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?

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.