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The income that you earn is one of the primary factors that affect your personal loan eligibility. Due to this, not all applicants will qualify for a personal loan. Let’s look a few loans that are especially catered towards individuals who earn a comparatively low salary/income.
Bank | Interest Rate | Minimum Monthly Income | Max.Loan Amount | Loan Tenure |
Axis Bank | 12% - 24% p.a. | Rs.15,000 | Rs.15 lakh | 12 to 60 months |
State Bank of India | 9.60% p.a. | Rs.15,000 | Rs.20 lakh | Up to 72 months |
HDFC Bank | 10.75% - 21.30% p.a. | Rs.25,000 | Rs.15 lakh | 12 to 60 months |
HDB Financial Services | Up to 36% p.a. | Rs.15,000 | Rs.20 lakh | 12 to 60 months |
Fullerton India | 11.99% - 36% p.a. | Rs.20,000 | Rs.25 lakh | Up to 60 months |
IDBI Bank | 8.80% p.a. onwards | Rs.15,000 | Rs.5 lakh | 12 to 60 months |
Axis Bank offers a personal loan to individuals who earn a minimum monthly income of Rs.15,000. Keep in mind that you need to be over the age of 21 years to borrow a loan from Axis Bank. Listed below are some of the key features of Axis Bank’s personal loan.Â
Highlights:Â
Bank | Processing Fee | EMI per Lakh | Pre-Closure Charges |  |
Axis Bank | Up to 2% | Rs.2,224 | Nil | Enquire |
State Bank of India offers a personal loan solution called the Xpress Credit Personal Loan that allows individual with incomes of Rs.5,000 and above to avail funds. Prospective borrowers can borrow up to Rs.20 lakh under this scheme.Â
Highlights:Â
Bank | Processing Fee | EMI per Lakh | Pre-Closure Charges |  |
State Bank of India | 1.5% + GST | Rs. 1,883 | As per the lender’s terms and conditions | Enquire |
If you require funds to meet any emergency needs, you can avail a personal loan from HDFC Bank. Applicants are required to have a net monthly income of Rs.25,000 to be eligible to apply for this loan.Â
Highlights:
Bank | Processing Fee | EMI per Lakh | Pre-Closure Charges |  |
HDFC Bank | Up to 2.50% (min. Rs.2,999 & max. Rs.25,000) | Rs. 2162 | 2% - 4% of Outstanding Principal | Enquire |
HDB Financial Services offers personal loans of up to Rs.20 lakh to individuals who earn a minimum income of Rs.15,000. Those who reside in metro cities like Ahmedabad, Chennai, Bengaluru, Kolkata, Delhi, Pune, Mumbai, and Hyderabad are required to earn at least Rs.20,000.Â
Highlights:Â
Bank | Processing Fee | EMI per Lakh | Pre-Closure Charges |  |
HDB Financial Services | 2% | Rs. 2327 | 2% - 4% | Enquire |
Fullerton India offers affordable personal loans with flexible repayment terms. Prospective borrowers should earn a minimum income of Rs.20,000 on a monthly basis.
Highlights:Â
Bank | Processing Fee | EMI per Lakh | Pre-payment Charges |  |
Fullerton India | 0% to 6% of the loan amount | Rs. 2,224 | 0 - 7% | Enquire |
IDBI Bank offers personal loans to salaried employees who earn Rs.1,80,000 per annum or Rs.15,000 per month. While the exact loan amount that you can borrow will vary based on your income and repayment capacity, you will need to borrow at least Rs.50,000 from IDBI Bank when taking a personal loan from them.Â
Highlights:Â
Bank | Processing Fee | EMI per Lakh | Pre-Payment Charges |  |
IDBI | At the discretion of the bank | Rs. 2,066 | 0 - 2% of the outstanding amount | Enquire |
If you earn a comparatively low income, you should first check whether you meet the lender’s minimum income criteria. Keep in mind that banks and financial institutions will only consider your application if your income and repayment ability meet their requirements. You will also need to check if you meet the other eligibility criteria specified by the lender, which are as follows:Â
Yes. Individuals who earn a higher income will be able to borrow a higher loan amount, and vice versa. It is advisable to use a personal loan eligibility calculator to know how much you are eligible to borrow.Â
Apart from the interest rate, personal loan borrowers may need to pay the processing fee, documentation charges, penal interest, swap charges, duplication statement issuance charges, stamp duty charges, part-payment charge, foreclosure/pre-closure charge, etc.Â
Yes, you can borrow loans even if you don’t reside in a metropolitan city, unless otherwise specified by the lender. Lenders usually set a lower income requirement for those who reside in semi-urban and rural parts of the country.Â
If you default on your personal loan EMI payments, your credit score will be affected. You may also have to face legal action by the bank. If you had a co-signer or guarantor, it is likely that their credit score will be affected, as well.Â
Most lenders process personal loan applications within 72 hours of the documents being submitted.Â
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