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

Check the table below to get an idea of the interest rates levied by our various lending partners on low salary personal loans: 


Interest Rate

Bajaj Finance Ltd.

13.5% p.a. onwards

SMFG India Credit Co. Ltd.

12% p.a. onwards

PaySense Partners

14% p.a. onwards

Axis Bank

10.49% p.a. onwards

Muthoot Finance

14.50% p.a. onwards


30% p.a. onwards


14% p.a. onwards

Yes Bank

10.99% p.a. onwards


15% p.a. onwards


21% p.a. onwards

IIFL Finance

18% p.a. onwards


24% p.a. onwards

Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. The final interest rate applicable to you will also depend on factors such as your repayment tenure, age, monthly income, and CIBIL score.

Features and Benefits of Low Salary Personal Loan

Some of the salient features and benefits of low salary personal loans are:


  • 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 instant personal loan 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. 

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.

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

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

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.

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.

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

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.

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

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.

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

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.

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

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