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    Personal Loan for Low Salary Persons

    You never know when a need or requirement for money knocks on our door and many a times, we do not have enough savings to take over the financial challenge on our own. Personal loans exist for this very reason, to help take on any personal financial requirement with ease. However, not everyone qualifies for a personal loan due to the eligibility criterion of minimum income. If we are still on our first jobs and are barely managing to scrape by through our monthly expenses, how can we apply for a personal loan with such low salary?

    Luckily, there are quite a few banks in India today that offer personal loans to applicants with monthly incomes starting at just Rs.10,000. What follow are some of the popular personal loans offered by banks for those with low salaries?

    Apply for Personal Loan

    Axis Bank Personal Loan for Salary Persons

    If you are looking for a quick approval and a minimum documentation process, then you can apply for a personal from Axis Bank:

    • Loan amount – The minimum loan amount offered is Rs.50,000 and the maximum loan amount offered is Rs.15 lakhs.
    • Age - You must be at least 21 years of age and not older than 60 years.
    • Repayment tenure – You can choose between flexible tenures starting at 12 months and up to 60 months.
    • Interest rate – The interest rate for this loan starts at 15.50% and up to 24%.
    • Processing fee – You will charged between 1.50% and 2% + tax as processing charges for this personal loan.
    • Balance transfer facility is available for this personal loan.
    • This loan does not charge any prepayment or foreclosure fee.

    Income criteria for this personal loan:

    The minimum net monthly income required to apply for this loan is Rs.15,000.

    HDFC Bank Personal Loan for Salary Persons

    HDFC Bank offers personal loan at competitive interest rates with 0 hidden charges:

    • Apply online and get In-Principal loan eligibility just 1 minute.
    • Even first time borrowers are eligible to apply for this loan.
    • The bank offers special offers for women customers. Women can get a pre-approved loan of Rs.3 lakhs under the Personal Loan Diva Loan.
    • Age – You must be at least 21 years of age and not older than 60 years.
    • Interest rate – The rack interest rate for salaried employees is between 15.75% and 20%.

    Income criteria for HDFC personal loan:

    • If you are residing in Bangalore, Delhi, Mumbai, Hyderabad, Chennai, Kolkata, Pune, Cochin and Ahmedabad, the minimum monthly income required is Rs.15,000.
    • If you are residing in any other city in India, the minimum monthly income required is Rs.12,000.

    SBI Saral Personal Loan for Salary Persons

    You can apply for this personal loan by SBI for any and all legitimate purposes:

    • Loan amount – Salaried employees can avail a maximum of 12 times their Net Monthly Income up to Rs.10 lakhs. However, your personal loan amount will depend on your income and your ability to repay the loan.
    • Margin – There is no margin applicable on this loan.
    • Security – There is no security requirement for this loan.
    • Repayment – You can repay the loan in 48 EMIs. You are however given the option to repay more than the EMI without incurring any additional prepayment charges.
    • Processing fee – You will charged between 2% and 3% + tax as processing charges for this personal loan.

    Income criteria for SBI personal loan:

    • If you are residing in rural or semi-urban centres, the minimum monthly income required is Rs.10,000.
    • If you are residing in metro or urban centres, the minimum monthly income required is Rs.24,000.

    ICICI Bank Personal Loan for Salary Persons

    This is a multi-purpose loan offered by ICICI Bank at competitive interest rates and a high loan quantum:

    • Loan amount – The minimum loan amount offered is Rs.50,000 and the maximum loan amount offered is Rs.20 lakhs.
    • Age - You must be at least 23 years of age and not older than 58 years.
    • Interest rate – The interest rate starts at a low 11.59%.
    • Loan tenure – You can choose from flexible loan tenures starting at 12 months and up to 60 months.
    • Loan disbursal – The bank disburses the loan amount within 72 hours of receiving the documentation.

    Income criteria for ICICI personal loan:

    • If you are residing in Mumbai and Delhi, the minimum monthly income required is Rs.25,000.
    • If you are residing in Bangalore, Chennai, Pune, Hyderabad and Kolkata, the minimum monthly income required is Rs.20,000.
    • If you are residing in any other city, the minimum monthly income required is Rs.17,500.

    Punjab National Bank Personal Loan Scheme for Public

    You can avail this personal loan from Punjab National Bank to cover any type of personal need:

    • Loan amount – The minimum loan amount offered is Rs.50,000. The maximum loan offered is Rs.4 lakhs or 20 times your monthly net income, depending on whichever of the 2 is lesser.
    • Processing fee – You will be charged 1.80% of the loan amount as a processing fee.
    • Margin – There is no margin applicable on this loan.
    • Repayment tenure – You can repay this loan in a maximum of 60 EMIs.
    • There are no prepayment charges applicable for this loan.

    Income criteria for PNB personal loan:

    • If you are residing in semi-urban or rural centres, the minimum monthly income required is Rs.10,000.
    • If you are residing in urban centres, the minimum monthly income required is Rs.12,500.
    • If you are residing in metro centres, the minimum monthly income required is Rs.15,000.

    You do not need to earn a huge monthly salary to qualify for a personal loan. You only need to meet the minimum income requirement. So, comb through the available personal loan options available for your income band and apply for a personal loan today.

    Personal Loan Reviews

    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken from the STATE BANK OF INDIA and it got approved very quick also the process of getting the loan is is easy and good. I have got the sufficient amount of personal loan. The service is good and responsive also added on that it is good to use.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 15, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 6 months but i am using the service from last 5-6 months. Customer service is good with bankbazaar and their response was on time.Both mobile app and the website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 15, 2018
    • IndusInd Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with IndusInd bank and the experience was good, the process was quick and i received my credit card within 2-3 days. The loan amount was for Rs 2 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 15, 2018
    • Bajaj Finserv Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been smooth and easy and the loan amount which they had provided had been satisfactory. They had been charged me with some processing fee but there has not been any sort of additional charges. The interest rate which they offered also had been good where it was comparatively less.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2018
    • Capital First Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a good experience in getting this loan from them. The loan amount which they had provided had been satisfactory and the interest rate with them has also been good when compared with the market rate, there has been some processing fee which has been charged by them but it has been nominal. Overall it was a good experience.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 15, 2018
    • ICICI Bank Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Icici bank , Am satisfied with the rate of interest of 10.99% which is low where no other bank will give for such low interest with nominal processing fees. They instantly approved .Their customer executive used to call for the offers if any offers goes around.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 15, 2018
    • Axis Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Applied a personal loan with AXIS bank, i was in a urgent need and my application was processed in a week time. I find the interest rates very high here The sales person didn't gave me any idea on interest rates, as i was needed money for a medical urgency i didn't inquired for interest rate. But now its been 3 months and i feel like its very high.Have taken amount of 3 laks, would wish if the rates come down, it will be a great relief.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 15, 2018
    • Fullerton Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan fom Fullerton India and it has a good experience i had with them . i am satisfied with loan amount which they have given to m and even i am happy with tenure period as well,they rate of interest and the processing fee is nominal they have charge me.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 15, 2018
    • Axis Bank Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Axis bank . Am satisfied with the rate of interest which they have provided which is promising one . There is processing fees for the loan and pre closure charges are there . I make the payments through Ecs every month .Its been approved in 7 minutes.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 15, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with HDFC BANK my exoerience was excellent with his bank there rate of interest and there processing fee is nominal and even they gave me good tenure period as i want and they don't take any hidden charges with interest rate. even support team response well.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 15, 2018
    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I have been applied for the personal loan with the ICICI BANK personal loan and the process of getting the loan is quick and good. The customer support is not responsive added on that they are not responding properly. The loan amount was sufficient but the rate of interest is higher.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 15, 2018
    • Standard Chartered Bank Personal Loan
      "Good in all"
      0.5 5.0/5 "Blown Away!"
      Standard Chartered Bank is also good in the process for the personal loan. The customer support and response is good and there are no hassles to get the loan. The rate of interest and processing charges is normal. The after loan services is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 13, 2018
    • Kotak Personal Loan
      "Nice process overall"
      0.5 5.0/5 "Blown Away!"
      I bank with Kotak Mahindra Bank for the personal loan. I have taken a loan of 50K and the process to get the loan is fine. The rate of interest and processing charges is normal too. There are no hassles after the loan was processed too. Good overall.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 13, 2018
    • Fullerton Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a long time back and it has been a good experience i had with them. The loan amount which they had provided had been satisfactory and there has not been any additional charges which they had with them. The interest rate with them also had been nominal as well and their customer support also had been good as well.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 12, 2018
    • Kotak Personal Loan
      "In all good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank is pretty good in the personal loan services. The customer support is fine and they are very quick to collect the paper work and process the loan. The rate of interest and processing charges are on the higher side though. In all good.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 12, 2018
    • HDB Financial Services Personal Loan
      "Good. Can do better in ROI"
      0.5 4.0/5 "Great!"
      My process with HDB financial services is good. They are very fast in the process to get the persona loan. The customer support and response is good. The rate of interest and processing charges is not satisfactory. It is very pretty high when compared.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 12, 2018
    • Central Bank of India Personal Loan
      "Process is too slow"
      0.5 2.5/5 "Just OK"
      The good thing about the personal loan with Central Bank of India is, they offer a very good rate of interest and processing charges, when compared to the other banks. The loan is provided as per my request too. But the major drawback is they take a very long time to process the loan request.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 12, 2018
    • Citibank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was completely a good experience i had with them with this personal loan where the loan amount which they had provided had been satisfactory. The interest rate with them has been nominal and there has not been any sort of additional charges which had been made by them. Even their customer support had been helpful as well.
      Was this review helpful? 3
      , pune
      Reviewed on Oct 12, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      To get a personal loan from them it has been smooth and easy and the loan amount which they had provided had fulfilled my requirements. There has been some nominal charges which had been made by them and the processing fee also had been nominal. Their customer support also had been responsive as well where they had been helpful during the process.
      Was this review helpful? 3
      , pune
      Reviewed on Oct 12, 2018
    • Capital First Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken a personal loan with capital first and my experience was good with this non financial institute , the loan amount i got very soon they didn't took much time, the rate of interest and processing fee they have charged is nominal.
      Was this review helpful? 4
      , chennai
      Reviewed on Oct 11, 2018
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