Check how to get a personal loan with income less than INR 10000/15000/20000. There are many banks that offer loans in this range.
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How to Get a Personal Loan quickly with Low Income?

How to Get a Personal Loan quickly with Low Income?

posted on 2020-06-09 05:07:33 by Admin

How to Get a Personal Loan quickly with Low Income?

Personal loans are easy to get to meet sudden fund requirements. Though every lender applies eligibility criteria that an applicant must clear to get the loan. The top criteria are high credit score and the minimum income of the individual. However, to get a personal loan with a low salary, you can always convince the lender. You can do so by showing your ability to pay a loan with an alternative source of income.

Let’s check out which banks offer loans with a salary less than INR 10000/15000/20000.

Personal Loan with Low Salary

Your income is one of the deciding factors for loan approval. It acts as evidence that you will able to pay the EMIs without any default. So, applicants with high and stable income associated with reputable companies have higher chances of loan approval.

If you low salary, Don’t Worry!

We got you covered, there many lenders who offer personal loans with low income. The list of banks has been given below.

Bank Name

Minimum Salary

Interest Rate Per Annum

Maximum Loan Amount

Loan Tenure (Months)


INR 15000

15.75% - 24%

INR 15 Lakh

12 - 60

HBD Financial Services

INR 15000

14% - 36%

INR 20 lakh

12 - 60


INR 15000

11.25% - 21.50%

INR 40 lakh

12 - 60

Fullerton India

INR 15000

20% - 49%

INR 25 lakh

Max  60


INR 15000

12% - 14%

INR 10 lakh

12 - 60

State Bank of India

INR 15000


INR 15 Lakh

Max 72

Banks Offering Personal Loan with Salary INR 10000/15000/20000

Applicants with modest salaries can also apply for a personal loan. Most lenders give loans to individuals who have a salary greater than INR 15000. Still, people with less than INR 10000 income can get loans from these banks. You also do not need to put up any securities to get a personal loan.



INR 15000-20000

Axis Bank, Allahabad Bank, Fullerton India, HDB Financial Services, HDFC Bank, ICICI Bank,  IDBI Bank, Kotak Mahindra Bank,  Tata Capital Bank,

INR 10000-15000

UCO Bank, Oriental Bank of Commerce

Less than INR 10000

Abhyudaya Co-operative Bank, The Andaman & Nicobar State Co-operative Bank Ltd., Bombay Co-operative Bank, Canara Bank, Indian Overseas Bank, Punjab & Sind Bank (For Pensioners), Punjab National Bank, State Bank of India (SBI), The West Bengal State Co-operative Bank Ltd


Banks may ask you for the guarantor to take the loan. For the complete details visit the bank website to get the comprehensive eligibility criteria.

Collateral for Personal Loan with Low Income

Generally, collateral is not required for a personal loan. But, lenders sometimes may not give you a loan with a low salary. So, in that case, you may have to opt for a secured loan from the lender.

There are higher chances that with the collateral, the lending institution will give you the loan. The value may vary between 80 to 90% of the collateral value. This way you will also get the loan and the lender can comfortably disburse it.

Read: How to Get Short Term Personal Loans?


How Much Personal Loan You Can Get With Low Salary?

The loan EMI is calculated based on your monthly salary and payment potential. The maximum amount that you can get will vary depending upon the income factors and repayment period.

Usually, lenders allow the loan limit which will make your EMI not more than 50%-60% of the total monthly salary. Also, You must not take a loan beyond the repayment capacity. Manage your funds well to avoid financial burden.

How much EMI have to Pay for My Loan?

Always check the EMI that you will have to pay for the loan plan. Make sure that you can pay the EMI from your current sources of income.

You can check the equated monthly income of the loan from the online EMI Calculator. You just need to add the loan amount, interest rate, and repayment duration to check the EMI.

EMI includes the initial loan amount and the interest rate. So, in the whole tenure, you will completely pay off your loan along with interest. Also, ask your lender for additional costs like pre-processing fees, pre-payment charges, etc.

Documents Required to Get Personal Loan

Whenever you apply for a loan, get the important documents ready for faster approval. You can apply to the current salary account bank. Also, you must apply online after comparing the interest rates of different banks/NBFCs.

  • Identity Proof- Aadhaar / Voter-ID / Passport / Driving License
  • Address Proof- Utility Bills / Aadhaar / Voter ID
  • Income Proof- Last 3 Months Bank Statements and Salary Slip, Form 16
  • Photograph- Selfie for online application or passport size photograph
  • Application- Duly filled application with the complete details.

For the online application, you need to submit the scanned copies of the original documents. Make sure you upload the PDF version of the bank statement, the clicked picture will not be valid.

Personal Loan Eligibility

You must check the eligibility of the lending institution on its official website. After checking if you fall within the income range, you must check the following criteria.

  • Candidate must have a minimum age of 21 and a maximum of 60.
  • Individuals must be employed in the public sector, private sector, or government organization.
  • You must have experience of a total of 2 years and a minimum of 1 year with the current employer.

Read: 7 Key Points to Follow while getting a Personal Loan

How to Apply for Personal Loan Online?

You can easily apply for a personal loan online. The loan gets approved in 4 minutes with disbursal in 24 hours.

  • Visit the official website of the bank / NBFC.
  • Click on personal loan and fill the basic details.
  • Therein, enter the phone number, PAN, monthly income.
  • Once you get your login, upload the required documents in the proper format.
  • For the further process, you will receive the call from the lending institute.


For the individuals who have a low salary can get the loan from various banks. You just need to research a little of the eligibility criteria and negotiate a bit. The things you need to take care during the loan process must be:

  • Interest Rate- Compare the interest rate of different banks. This way you can save yourself exorbitant interest rate. Smart planning will help you to save on EMIs.
  • Eligibility Criteria- Different banks have varying criteria. This will save you from personal loan application rejection.
  • EMI - Always check the EMI before signing the loan agreement. Once it is fixed, you have to pay it monthly and you will not able to change it later.
  • Check Credit Score- Having a high credit score will improve the chances of loan approval. If you have a low score, work upon to increase it atleast by 750.

To apply for personal loans, home loans, business loans, credit cards, Best assistance and guidance is just one call away.