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|
- 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
What is the minimum salary required for a personal loan in India?
The minimum net salary is Rs. 12,000 required for a personal loan in India. Also, you can get the loan through FlexPay with Rs. 8,000 salary.
My net salary is Rs. 12,000. Can I get a personal loan?
If your salary is credited directly to the bank statement, you will get a loan of up to Rs. 5 lakhs with an R. 12,000 net salary. WeRize personal loan gives you this opportunity.
I have a Rs. 10,000 salary. Can I be eligible for a loan?
You can defiantly apply for a loan with Rs. 10,000 salary through FlexPay.