Personal loans can be taken for any number of reasons. Whether they are big or small, these types of credit are necessary to meet your needs and requirements. But when it comes to availing of a personal loan with a low or minimum salary, the process is a bit different than applying for the same with an impressive earning. It is indeed possible for a lower-salaried individual to get a personal loan with a low salary. Banks and financial institutions that offer loans usually carry out an evaluation of the person’s income, expenses, and credit history. Based on these criteria, a credit decision is made by the concerned body which works towards fulfilling the demands of people belonging to different income groups. Some of these lending institutions are specialized in granting loans to individuals belonging to the low-salaried class. While your personal loan application can go through the money lender during your low-income days, you should remember that a low income is not a criterion for getting a loan. The main criterion for sanctioning a personal loan is the borrower’s repayment capacity.
Personal loans with a low salary are not an impossible task to get. It can be granted by banks and financial institutions if the applicant has a strong credit score. Below are a few Banks/NBFCs mentioned to help you know whether you can get such a loan, along with the procedure and documents required for it.
Hero Fincorp Personal Loan
Hero Fincorp helps thousands of individuals and families access funds for their personal requirements. This can be anything from wedding shopping to home renovations. When compared with other providers, you will see why it is their commitment to providing the best financing solutions for all your personal financial needs that set them apart. One of their key highlights is they offer personal loans even for individuals with a salary as low as Rs. 8,000.
To know more visit this page: https://referloan.in/loans/hero-fincorp-personal-loan
Incred Personal Loan
At InCred, their mission is to utilize technology and data science to make lending quick and easy. They do this by simplifying the loan application process for our customers so that they can get the funds they need without all the hassle. They take a customized approach and offer flexible repayment options, so that no matter what your financial situation or needs, InCred can meet them. When it comes to salary eligibility, they offer personal loans with a monthly income of at least Rs. 15,000.
To know more visit this page: https://referloan.in/loans/incred-personal-loan
Loan Tap Personal Loans
Getting a loan at Loan Tap is easy and Fast. Loan Tap offers Personal Loans for all kinds of people at various stages in life with an easy and fast process. They provide higher-than-average loan amounts with flexible repayment plans to suit any need or situation. Once your personal loan is approved, the money will be deposited directly in your bank account within a few working hours. Loan Tap ensures that they grant loans in quick time so that you can get back to your life as soon as possible. Loans are available within a few clicks and the entire application process is super easy and convenient, and the best part is you can apply for the loan even with a low salary of Rs. 12,000.
To know more visit this page: https://referloan.in/loans/loan-tap-personal-loan
You want to repay your debts as soon as possible, but sacrificing all the pleasures of life is not an option. At Money View, their goal is to make applying for a personal loan convenient and stress-free. So, when you need money for pretty much any occasion, you can reach out to them and get help for what you need. Loans from Money View require minimal paperwork with a monthly salary requirement of Rs. 15,000 and take just 3 minutes – good news for those in a rush and with no time to wait.
To know more visit this page: https://referloan.in/loans/money-view-personal-loan
My Shubh Life Personal Loan
MyShubhLife is the perfect personal loan option for people who want a simple and fast way to get a loan. They offer loans with flexible repayment options, multiple payment channels, and easy EMI installment facilities. If you’ve never had a credit history before or are low-income and have been turned down by other financial institutions, MyShubhLife is the right place for your money needs. With MyShubhLife personal loans, it’s easy to get a loan without collateral, without having to go through various credit rating processes, in just three steps.
To know more visit this page: https://referloan.in/loans/my-shubh-life-personal-loan
FlexSalary Personal Loan
Getting a loan can be frustrating, especially when you can’t pay more than the interest on it. If this is your situation, FlexSalary Personal Loan is the right product for you. This is aimed to provide relief to working professionals who need a loan in between their salaries and cannot afford to repay the amount in one go. In FlexSalary Personal Loan, you will get flexibility in repayment that you won’t find anywhere else. You don’t even have to lock your credit score to get the loan, plus you can get the loan even if you have a salary as low as Rs. 8000 per month.
To know more visit this page: Personal loan online for Cibil defaulters, Low Salary, Low Credit Score (referloan.in)
FAQs
There’s no set limit for availing a personal loan, because the mail may vary from lender to lender.
A salary slip is presented as proof of income. So if you have any other documents to prove your income then you can skip the salary slip.
Personal loans from banks are not easy to get if your income source is salary because most of the time a personal loan lender takes your salary as one of the key income indicators for a personal loan – which can be difficult for salaried individuals to get. But don‡t lose hope, there are many other options for you other than the integrated current account.
Unfortunately, you cannot get a loan immediately because of your first salary. Banks ask for 3 to 6 months of bank statements to check your income details such as your salary. If this is your first job and your first salary, you may not be eligible. When checking income details, banks will take more interest in the applicant’s repayment capacity than the amount borrowed itself.