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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

    • RBL Bank Personal Loan
      "excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience is very good with RBL bank and even they have provided sufficient loan amount to me . Rate of interest is 18% which is up to the mark and tenure period is 3 years . Customer service is good and documents were collected on time . I use to pay EMI 1044 and processing fee is 3500 . There is no preclosere option .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 19, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan with ICICI BANK . I use to pay EMI 9000 and tenure period is 3years . I am happy with customer services because i can connect them easily . There is no charge for processing fee, rate of interest is 14.2% and it is too high in the market . My loan amount is up to the mark .
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 19, 2018
    • HSBC Bank Personal Loan
      "AVERAGE CARD"
      0.5 3.0/5 "Satisfactory"
      Documentation from the bank end was late after that only i got the card, they can also improve the customer service in terms on responsiveness, because responsiveness is little delayed from them, almost the processing time was around 2 weeks they have taken which is little longer period.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 18, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC Bank 11 months back.The loan amount was 3 lakhs and the interest rate was satisfactory . The EMI period was 5 years . The customer service was really good and there was no delay at all in the process . They have provided door step service for collecting documents.
      Was this review helpful? 0
      , jaipur
      Reviewed on Aug 18, 2018
    • Fullerton Personal Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with Fullerton and the experience is fine. The customer services and response is good and there are no hassles to get the loan. They done a good job. Though the interest rate and charges is on the higher side, I am pretty happy with the service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2018
    • Kotak Personal Loan
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra Bank has been really beneficial and they provided me with a personal loan. The rate of interest and processing charges is normal and I had no issues to get the loan through. The customer services and response is good and overall no issues.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 18, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with ICICI bank 8 months back. The loan amount was 98,000a nd the interest rate was satisfactory . The tenure period was 24 months . The customer service was very good and there was no delay at all. The loan was approved on time infact they follow paperless approval process.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 18, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to others in the market. I am using the services of bankbazaar from more than 1 year. The website of bankbazaar is easy to use and is user friendly. Customer service was good and they followed up on time.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      It was a good experience with HDFC bank for personal loan, the loan amount was for Rs 4 lakhs with nominal interest rate in the market. The process was smooth and it took 10 days to receive the loan amount. Customer service was good and they followed up on time. The tenure period for this loan is 2 years.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 2 years but i have used bankbazaar for the first time. The services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and their response was on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 17, 2018
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was an average experience with Standard Chartered Bank for personal loan, the process was quite long and it took 20-25 days to complete. Documents were collected on time and the customer service was good. The loan amount was for Rs 6 lakhs for 5 years with high interest rate.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to others in the market. I am using the services of bankbazaar from last 1 year. Customer service was very good and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 17, 2018
    • Tata capital Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with TATA CAPITAL and the experience was good, the loan amount was for Rs 2 lakhs with the tenure period of 3 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 3-4years, the services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and they responded on time. Mobile application of bankbazaar is easy to access and is user friendly.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with HDFC bank and the experience was good, the loan amount was for Rs 3 lakhs with the tenure period of 4 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of paytm from last 1 year, the services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and their response was on time. I check my credit score on the website of bankbazaar.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience was very good with ICICI bank for personal loan,, the process took more than 15 days to complete. The loan amount was for Rs 1 lac with nominal interest rate. Customer service was good and they followed up on time. The tenure period for this loan is 3 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with bankbazaar so far, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 17, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with Kotak Mahindra bank for personal loan, the loan amount was for Rs 3 lakhs with nominal interest rate in the market. The process was quite long and it took 15 days to receive the loan amount. Customer service was good and they followed up on time.
      Was this review helpful? 2
      , kolkata
      Reviewed on Aug 17, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with AXIS bank and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. The tenure period for this loan is 4 years and there are no preclosure charges.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 17, 2018
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