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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

    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar process is excellent and I have got good service from the bank bazaar team. The customer support service and the response is good from the bank bazaar. I have the bank bazaar mobile application which is easy to use and user friendly.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2018
    • Kotak Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The rate of interest and the charges were quite high with the KOTAK MAHINDRA BANK persona loan process and I have got the loan amount within a week time. The customer support service and the response is good from the Kotak mahindra bank. I would say I got excellent service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 4.5/5 "Excellent!"
      The bank bazaar personal loan service was excellent and I have got the loan amount on time via bank bazaar. I know bank bazaar for more than 2 years. The customer support service and the response is good from he bank bazaar team. I use the bank bazaar mobile application which is easy to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have opted the personal loan from the HDFC bank. The promised rate of interest was not approved and I am not happy about the interest rate. I have got the loan amount within a week time. The customer support service and the response is good with the HDFC bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan of 190000 and their interest rate is flexible as per customer requirements . I got the loan with in 3 days, the documentation part was also easy and the loan amount was credited directly to my account.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The response is quite good from the bank bazaar team. I know bank bazaar for the past 1 year, I use the bank bazaar mobile application while applying fort the personal loan which is easy to use and user friendly. I would say I got good service from bank bazaar.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Average service"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan from the HDFC bank within 5 to 6 days of time. The customer support service and the response is good from he HDFC bank. The required loan amount has been disbursed and I am satisfied with it. The rate of interest and the charges are high with the HDFC personal loan.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan experience was good with AXIS bank, the loan amount was for Rs 5 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount on time. There are no charges on preclosure and the tenure period is 4 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The bank Bazaar was quite good and I have got the loan on time via bank bazaar ,. The customer support service and the response is good from the bank bazaar they made very good follow up . Their executives explained the product in a very good way.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The HDFC bank personal loan service was quite good and I have got the loan amount within 2 days of time. The customer support service and the response is good from the HDFC bank. The rate of interest and the charges are average here with the HDFC bank personal loan.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Perfect srevice"
      0.5 4.0/5 "Great!"
      I have got good service from bank bazaar in regards to my personal loan application. I know bank bazaar for more than 23 years. The customer support service and the response is good from the bank bazaar . I have used the bank bazaar website while applying for the personal loan which is easy to use.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2018
    • Aditya Birla Finance Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The personal loan process took time with the ADITYA BIRLA FINANCE LIMITED . They have disbursed the loan amount within 2 weeks of time. The required loan amount has been given and I am satisfied with it. the rate of interest and the charges are average here.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from the Axis. The whole application process was easy and hassle free. It took just 6 working days to disburse the loan amount to my account. The documentation was done digitally which was easy and convenient. Th EMI is paid online ..
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      The service was quite good from the bank bazaar team in concern to my personal loan application. I know bank bazaar for more than 3 years. The customer support service and the response is good from the bank bazaar team. I use the bank bazaar mobile application.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Tata capital Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the better service from the TATA CAPITAL in regards to my personal loan application. I have got the loan amount within 2 days of time. The customer support service and the response is good from the tata capital . The rate of interest and the charges are average.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 2.0/5 "Expected more"
      The Axis bank personal loan service is quite average and they were ready to offer me the loan but the requested loan amount has not been approved , so that was the reason I have closed the loan application. the customer support service and the response is average here.
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • HDFC Bank Personal Loan
      "Average service"
      0.5 1.0/5 "Really Bad"
      I am an existing customer to HDFC ban but still , I haven't got the loan from them and they have rejected my personal loan application saying that my credit score was low. the customer support service and the response is average from the HDFC bank.
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I use the bank bazaar for more than 2 months. The customer support service and the response is excellent from the bank bazaar. I have used the bank bazaar mobile application while applying for the personal loan which is easy to use and user friendly.
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I got the personal loan amount within a week time. The customer support service and the response is very good from the ICICI bank. The rate of interest and the charges are average with the ICICI bank when compared with others. The loan amount was low with the ICICI bank .
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • Citibank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan almost seven years back for my personal use. The services which they have provided had been good. It was a paperless approval and i had submitted the documents online and it was an easy and smooth process. The rate of interest was nominal and also the loan amount was satisfactory.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 18, 2018
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