Personal Loan for Low Income Earners in India

Most of the person cannot get a loan for low income. A salary of Rs. 25,000 easily gets the loan through the nearest branch. But those salaries are under Rs. 10,000 to 20,000 much harder to get a personal loan.

We will figure out a solution with different Banks/ NBFCs to get the personal loan for low-income earners in India.

Banks/ NBFCs for Personal Loans for Low Income Earners in India

Lender	Interest Rate	Loan Amount	Minimum Net Salary
FlexPay	15% to 36% p.a.	Up To 2 lakhs	Rs. 8,000
EasyMoney	14% to 21% p.a.	Up To Rs. 30,000 Credit Line	Rs. 10,000
Kreditzy	18% to 29.95% p.a.	Rs. 1,000 to Rs. 1 lakhs	Rs. 10,000
Kreditbee	Upto 29.95% p.a.	Rs. 1,000 to Rs. 4 lakhs	Rs. 10,000
WeRize	16% to 21% p.a.	Rs. 30,000 to Rs. 5 lakhs	Rs. 12,000
CASHe	2.25% per month	Rs. 1,000 to Rs. 4 lakhs	Rs. 12,000
MoneyView	1.33% per month	Rs. 5,000 to Rs. 5 lakhs	Rs. 13,500
Payme India	18% to 42% p.a.	Up To 2 lakhs	Rs. 15,000
InCred	11.49% to 18% p.a.	Rs. 50,000 to Rs.7. 5 lakhs	Rs. 15,000
IDFC	12.50% to 18% p.a.	Up To 10 lakhs	Rs. 15,000
PaySense	1.4% to 2.3% per month	Rs. 5,000 to Rs. 5 lakhs	Rs. 18,000
Upward	9% to 32% p.a.	Up To 3 lakhs	Rs. 20,000
Piramal Finance	12.99% p.a.	Up To 10 lakhs	Rs. 25,000

Eligibility Criteria for Personal Loans for Low Income Earners

Many factors will depend on your personal loan eligibility for low-income groups. Monthly salary, Credit score & age is the most common factor. You should check the below mention eligibility criteria:

Required Age	21 to 58 years
Job Experience	Minimum 12 months
Credit Score	-1 or 720+ required
Job Types	Private Ltd, Public Ltd, Government Sector

Required Documents

• Identity Proof: Aadhaar Card/ Pan Card/ Voter Card/ Passport
• Address Proof: Utility Bill/ Rent Agreement/ Aadhaar Card
• Income Proof: Salary Slips/ Bank Statements / Form 16 (For some lenders)
• Co-applicant Aadhaar Card / Pan Card (For some lenders)
• Passport Photo

How to Apply for Personal Loan for Low Income Earners

Step 1: Choose the lenders based on your salary. If your salary is Rs. 12,000 net, you can direct click on WeRize Loan Page.

Step 2: Enter your basic details such as name, pan card number, phone number, net monthly salary, etc.

Step 3: Simply upload documents one-by-one.

Step 4: Submit your salary account bank statement.

Step 5: Lender check your eligibility

Step 6: You will get the verification call & get loan approval.

FAQs on Personal Loans for Low Income