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

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, 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 is approved within 3 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:

Lender

Interest Rate

Bajaj Finance Ltd.

14% p.a. onwards

Fullerton India Credit Co. Ltd.

12% p.a. onwards

PaySense Partners - PayU Finance (India) Pvt. Ltd

14% p.a. onwards

Axis Bank

10.49% p.a. onwards

Muthoot Finance

13.75% p.a. onwards

SBFC Finance Pvt Ltd.

14% p.a. onwards

CASHe

27% p.a. onwards

EarlySalary

24% p.a. onwards

Yes Bank

Starting from 10.70% p.a.

KreditBee

14% p.a. onwards

InCred

18% p.a. onwards

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. Some lenders may have a higher minimum age limit, i.e. 21 or 25 years. 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: Voter’s ID, Aadhaar card, PAN card, passport etc.

  • Address Proof: Aadhaar card, driving licence, Voter’s ID, passport, utility bills, rent agreement, etc.

  • Proof of Income: Latest salary slips (usually last three months’ salary slips are required) or IT returns certificate or latest Form 16

How to Apply for Low Salary Personal Loan

Applying for a low salary personal loan via Bajaj MARKETS is an easy and hassle-free 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”. A new page will open with a form in which you need to fill in a few details.

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

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

FAQs on Low Salary Personal Loan

  • ✔️Does my income affect my eligibility for a personal loan?

    Yes, while you can avail a personal loan even with a low salary, the loan amount that you are eligible for is determined by your monthly income. If you have a higher income, you are likely to be eligible for a higher loan amount.

  • ✔️What are the costs associated with a personal loan?

    The lender (bank/NBFC) levies an interest rate on the principal loan amount and also charges a processing fee to process your loan application.

  • ✔️Is a personal loan available for people who live outside metropolitan cities?

    Yes, you can apply for a personal loan at Bajaj MARKETS even if you live in a tier-2 or tier-3 city.

  • ✔️What happens when EMIs are not paid as per schedule?

    If you do not pay your personal loan EMIs as per schedule, i.e. on the due date, the same reflects on your credit report and, consequently, your CIBIL score takes a hit. You must also pay the applicable late fee, EMI bounce charges, and any additional amount applicable as per the terms and conditions set down by the lender.

  • ✔️How long does a personal loan take to be approved?

    If you apply for a personal loan through Bajaj MARKETS, you can expect a near-instant approval (within 2 minutes). Once approved, the loan amount is typically disbursed to your bank account within 24 hours.

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