Personal Loan- If you are thinking about taking Personal Loan in low salary, then todays article is for you. A personal loan is a loan that you can avail for any kind of expense, such as wedding expenses, sudden medical bills, dream vacations, new home decor, education expenses and many more. If you have a stable income and a good credit score, then taking a personal loan is not a difficult task. In a personal loan, you get a lump sum amount, which you have to repay in the form of monthly installments (EMI) along with interest to the bank or NBFC from which you have taken the loan.

Personal loans are generally preferred because they charge lower interest rates than credit cards and are easier to manage. Most lenders offer higher amounts in personal loans than credit cards and also offer flexible payment plans. With various digital lending platforms and instant loan apps, it has now become very easy to get a personal loan within a few hours. You can also compare multiple loan offers according to your needs and repayment plan.

For example, Moneycontrol has partnerships with 8 lenders. With these lenders, you can get an instant loan of up to Rs 50 lakh through a 100% digital process . It involves three simple steps – fill in the details, complete KYC and set the EMI tenure. Interest rates on this personal loan start from just 10.5% per annum, depending on your job status.

Who can avail personal loan in India?

In today’s time, taking a personal loan has become easier than ever. Banks, NBFCs and other financial companies are constantly bringing new plans so that loans can be given to more and more customers.

Any person between the age of 21 and 60 years with a good credit profile and regular income is eligible for a personal loan. People with a stable job or business are usually the first choice of lenders.

Banks and financial companies do background checks before giving loans to salaried people. To get a personal loan, it is necessary to fall within a salary limit or bracket (minimum).

Can you get a personal loan with a salary of Rs 15,000 or less?

Banks and NBFCs often prefer people with higher salaries, but the ‘minimum salary’ requirement may vary from lender to lender. Some banks consider a monthly salary of Rs 25,000 to Rs 30,000 as ‘minimum’. However, nowadays there are many banks and NBFCs that are also giving personal loans to those with a salary between Rs 10,000 and Rs 15,000. A slightly lower amount is given on these personal loans so that the bank is confident that the borrower will repay the loan on time.

This loan amount may vary depending on the terms and conditions of different lenders. If a person with a low salary takes a larger loan, the lender may increase the interest rate. Therefore, it is better for people with a salary of less than Rs 15,000 to apply for a smaller amount and choose a flexible EMI tenure.

Conditions for personal loan

Each bank has its own rules, but generally some general conditions need to be met:

  • You are an Indian citizen
  • Age should be between 21 to 60 years
  • Have a job in private or public sector
  • Income certificate and salary slip will have to be shown
  • Have a good CIBIL or credit score (usually above 700)

 

Documents Required

ID Proof: Aadhar Card, Passport, Driving License or Voter ID
Address proof: Documents like Aadhar card, electricity or water bill
Income proof: Salary slip and bank statement of last 3-6 months