Personal Loans for People Whose Salary is Below 15000

Personal Loans for People Whose Salary is Below 15000

  18 Dec 2018

Life takes us by surprise sometimes; we do not know what is in store for us the very next day of our life. Every person has a lifestyle as per his earnings; if a person earns Rs. 10,000 per month, his expense would be around that much, whereas a person earning Rs. 1,00,000 a month would also have expenses corresponding to his income. In a nutshell, we all spend as per our limitations and earnings. However, sometimes we all face situations wherein we feel the need for sudden cash in hand and we run out of our savings as well. That is when we look for Personal Loans for our rescue.

A Personal Loan is a very handy and useful financial mechanism, which can actually solve our problems instantly – be it for a medical emergency, an unplanned vacation, or a small function at home. You can rely on a Personal Loan to fulfill your needs instantly. However, is it so easy for everyone to get a Personal Loan?

As a general trend, people with a monthly income of Rs. 15,000 and above easily can leverage on Personal Loans from various banks; provided if they have a good CIBIL score (preferably 700 or above). Many banks have various Personal Loan options, pre-approved loans and instant Personal Loans as well for people who are earning good. This is because Personal Loan is an unsecured loan and the banks do need to keep a close watch on the customer’s repaying capacity before offering him the loan. There are many banks and financial institutions that are readily available to give loans to people with a stable and higher income; however, they get apprehensive when it comes to people with lesser salary bracket.

So what about people who are on a lower income ratio? Do Banks provide Personal Loans to them also whose monthly salary is below Rs. 15,000? Well, the good news is, yes, they do!

There are some banks and non-banking financial companies (NBFCs) that offer some options for the lesser income group as well. Let’s explore some options as to how you can get a Personal Loan even if your salary is less than Rs. 15, 000:

  • Some Commercial Banks like SBI, Canara Bank, ICICI Bank, Union Bank, Dena Bank, Axis Bank and Punjab National Bank offer Personal Loans to people even with less than Rs. 15,000 monthly Salary.
  • In fact, SBI Personal Loan has a few options wherein people from low income group as well can avail Personal Loans:
  • SBI Xpress Credit Personal Loan: This Personal Loan is offered to people holding salary account with the bank and with a minimum monthly income of Rs. 5,000. People who are working in Government and state jobs, Central PSUs, State PSUs, Educational Institutions, and some selected companies that have good relationship with the bank can opt for this loan. The rate of interest under this scheme is around 10.65% to 14.5% and you have the max repayment time till years under this option.
  • SBI Saral Personal Loan: This option is exclusively for salaried professionals. For people staying in the rural areas or semi-urban areas, they can avail this loan with a minimum salary of Rs. 10,000 monthly as well. And for Metro cities’ residents, the minimum salary eligibility would go up to Rs. 24,000 per month. They can avail loan of up to 12 times of their monthly income under this option. SBI Saral Personal Loan charges a rate of interest of 17.65% per annum to its customers.
  • Apart from commercial banks, you could also look at the option of co-operative banks as they often offer Personal Loans to people of low income group and also with lesser interest rates. Banks like The National Co-operative Bank Ltd, The Andaman & Nicobar State Co-operative Bank Ltd, Abhyudaya Co-operative Bank Ltd, West Bengal Co-operative Bank, and others offer Personal loans to people with monthly income less than Rs. 10,000 as well. Hence Co-operative banks could be a good option and especially if you have an account with the bank, the probability of you getting a loan is higher. Moreover the general rate of interest is also much lower in co-operative banks as compared to the commercial banks
  • You could also opt for an NBFC Personal Loan. Many NBFCs like Bajaj Finserv offer great benefits on Personal Loans and they also offer loans to people with salaries less than Rs. 15,000 per month. With NBFCs, like Bajaj Finserv Personal Loan, you have many more benefits like the rate of interest is much less than the banks, less documentation formalities, no hidden charges, and instant approval as well. Getting a loan from Bajaj Finserv is also a very easy task and one can just login to their website and request for a loan.

Conclusion: With the above mentioned options, one can easily avail Personal Loans from various sources even if their salary is less than Rs. 15,000 per month; just that they need to do some bit of research and figure out which bank or financial institution offers the best suitable plan for them.