July 24, 2024

Are You a Low Salaried Individual Seeking a Personal Loan? Here’s How You Can Avail of It.

A personal loan is one of the best financial options to fight financial mismatches or crises of any type. Generally, most times, a financial crisis or burden seems to be hitting extremely more when your income is not very high. If you are salaried, you may have this doubt whether you, as a low-income earner, can avail of the personal loan. Well, for your relief, all the low-salaried earners looking to get a personal loan from SBI personal loan or any private sector bank must know that you can avail of the personal loan if you earn a monthly income starting from Rs 15,000. 

When you are at the beginning of your career and earning a minimum income somewhere between Rs 15,000 and Rs 20,000, you may feel you are stuck with the monetary shortage. Such financial crunches get deadlier when your savings are zero. Considering this fact, currently, few lenders have started a unique credit option, wherein personal loan is made available in just a day for the low salaried individuals. However, you cannot deny the fact that applications for personal loans get rejected because of low income. If you still are at the beginning of your career and somehow managing your monthly expenditures, it would be tough to manage such a financial crisis. 

The worry of not getting accepted for a personal loan is minimal as there are many digital lenders that have come up and offered the loan of the required amount at a low-interest rate. Luckily, there are many lenders involving the private sector banks, public sector banks and NBFCs who provide personal loans to you if you earn an income beginning from Rs 15,000 onwards. 

Here are a few lenders and their special plans, which allow low-salaried individuals to get a personal loan –  


This financial institution provides a personal loan if you earn a monthly income of Rs 15,000 in metro cities like Delhi, Bangalore, Chennai, Hyderabad, Mumbai, Chennai, Kolkata, Cochin, Pune, and Ahmedabad. Besides the above mentioned, if you are staying in any other city, you can get a personal loan with an income equaling Rs 12,000 each month. You can get a competitive rate of interest on a personal loan from HDFC. Moreover, HDFC bank is also well known for its fast processing as well as a paperless personal loan. You can get a personal loan in just a few hours. You must consider the fact when applying for a personal loan that you must be over 21 years and below 60 years during the application time. 

State bank of India (SBI)

SBI has started SBI Saral personal loan for low-income earners, which allows you to get a personal loan regardless of the low income. You from a rural or semi-urban region can place the application for a loan with an income equaling Rs 10,000. However, if you reside in an urban location, your minimal income must be Rs 24,000. The maximum proceeds that you can get as a personal loan are 12 times the net monthly income. Like other lenders, the State Bank of India does not ask for any security or collateral to get the loan. You must pay the processing charges, which are usually 2 to 3 per cent of the principal proceeds. Remember that to compute your SBI EMI, and you can use the online SBI personal loan EMI calculator. The calculator computes the result instantly. 


ICICI bank is a renowned bank lender that offers personal loans to low-salaried individuals. ICICI bank personal loan eligibility for the salaried begins from Rs 25,000 for cities like Mumbai and Delhi. If you reside in Chennai, Pune, Bengaluru, Kolkata, and Hyderabad, then you can apply for the same with an income equaling Rs 20,000. In case you are from any other suburban city, the minimum monthly income must be Rs 17,500. You can get an online personal loan, which usually may be disbursed within 72 hours of placing the application. The maximum loan proceeds you can get is Rs 2 lakh, and the minimum is Rs 50,000. You can get a better deal with this lender as its personal loan begins from around 11 per cent p.a.

Axis Bank

In case you are a low-salaried individual and looking to get a personal loan, you may also apply for it with Axis Bank. This lender offers personal loans with a minimum monthly income equaling Rs 15,000. You can get a hassle-free, paperless loan with this lender. However, to get the loan, note that you must fall between the age group of 21 and 60 years. Loan repayment tenure begins from 1 year and goes as high as 5 years. The rate of interest is levied between 10.49 per cent and 24 per cent. This lender permits you to enjoy a zero pre-closure fee on closing your personal loan before the completion of the loan tenure. 

Should you go for the digital lenders to avail of the personal loan?

Note that digital lenders are the fastest growing financial sector, which offers personal loans to you usually if you earn an income of at least Rs 15,000 per month. Such digital loans offer several benefits. A few of these benefits include an online application, competitive rate of interest, zero physical documentation, quick approval, etc. The minimal loan proceeds that you may receive is Rs 50,000, and the maximum is Rs 1,50,000. Like other banks, you too can enjoy a repayment tenure of as high as 5 years. The rate of interest ranges anywhere between 10 and 24 per cent p.a. 

Benefits of opting for a personal loan for the low salaried individuals 

Instant loan approval –

Your application for a personal loan gets e approved, and you get the funds without any kind of delay. 

Minimal documentation – 

As the procedure is online in nature, there is a need for zero physical documentation. Documents required must be uploaded on the lender’s site. 

Zero collateral required – 

There is zero need for any collateral or guarantor to provide against your personal loan. 

Instant disbursal – 

As the loan processing is online in nature, it takes extremely less time to approve as well as disburse the loan proceeds. 

Flexible repayment tenure – 

You can get a loan repayment tenure that ranges anywhere between 12 and 60 months. The availability of flexible and higher repayment tenure makes it convenient for you to repay the loan amount in small EMIs.


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