Avail Easy Personal Loan For A Low Salary With Bajaj Finserv

Borrowers earning a low salary may struggle to get a personal loan, but individuals with high income can
easily qualify for a personal loan application process. Personal loan applicants with salaries of Rs 15,000
to Rs 20,000 are often reluctant to apply because they assume they may not qualify.
When people earn less than the minimum wage, they do not know how to apply for a low salary
personal loan. Despite this, the situation with personal loans is not so bad for low-income and middle-
income groups. Thanks to instant personal loan apps or quick loan apps that let applicants meet flexible
eligibility requirements.

It’s easier to obtain a Personal Loan for low salary than other types of loans. They are approved in the
shortest possible time, as long as you meet the minimum eligibility criteria. To grant a personal loan,
financial institutions must have the applicant’s disposable income equal 30-40% of their net monthly
income. Financial institutions can provide a maximum personal loan of Rs 25 lakh depending on the
applicant’s annual income.

As a result, if one’s monthly income is below a certain threshold, they can easily be approved for a low
salary personal loan whose amount is based on that person’s income and repayment capacity. Usually,
lenders fix the interest rates on personal loans on the high end because low-income applicants are
categorized as high-risk borrowers. Additionally, it is important to check the eligibility requirements of
individual lenders for quick loans before applying.

To illustrate, here is a list of minimum eligibility criteria for a low salary personal loan. These may vary
from lender to lender.

For Salaried

● Age limit: 21-67 years
● Experience requirement: 1 year
● Six-month experience in the current company
● Credit Score Minimum 750
● A minimum salary of Rs. 22,000 depending on the city of residence

Personal Loan Eligibility Calculator

The tool is a free online tool that lets you determine how much you can borrow based on your eligibility.
You will be charged depending on your age, income, place of residence, ongoing EMIs, and personal loan
interest rates. Using personal loan eligibility, you can get an accurate estimate of your eligibility for a
loan. As a result, if you want to apply for an instant personal loan successfully, you should apply for a
lower amount or the maximum amount calculated.

How to get low personal loan interest rates

A personal loan can be taken out at a rate ranging from 13%. Rates offered to applicants are determined
by their credit profiles and other factors. These factors include:

● Earnings per month
● The amount of the personal loan
● Also, fixed monthly obligations, including outstanding loans
● Employment nature
● Degrees and certifications
● Conformity with other eligibility criteria

An interest rate is determined by the degree of credit risk—the lower the risk, the lower the interest
rate. Therefore, if you consider a low salary personal loan, ensure that your credit score is good and that
you have enough income to exceed fixed monthly obligations to qualify for a lower interest rate.

Personal Loan Documentation

Personal loans require less documentation and no heavy paperwork than other loan types. Required
documentation includes:

● A filled-out personal loan application

● AADHAR, PAN card, and voter card are required for KYC.
● Form 16 and the salary slip from the past two months (if you are salaried)
● Self-employed individuals must provide proof of income/IT returns
● Bank statements from the last three months of their salary or current accounts are for self-
employed individuals.

What to do if you don’t have a payslip?

Financial institutions prefer salary slips and assurance of the applicant’s ability to earn an income when
providing a personal loan. However, many people may not receive their salary slips because of the wide
range of work and occupations. In addition to bank statements and income tax returns, you can provide
other financial documents such as Form 16, income certificates, and bank account statements. Another
applicant can bring the necessary documents. Your co-applicant will also need a good credit record, a
stable income, and salary slips.

Conclusion

A low income and absence of a salary slip make getting a low salary personal loan difficult. Lenders can
offer you a loan if other criteria match, but they will charge you a very high-interest rate. Hence, check
all the eligibility criteria before applying. Getting rejected will affect your credit score, lowering your
chances of getting a loan.