Personal Loan for Low Salary

Personal loans are unsecured loans, meaning they do not require collateral. Therefore, you must have a stable source of income to be eligible for a personal loan from a bank/NBFC. While each financial institution has a different minimum income criteria for personal loans, there are certain banks/NBFCs that are willing to offer personal loans to individuals who do not earn a high salary.

If you are considering applying for a personal loan but have a low salary or salary less than ₹10,000, you need not worry anymore. At Bajaj Markets, you can easily avail a personal loan at reasonable interest rates even if your salary is low. The application process is also simple and hassle-free and the loan can be approved within 2 minutes.

Low Salary Personal Loan Interest Rates Comparison

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

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

Features and Benefits of Low Salary Personal Loan

Some of the salient features and benefits of low salary personal loans availed through Bajaj Markets are as under:

• Instant Approval: The application process for a personal loan is quite simple and hassle-free. Once the documents are verified, your loan is approved within no time.

• Immediate Disbursal: Upon approval of your instant personal loan application, the amount is disbursed 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 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 at Bajaj Markets without worrying about any hidden charges or fees. Moreover, you will be informed about the complete terms and conditions of the loan well in advance.

Eligibility Criteria for Low Salary Personal Loans

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

• 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

You will need to furnish the following documents while applying for a low salary personal loan:

• Identity Proof: Aadhaar card, PAN card, passport, Voter’s ID, etc.

• Address Proof: Aadhaar card, Voter’s ID, rent agreement, passport,driving licence, 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) 

How to Apply for Low Salary Personal Loan

Applying for a low salary personal loan via Bajaj Markets is a straight-forward process. All you must do is follow the steps mentioned below:

• Step 1: Visit the Personal Loans page on the Bajaj Markets website.

• Step 2: Click on “Apply Now”. Fill in the necessary information.

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

• Step 4: Compare the loan offers from the various partner lenders and pick the one that suits you.