Highlights
- Want a personal loan but earning less than 15,000? Don't worry, you can get the same at SBI, Canara Bank, OBC, etc
- You can also get the loan against securities such as fixed deposit, national savings certificate (NSC), etc
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Instant Personal Loan Quotes from 17 Banks and Get the Best Deal
Want a personal loan but earn a modest salary? Don’t worry there are lenders that offer personal loans to individuals with less income. You can get the loan without having to submit any security. Most banks stipulate a minimum monthly salary of INR 15,000 – INR 20,000 for individuals to get a personal loan. However, those earning less than INR 15,000 can also get the loan. In this post we will tell how and where you can get a loan with low salary.
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Choose a Personal Loan Offer from These Commercial and Cooperative Banks
There are lenders that disburse loans to individuals earning a modest salary. The list of such lenders is shown in the table below. So, compare and choose from the list.
| Minimum Net Monthly Income Required | Banks that Provide Personal Loan |
|---|---|
| Less than INR 10,000 | Abhyudaya Co-Operative Bank, Bombay Co-operative Bank, State Bank of India (SBI), Canara Bank, Canara Bank, The Andaman & Nicobar State Co-operative Bank Ltd., Punjab & Sind Bank (For Pensioners), The West Bengal State Co-operative Bank Ltd, Indian Overseas Bank, Punjab National Bank |
| INR 10,000 to INR 15,000 | Oriental Bank of Commerce, UCO Bank |
| INR 15,000 to INR 20,000 | HDFC Bank, ICICI Bank, Axis Bank, Tata Capital Bank, HDB Financial Services, Fullerton India, IDBI Bank, Kotak Mahindra Bank, Allahabad Bank |
Note – Some of these banks may require you to arrange a guarantor who is already their customer.
The Next Option is Loan Against Securities
Lenders often remain reluctant to provide unsecured loans to individuals not meeting the minimum income criteria. But they can easily lend when the loan is backed with securities such as bank and postal deposits. The fact that the loan is granted at about 80%-90% of the security value makes lenders feel comfortable while disbursing.
How Much Personal Loan Can You Get?
Lenders calculate the loan eligibility based on your income and repayment potential. They would ideally want the proposed EMI to be within 50%-60% of the net monthly income (NMI). For instance, SBI stipulates that the proposed EMI must not be more than 50% of the NMI.
Check Personal Loan EMI Calculator to Get an Idea of the Proposed Installment Amount
Checking the Personal Loan EMI Calculator gives you an idea of the proposed installment amount. The fact that the calculator is available online makes it easy for you to compute. All that you need to do is to enter the loan amount, tenure and rate of interest in the calculator. Afterward, the calculator computes the EMI and interest outgo over the loan course.
Documents Needed
You must submit the following documents while applying for a personal loan.
- Identity Proof – PAN Card/Voter ID/Aadhaar Card/Driving License/Passport
- Residence Proof – Voter ID/Aadhaar Card/Driving License/Passport/Electricity Bill/Telephone Bill
- Income Proof – Salary slips for the last 2-3 months, Form 16, Last 3-6 months bank statement
- Latest passport size photographs
- Duly filled and signed application form
How to Apply for a Personal Loan?
You can apply for a personal loan on the website or at the nearest branch of the lender. In both cases, you need to fill the application form by mentioning your personal and professional details correctly. Submit the application as soon as you are done with the details. The concerned lender would check the details thoroughly and approve the loan only upon successful verification.