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Low Salary Personal Loan

Low Income Personal Loan

Last Updated 22nd Jan 2021

  • Some of the top banks like SBI, HDFC Bank provide personal loan to individuals with low salary as well.
  • Apart from banks, nowadays there are a number of personal loan mobile application platforms as well, which are providing loan to individuals with low income.
  • For some banks, the lowest salary limit is different for metro and non-metro cities.
  • The lowest interest rate provided on personal loan to individuals with low salary is 10.40% by Kotak Bank.
  • The Kreditbee provides personal loan starting from 1.02%.
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Banks offering Personal Loan for Low Salary

Several banks are providing personal loan to the low-income group. The low-income personal loan functions in the same way as a standard personal loan does. However, the EMI for a low salary loan is decided based on the salary. Maximum 50% of the salary is considered for EMI. Here is the list of banks offering personal loan for low salary individuals along with interest rates, and tenure.

Bank Minimum monthly income Maximum Loan amount Rate of Interest (per annum)
HDFC Bank₹ 20,000₹ 75,00,00010.50%
SBI₹ 24,000₹ 15,00,0009.60%
Axis Bank₹ 25,000₹ 25,00,00010.49%
HDB Financial₹ 20,000₹ 20,00,00013.99%
Fullerton India₹ 17,000₹ 25,00,00011.99%
Bank of Baroda₹ 20,000₹ 5,00,00010.50%

Best Low Income Personal Loan Offers

Following is the list of personal loan providers for lower salary and the features they have in store for the loan borrowers.

HDFC Bank Personal Loan

HDFC Bank provides personal loan for a low salary to individuals with a monthly salary of ₹ 20,000 and minimum work experience of 2 years. However, the margin of low salary in non -metro cities is ₹ 15,000.

Key points:

  • Avail personal accident cover and critical illness cover at a minimal premium.
  • Avail Sarv Suraksha Pro cover for securing your loan.
  • Get the facility of balance transfer.

EMI (per lakh): ₹ 2,149 for 60 months

Processing Fee: Upto 2.50% Min Rs. 1,999

Pre-closure charge: 2 - 4%

SBI Personal Loan

The lowest salary eligible for SBI personal loan called the Xpress Credit Personal Loan is . However, the minimum income criteria is higher for other personal loan offers which is ₹ 24,000.

Key points:

  • Must maintain a salary account with the bank.
  • The ratio to the net monthly income of EMI should be the same or less than 50%.

EMI (per lakh): ₹ 1,832 for 72 months

Processing Fee: 1.00%

Pre-closure charge: 3% charges

Axis Bank Personal Loan

Salaried individuals from public sector, private sector and government employees with a minimum monthly salary of ₹ 25,000 are eligible. However, in some cases, a lower income of ₹ 15,000 is also eligible for personal loan.

Key points:

  • Salaried individuals from public sector, private sector and government employees with a minimum monthly salary of ₹ 15,000 are eligible.
  • Balance transfer feature available.

EMI (per lakh): ₹ 2,149 for 60 months

Processing Fee: Upto 1.75%,Min Rs.4,999

Pre-closure charge: 1-12 EMI-5%, 13-24 EMI-4%, 25-36 EMI-3% & Above 36 EMI-2%

HDB Financial Services

HDB financial services offer low income personal loan to individuals with a minimum salary of ₹ 20,000 in metro cities and ₹ 15,000 in others.

Key points:

  • Doorstep services available.
  • Quick documentation and loan processing.
  • Additional offers for employees of selected companies and organizations.
  • No security or guarantor is required.

EMI (per lakh): ₹ 2,326 for 60 months

Processing Fee: Upto 2% of Loan Amount

Pre-closure charge: Nil foreclosure charges

Fullerton India Personal Loan

A minimum salary of ₹ 17,000 is required for being eligible for the Fullerton India personal loan. However, applicants from Kolkata, Mumbai, Delhi, Chennai and other metro cities must have a minimum monthly income of at least ₹ 20,000.

Key points:

  • Paperless documentation process.
  • Loan amount disbursed within 30 minutes after approval.
  • Top-up facility available.

EMI (per lakh): ₹ 2,633 for 48 months

Processing Fee: 2%

Pre-closure charge: 1 -17 months: 7%, 18 - 23 months: 5%, 24 - 35 months: 3%, After 36 months: Nil

Apps Providing Low Income Personal Loan

There are multiple apps providing low income personal loan. Here goes the list.

App name Rate of interest (per month) Loan amount (minimum and maximum)
Kreditbee1.02%₹ 1,000 to ₹ 2,00,000
Cashbean2.75%₹ 1,500 to ₹ 60,000
Cashe1.50%₹ 10,000 to ₹ 2,00,000
NIRA24%₹ 5,000 to ₹ 1,00,000
Paysense1.40%₹ 5,000 to ₹ 5,00,000
Loantap1.50%₹ 50,000 to ₹ 10,00,000
Early SalaryRs. 9 per day₹ 10,000 to ₹ 2,00,000

Low Income Personal Loan Features

The low-income personal loan comes with the following features.

  • The minimum age requirement is 21 years, and the maximum is 60 years.
  • You can avail a loan up to ₹ 25 Lakh. Some loan providers offer a loan up to ₹ 50 Lakh.
  • You can get additional covers such as personal accident cover and critical illness cover.
  • Some providers have the balance transfer facility that allows you to transfer your outstanding principal from one lender to another.
  • You can opt for pre-closure of your loan. Pre-closure charges may be applied depending on the terms and conditions of the loan provider.

Documents required for low salary personal loan

Along with submitting the duly filled and signed application form, you will be required to present the following documents while applying for low salary personal loan.

  • Photocopy of identity proof (Aadhaar card, Voter ID card, Passport, PAN Card or Driving License)
  • Photocopy of address proof (Aadhaar card, Passport, Ration card, Voter ID, Driving License)
  • Photocopy of age proof (Birth Certificate, PAN card)
  • Bank statements of last three months
  • Latest salary slips with Form 16
  • Proof of signature verification
  • Photograph (passport size)


How can I get a loan with low income?

You can get a loan with low income from many banks and non-banking financial companies in the following ways.

  • Offline by visiting the branch of your selected bank or non-banking financial company.
  • Online by visiting the website of your selected bank or non-banking financial company.
  • By using any personal loan app.

What is the minimum salary to get a personal loan?

The minimum salary to get a personal loan can differ from one loan provider to another. Some providers offer personal loan at a minimum salary of ₹ 5,000 while for others the minimum salary requirement ranges from ₹ 15,000 to ₹ 20,000.

Can I get a personal loan on the first month's salary?

Banks generally require you to present the latest three or six months bank statement or salary slips when you apply for a personal loan. Hence, you may not be able to get a personal loan on the first month's salary.

Can I get Personal Loan on ₹ 8,000 Salary?

Yes, you can get a personal loan on ₹ 8,000 salary.

What is the lowest personal loan amount?

The lowest personal loan amount varies from one lender to another. Generally, the lowest personal amount is ₹ 50,000. However, personal loan apps like Kredit Bee, Early Salary, etc. provide a loan of smaller amounts as well.

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