Simple Tips To Avail Of A Personal Loan With A Low Salary

Since personal loans are unguaranteed loans, lenders prefer to pass them on to people with sufficient income as those individuals can pay monthly EMI and are less likely to default. That’s why getting low salary personal loans are quite difficult, but not impossible. 

There are other parameters of eligibility other than income. Those eligibilities are credit score, repayment capacity, nature of employment, age, etc. Therefore, you can easily get a personal loan for low salary when you meet all the other eligibility criteria.

Tips to avail of a personal loan with a low salary:

  • Minimum credit score- The credit risk is high as it is an unsecured loan. That’s why lenders depend on your credit score to determine if you are capable of repaying in time. A credit score of 750 or high can prove to be beneficial for you in this case. But if you have a low credit score, wait for some time and try to improve it. After that, apply for the loan. This way, you can increase the chance of getting an NBFC personal loan for low-salaried individuals.
  • Minimum salary- Though you are looking for a Low salary loan, lenders have set a minimum range of it. The range is Rs. 25,000 for the residents of Mumbai and Delhi. Rs. 20,000 is the range for residents of any other Indian city. Your earnings must fall in this category to avail of this credit line.
  • Work experience- A minimum of 1 year of work experience is required with 6 months of experience in the current company. 
  • Age- The applicant’s age must fall between 21 and 60 years.
  • Employer’s reputation- The employer’s reputation is a significant factor in this case. It becomes an advantage for you when you are a government employee. If you work in the private sector, your job designation and employer’s reputation become crucial for you.

Moreover, lenders tend to apply high-interest rates on this credit line. However, certain banks and NBFCs offer low interest personal loans to low-salaried employees. You can calculate the interest amount and EMI with a personal loan EMI calculator. 

Read Also: Avail Best Personal Loan Interest Rates In 2022

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