Personal loan is an unsecured offering. Anybody can apply for a Personal Loan as long as they meet the eligibility criteria. In most cases, it is easier for salaried individuals to procure Personal Loans.
The approval and eligibility criteria vary from lender to lender. In most cases, an individual must earn above Rs.35,000 per month to avail of a Personal Loan in an urban area. Thus it is much challenging for anyone who earns lesser than the lender’s benchmark.
The lenders generally find it difficult to trust people who do not have a good EMI to income ratio. It is expected that with lower than Rs. 10,000 salary, an individual may find it challenging to service a loan EMI.
Bajaj Finserv offers an amount of up to Rs. 10 Lakhs as a Personal Loan for low salary persons. You can use these loans for weddings, educational expenses, medical emergencies, or as per your other needs. Once the loan application is approved, the funds would be credited to your account within the first seventy-two hours. Additionally, all charges are transparent, and nothing is hidden. All you need to do is submit minimal documents and get your application approved.
2) Axis Bank Personal Loan
an Rs. 10,000 per month is the Personal Loan offered by Axis Bank. In order to get an Axis Bank Personal Loan, you should be above the age of 21 years. Any salaried employee working in the private sector, public sector, or even government companies can opt for this loan. With minimal documentation, you can take advantage of features like immediate approval and also balance transfer facility.
3) SBI Xpress Credit Personal Loan
SBI Personal Loan is another option to choose from. The product is called as Xpress Credit Personal loan. Individuals who are earning Rs. 5,000 and above can apply for these funds.
Potential borrowers can get loans up to Rs. 15 Lakhs under this particular scheme. To avail SBI Personal Loan, the applicant should have a consistent salary account with SBI. Your EMI to net monthly income ratio also should not exceed more than 50%. Borrowers can avail another loan a year after the disbursement of the first loan is done.
Apart from these big players in the BFSI sector, there are many other small public sector banks that provide Personal Loansto people who are earning less than Rs. 10,000. While not all of them have a provision for online banking or have many branches, they are available in certain regions.
If the following options are accessible to you, then ensure that you analyze them before deciding. This will help you get the best interest rates. Here are some options you can check out:
4) West Bengal State Co-operative Bank Ltd.
The West Bengal State Co-operative Bank Ltd is a yet another great option to choose a Personal Loan for low salaried individuals. The minimum salary requirement for this bank is Rs. 2,000. The age limit for this particular loan is 21-60 years of age. The loan amount that can be availed here is between Rs. 25,000 to Rs. 60,000.
5) Andaman and Nicobar State Co-operative Bank Ltd.
The Andaman and Nicobar State Co-operative Bank Ltd provides Personal Loans up to Rs. 2,00,000. The minimum salary required for eligibility for this loan is Rs. 5,000. The valid age for applying for this loan is 21-60 years of age.
6) National Co-operative Bank Ltd
National Co-operative Bank Ltd provides Personal Loansfor people with a minimum salary of Rs. 5,000. The age limit for candidates who can avail this loan is between 21-60 years of age. The interest rates available for these Personal Loans is 16-18% p.a. The maximum amount that can be availed with this loan is of Rs. 25,000.
7) City Union Bank (Consumer Loan)
City Union Bank consumer loan can be availed by people with a salary of Rs. 5,000 and above. The age limit for availing of this loan is between 21-60 years of age. The interest rate levied on this loan is 16% p.a. The maximum available loan amount provided by this lender is Rs. 50,000.
8) Abhyudaya Co-operative Bank
This is another option to choose when looking for a Personal Loan for low salary. It is valid for people who are earning more than Rs. 8,000. It is valid for people between the age of 21-60 years of age. The interest rate levied on this loan is 13%. The maximum amount you can avail with this Personal Loans Rs. 5,00,000.
9) The Greater Bombay Co-operative Bank Ltd
The Greater Bombay Co-operative Bank Ltd. provides loans to people with an income of Rs. 10,000 and above. The interest rate available on these loans is 14.50%. The maximum loan amount availed with this Personal Loan is Rs. 2,00,000.
10) Canara Bank
Another great option when applying for low-salary Personal Loan is Canara Bank. The interest rate available with this loan is 14.00% to 15.00%. The minimum salary required for getting this Personal Loan is Rs. 10,000. The age gap required for this loan is between 21-58 years of age. Maximum amount that can be availed on this loan is Rs. 3,00,000.
You can opt for any of these options if you are looking for a Personal Loan for low salary persons. They offer great rates and would also help you fulfill your immediate financial needs as soon as possible.