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The term ‘low salary’ is relative and may mean different figures for different people depending on their profession, sector, geographical locations, occupation, etc. Similarly, the minimum income requirement set by the banks and NBFCs for availing personal loans may also vary, ranging from as low as Rs. 10,000 to Rs. 30,000 or even more. As most lenders have not disclosed salary-based interest rates matrix, the following list can give you a rough idea of the minimum income required by the following lenders and the interest rates applicable:
Banks/NBFCs having minimum salary requirement of Rs. 10,000 & below
| Lender | Interest Rates | Min. Salary Required |
| KreditBee | 16.00% – 29.95% | Rs. 10,000 |
Note: Interest rates as of 11 November 2024
Banks/NBFCs having minimum salary requirement of above Rs. 10,000 & up to Rs. 15,000
| Lenders | Interest Rates |
Min. Salary Required |
| PaySense | 1.4%- 2.3% per month | Rs. 12,000 |
| Moneyview | 10% p.a. onwards | Rs. 13,500 |
| SBI | 11.45%-14.85% p.a. | Rs. 15,000 |
| Axis Bank | 11.25% p.a. onwards | Rs. 15,000 |
| Tata Capital | 11.99% p.a. onwards | Rs. 15,000 |
| CASHe | 2.25% p.m. onwards | Rs. 15,000 |
| Stashfin | 11.99% – 59.99% p.a. | Rs. 15,000 |
| Fibe (EarlySalary) | 16.00% p.a. onwards | Rs. 15,000 |
Note: Interest rates as of 11 November 2024
Banks/NBFCs having minimum salary requirement of above Rs. 15,000 & up to Rs. 20,000
| Lenders | Interest Rates | Min. Salary Required |
| SMFG India Credit (Formerly known as Fullerton India Credit Company Limited)) | 13.00% p.a. onwards | Rs 20,000 |
Note: Interest rates as of 11 November 2024
Banks/NBFCs having minimum salary requirement of above Rs. 20,000 & up to Rs. 30,000
| Lenders | Interest Rates | Min. Salary Required |
| HDFC Bank | 10.85% p.a. onwards | Rs. 25,000 |
| Kotak Mahindra Bank | 10.99% p.a. onwards | Rs. 25,000 |
| IndusInd Bank | 10.49% p.a. onwards | Rs. 25,000 |
| ICICI Bank | 10.85% p.a. onwards | Rs. 30,000 |
Note: Interest rates as of 11 November 2024
Personal Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Eligibility Criteria for Personal Loans offered to Low-income Groups
The primary factors that banks and NBFCs consider while evaluating personal loan application would include your credit score, income, age, occupation and employer’s profile. These factors will also largely determine the personal loan interest rates offered to you by the lenders. Below mentioned are the basic eligibility criteria along with documents required to avail personal loan for a low salary:
- Age: 18 to 65 years
- Income: As per lender’s norms
- Credit score: Preferably 750 and above to get personal loan at lower interest rates
Documents Required
- Duly filled application form with passport-sized photographs
- KYC documents of the applicant
- Identity Proof: Passport/PAN Card/ Voter’s ID/ Aadhaar Card/ Driving License
- Address Proof: Passport/ Aadhaar Card/ Utility Bills (not more than 3 months old)/ Driving License
- Income Proof: Salary Slips/ Bank Account Statement/ Form 16
- Any other document required by the bank
FAQs
1. If I do not have a salary slip, can I get a personal loan?
Ans. Salary slip acts as proof of your employment. It also helps lenders to assess your repayment capacity. So if you are unable to furnish your salary slip, the bank may request for other documents as a proof of income such as your bank statements reflecting your salary, ITR filed previously and Form 16. Some lenders also have various surrogate programs to arrive at the loan eligibility for applicants not having salary slip and/or other income proof documents.
Also Know: How to Get a Personal Loan without Documents
2. Can I get a personal loan without security even if my salary is low?
Ans. Yes. Personal loans are collateral-free loans and can be availed if you meet the minimum salary criteria and other eligibility parameters as defined by the lender.
3. If my CIBIL score is low, can I get a personal loan with a low salary?
Ans. As high credit score or CIBIL score reflect financial discipline; therefore, lenders prefer lending personal loans to applicants with CIBIL scores of 750 or above. Those having CIBIL scores below 750 might be rejected for the loan or charged higher interest rates on the loan. However, there are some NBFCs and fintech lenders that offer personal loans to individuals with low CIBIL score/credit score but at interest rates higher than banks and large NBFCs.
4. If my salary is Rs. 15,000 monthly, how much is the personal loan amount I can avail?
Ans. The maximum personal loan that an individual can get on his salary would depend on his monthly income but also on his existing loan repayment obligations (including the EMI of the proposed loan) and the loan tenure. Moreover, lenders generally require the total EMI of an applicant (including the EMI of the new loan) to not exceed 50-55% of his monthly income.
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