Personal Loan: In today’s times of ever-increasing inflation, people are unable to meet their expenses. In such situations, people often borrow money from others. However, borrowing money can strain relationships. To avoid this, you can opt for other options. Banks today offer various types of loans, among which personal loans are the most popular. This loan helps people meet their personal needs. For personal loans, banks directly consider the individual’s income and credit history. These loans are unsecured, meaning the bank does not require any collateral.
Eligibility for a Personal Loan
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For a personal loan, banks first check whether the individual’s income is sufficient and what their credit score is. Different banks have different rules. Some banks provide loans to people with lower salaries, while others only offer personal loans to customers with higher salaries. SBI, for example, may offer loans to government employees with a salary of ₹20,000. For private sector employees, the minimum salary set by the bank is ₹25,000.
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Personal Loan Possible with a ₹10,000 Salary
Some banks do offer personal loans to people with a salary of ₹10,000. However, for this, the individual must have a good credit score, and a significant portion of their income should not already be committed to other expenses. The loan amount available at this salary level will be lower; banks will offer smaller loan amounts to people with lower salaries. Most banks typically provide personal loans to customers with a salary of ₹25,000 or more.
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Things to Consider When Taking a Loan
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It is possible for people with lower salaries to get a personal loan, but they should assess their financial situation carefully. The ability to repay EMIs on time is crucial. With proper planning and the right bank selection, even those with lower salaries can obtain a personal loan to meet their needs.