Personal Loan for Low-Salaried Professional

Personal Loan is one of the best financial support for any kind of financial crisis. Personal Loan is an unsecured loan and does not require any kind of mortgage with the bank. There is no limit to make use of this loan. The need for the personal loan can be- any medical emergency, to pay off any big debt, home renovation etc.

The main eligibility criteria for getting approved for Personal Loan are-

Age- Maximum age is 21years and minimum is 60 years
Income- Minimum Rs.25000 (net income)
Employment type- Salaried individual
Job Stability- Employed for atleast 2 years with the current employer
Maximum Loan amount- Up to Rs.50 lakhs (Depending on income, repayment capacity and existing EMIs)
CIBIL SCORE- Must be above 750
FOIR- Must be 0.65

So, to get Personal Loan, one needs to satisfy the above mentioned criteria. If one of them is not satisfied, then getting a personal loan becomes a great challenge.

Likewise, if the income of the salaried individual is low than the mentioned income bracket, then it becomes difficult to get the loan. Salaried individuals in their early working years, generally are paid less. But their monetary needs may persist. For that, if they apply for a Personal Loan, they will get rejected because of their low-income. But now, many financial institutions have come to help the low-salaried individuals, to get Personal Loan to meet their financial needs.

Banks offering Personal Loan to Low-Salaried individuals

Following are some of the lending institutions who provide Personal Loan to the low-salaried professionals.

ICICI Bank

Age – Minimum age is 23 years and maximum age is 58 years.
Loan amount – The minimum loan amount offered is Rs.50,000 and the maximum loan amount is Rs.20 lakhs.
Interest rate – The interest rate starts at 11.59%.
Loan tenure – From 12 months and up to 60 months.
Loan disbursal – The bank disburses the loan amount within 72 hours of receiving the documentation.

Income criteria-

If you are residing in Kolkata, Bangalore, Chennai, Pune or Hyderabad, the minimum monthly income required is Rs.20,000.
If you are residing in Mumbai and Delhi, the minimum monthly income required is Rs.25,000.
If you are residing in any other city, the minimum monthly income required is Rs.17,500.

AXIS Bank

Age – Minimum age is 21 years and maximum is 60 years.
Loan amount – The minimum loan amount offered is Rs.50,000 and the maximum loan amount is Rs.15 lakhs.
Repayment tenure – From 12 months to 60 months.
Interest rate – The interest rate ranges from15.50% -24%.
Processing fee – Between 1.50% and 2% + tax.
Balance transfer facility is available for this personal loan.
This loan does not charge any prepayment or foreclosure fee.

Income Criteria

The minimum net monthly income required to apply for this loan is Rs.15,000.

SBI SARAL Personal Loan

Margin – There is no margin applicable on this loan.
Security – There is no security requirement for this loan.
Loan amount – 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 repaying capacity.
Repayment – You can repay the loan in 48 EMIs. You have the option to repay more than the EMI without incurring any additional prepayment charges.
Processing fee – Between 2% and 3% + tax.

Income criteria

If you are residing in rural or semi-urban centres, the minimum net monthly income required is Rs.10,000.
If you are residing in metro or urban centres, the minimum net monthly income required is Rs.24,000.

HDFC Bank

Age – Minimum age is 21 years of age and maximum age is 60 years.
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.
Interest rate – The interest rate is between 15.75% and 20%.

Income criteria

If you are residing in Kolkata, Bangalore, Delhi, Mumbai, Hyderabad, Chennai, Pune, Cochin or Ahmedabad, the minimum net monthly income required is Rs.15,000.
If you are residing in any other city in India, the minimum net monthly income required is Rs.12,000.

Punjab National Bank

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 two is lesser.
Processing fee –1.80% of the loan amount will be charged as 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

If you are residing in semi-urban or rural centres, the minimum net monthly income required is Rs.10,000.
If you are residing in urban centres, the minimum net monthly income required is Rs.12,500.
If you are residing in metro centres, the minimum net monthly income required is Rs.15,000.