Personal Loan for Low Income Earners in India

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

LenderInterest RateLoan AmountMinimum 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 Age21 to 58 years
Job ExperienceMinimum 12 months  
Credit Score-1 or 720+ required
Job TypesPrivate 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

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.

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