the website.

  • Step 2: Click on ‘Apply Now’ and fill in the necessary information.

  • Step 3: Enter some basic details like your income, contact number and type of employment.

  • Step 4: Compare the personal loan for low salary offers from various partner lenders and pick the one that best suits your requirements.

FAQs on Low Salary Personal Loan

Which bank gives a personal loan for a low salary?

Several reputed banks grant a personal loan for low salary. Some of them include the following:

  • Axis Bank

  • YES Bank

  • HDFC Bank

  • IDBI Bank

  • State Bank of India

Can I get a loan if my salary is ₹12000?

Yes. It is possible to get a personal loan for low salary income. However, different lenders set varying eligibility parameters for loans. While regular income is a must for loan approval, other factors, such as your credit score, age, employment status, etc., are considered before sanctioning a loan.

Can the unemployed get a bank loan?

Yes, the Government of India provides loans to educated unemployed individuals through the Pradhan Mantri Rojgar Yojana. Unemployed individuals are eligible to avail up to ₹1 Lakh as an unsecured loan and up to ₹2 Lakhs as a secured loan.

Can I get a loan with ₹3000 salary?

Most lenders have a minimum monthly income requirement of ₹15,000. However, you may get the loan at a higher rate of interest.

How long does a personal loan take to be approved?

If you apply for a personal loan through Bajaj Markets, you can expect approval within minutes. Once approved, the loan amount is disbursed to your bank account within 24 hours.

Can I get a personal loan if my salary is less than ₹10,000?

Yes, you can get a personal loan even if your salary is less than ₹10,000, provided you meet the eligibility criteria.

Can a housewife apply for a loan?

Yes, a housewife can apply for a personal loan if she meets the required eligibility parameters. However, as a housewife, you may need to pledge securities like gold, FDs or property to avail a loan without income proof.

Can I get a personal loan if my salary is ₹15,000?

Yes, if you fulfil the eligibility criteria set by the lender, you can get a personal loan if your salary is ₹15,000.

What is the minimum salary required to avail a personal loan?

There is no standardised minimum salary amount to qualify for a personal loan. Lenders have different requirements; however, most banks specify income ranges from ₹15,000 to ₹25,000.

What is the loan amount offered to ₹8,000 earning professionals?

Based on your profile, eligibility, and lender, the loan amount can vary from ₹1 Lakh to ₹5 Lakhs.

Home
active_tab
Loan Offer
active_tab
Download App
active_tab
Credit Score
active_tab