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  • Personal Loan for Low Salary Persons is Rated as "Great!" by 90406 Users
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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

    • ICICI Bank Personal Loan
      "ROI and charges are high"
      0.5 4.5/5 "Excellent!"
      My personal loan is with ICICI Bank. The customer services and response is good. The rate of interest is of 16% which is high now. The processing charges is also high. At the moment when I was taking it, the rate was okay as I needed the loan and there was no other bank offering me a loan at that moment. If I want to pre pay my loan there is a charge of 5%.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • Bank Bazaar Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I came to know about bankbazaar through one of my friend, the services provided by bankbazaar is very good when compared to all other banking websites. I know bankbazaar.com from last 1 year. Customer service was good and their response was prompt. The mobile application of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2018
    • Fullerton Personal Loan
      "looking for less rate of interest"
      0.5 5.0/5 "Blown Away!"
      I have applied for the Personal loan from Fullerton, my loan application was closed because the rate of interest was way high when compared to all other sources in the market. When it comes to customer service, it was very good, they responded on time and followed up correctly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 24, 2018
    • HDFC Bank Personal Loan
      "Good. Can do better in repayment"
      0.5 4.0/5 "Great!"
      HDFC Bank is quick in the process. I have taken a personal loan. The documentation is also normal. The customer services and response is good. The rate of interest and processing charges are normal, but it would be better if they do not have a lock in period. As I need to wait for one year to close the loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 24, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      This is my first time in approaching bank bazaar web channel, I can get good responding to my application from the customer services team and also they are resolving my issue quickly. I use to get follow up from the Executive for collecting my all personal loan document.
      Was this review helpful? 0
      , satara
      Reviewed on Feb 24, 2018
    • ICICI Bank Personal Loan
      "Very Good in service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from ICICI bank, they offered personal loan amount Rs 200000 I am very much happy. They have charged 12.66% as a interest rate for my loan I think it is normal rate. I took a loan for the period of five years. They disbursed the loan amount as soon as earlier.
      Was this review helpful? 0
      , satara
      Reviewed on Feb 24, 2018
    • Axis Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I hold a personal loan with Axis Bank. The process is okay, but they are high on the rate of interest and processing charges. The process to get the loan was good. Though they are high on the interest rate, I can close my loan anytime. There is a pre payment option.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 24, 2018
    • Standard Chartered Bank Personal Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan from Standard chartered bank, they offered personal loan of Rs 450000 It is up to my satisfaction . They have charged 11.29% interest rate for my loan it is little bit higher compared to other banks. Bank provide me tenure of loan as per my request. They took more days for Disbursement of my loan amount.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Feb 24, 2018
    • HDFC Bank Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have taken the personal loan with the HDFC bank and the interest rate is okay one for me with them. I would like to say that the response is better one with the HDFC bank and the online portal is easy to access with the HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 24, 2018
    • HDFC Bank Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have taken the personal loan with the HDFC bank and the interest rate is okay one for me with them. I would like to say that the response is better one with the HDFC bank and the online portal is easy to access with the HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 24, 2018
    • HDFC Bank Personal Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have taken the personal loan with the HDFC bank and the interest rate is okay one for me with them. I would like to say that the response is better one with the HDFC bank and the online portal is easy to access with the HDFC bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 24, 2018
    • HDFC Bank Personal Loan
      "Awesome"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the HDFC bank and the interest rate is around 14% to 15%, also the customer service is good one for me with them. I would like to say that the response is also good too with the HDFC bank.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 24, 2018
    • HDFC Bank Personal Loan
      "Good overall"
      0.5 4.0/5 "Great!"
      HDFC Bank has also offered me a personal loan and the process was normal. The document process was also good and taken on time. The rate of interest and processing charges are normal when compared to the other banks. There were no hassles overall.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 24, 2018
    • Axis Bank Personal Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Axis Bank and the rate of interest and processing charges are on the higher side, but the good part is there is a pre payment option. So I can repay and close my loan soon. The customer services and response is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 24, 2018
    • SBI Personal Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my personal loan with SBI for about 2 years. The loan amount was 2 lakhs and the Interest rate was very high than other banks. The customer service and responses was good. They have provided door step service for collecting documents so my overall experience smooth.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 23, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      BANK BAZAAR is a good platform for all the financial products . The customer service and responses was up to the mark. I have applied through their website and the websites option was amazing. The web portal's accuracy and speed is good. My overall experience was excellent and I would like to recommend to others.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 23, 2018
    • Citibank Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      My personal loan was taken with CITI bank. The loan amount was 7.5 lakhs and the Interest rate was 15% which is average . The customer service and re3sponses was up to the mark . They have provided door step service for collecting documents . My overall experience was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Feb 23, 2018
    • Bank Bazaar Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      BANK BAZAAR is a good platform for all the financial products. The customer service and responses was up to the mark. The website is really amazing with many good features like EMI calculator and credit score option which was useful. My overall experience was very good and its recommendable.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Feb 23, 2018
    • Fullerton Personal Loan
      "Very good"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with FULLERON . The loan amount was 71,000 . The Interest rate was 33% which is very high. The tenure period was 3 years.I had a very good loan experience here. They have provide door step service for collecting documents.
      Was this review helpful? 0
      , aurangabad
      Reviewed on Feb 23, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 3.5/5 "Pretty good"
      I have taken my personal loan via BANK BAZAAR . The customer service and responses was up to the mark. The website was really good with many good features. The web portal's accuracy and speed is good. My overall experience was excellent so I would like to recommend to others.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Feb 23, 2018
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