Financial emergencies can catch anyone off guard, especially if you have a low salary. Whether it's a medical bill, or unexpected home expense, the need for quick access to funds is crucial. Although securing a loan may be difficult with a low salary, with advancements in the finance industry, some lenders do offer personal loans for low-salary individuals.
Want to find the perfect lender to get a loan at low salary of ₹10,000 or 15,000? Buddy Loan is here to help you find the best lenders that offer instant cash loans for your income range.
Apply for an instant personal loan for a low salary with Buddy Loan and get the support you need during unexpected financial challenges.
Highlights of Instant Loans on Low Income
Even if your income is not high, you may secure an instant loan with affordable interest rates with a salary of 10 or 15 thousand. It is important to know the crucial details, including interest rates, repayment tenure, and other fees and charges before going forward with a loan. Take a look at the highlights of personal loans for less salary below:
| Interest Rate | 11.99%* p.a. |
| Loan Amount | From ₹10,000 to ₹15 lakhs |
| Tenure | From 6 months to 5 years |
| Processing Fee | 0.5% to 4%* of the loan amount |
Best Loan Providers for Low Income (Banks & NBFCs)
To streamline your process of choosing a suitable lender, here is a table showing the top banks and NBFCs that offer personal loans for low-salary individuals along with the interest rates and minimum salary requirements.
Check the lenders list below providing loans starting from the salary of 10,000 and above:
| Banks / NBFCs | Interest Rates (p.a.) | Minimum Income |
|---|---|---|
| State Bank of India (SBI) | 10.55% onwards | ₹15,000 |
| Axis Bank | 10.49% onwards | ₹15,000 |
| PaySense | 1.4% p.m. onwards | ₹12,000 |
| HDFC Bank | 10.50% onwards | ₹25,000 |
| Tata Capital | 10.99% onwards | ₹15,000 |
| Stashfin | 11.99% onwards | ₹15,000 |
| KreditBee | 12.25% onwards | ₹10,000 |
| ICICI Bank | 10.50% onwards | ₹30,000 |
| Kotak Mahindra Bank | 10.99% onwards | ₹25,000 |
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Note- The interest rates mentioned are subject to change. Do visit the website for more information.Quick Tip:
The Loan amount you can avail is dependent on your salary and your capability to pay EMI. So, if you are wondering how much loan can I get on my salary, then the answer is to use a personal loan eligibility calculator to check the approximate value of loan you can be eligible for.
Eligibility Criteria of Instant Loan For Low Salary
Eligibility criteria for an instant loan for low-salary individuals vary depending on the lender, but generally include the following:
Age: Typically between 21 and 60 years old.
Nationality: Indian citizen.
Employment: Salaried, self-employed, or professionally engaged.
Minimum Salary: Varies by lender, typically ranging from ₹15,000 to ₹30,000 per month.
Credit Score: Generally a minimum CIBIL score of 750, is personal though some lenders may accept lower scores.
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Instant Loan EMI Calculation
It is important to calculate your loan EMI to plan your loan repayments and avoid any financial burden in future. To calculate your EMI with ease, make use of an EMI calculator. Just enter the loan amount, interest rate and then the loan tenure detail, to get your EMI calculated instantly!
Documents Required For Instant Loan For Low Salary
The documents required for an instant loan for low-salary individuals may vary depending on the lender but typically include:
Identity Proof: Passport, PAN Card, Voter ID, Aadhaar Card, Driving License
Address Proof: Passport, Aadhaar Card, Utility Bills (not more than 3 months old), Driving License.
Income Proof: Salary Slips, Bank Account Statement (reflecting salary credited).
Additional Documents: Passport-size photograph
Low-Income Instant Loan Features & Benefits
Instant loan has several features and benefits, making it a convenient way to manage emergency financial crises. Check out the some of the important features below:
Swift Approval
Get loan approved
in a matter of hours
Competive Interest
Rates
The interest rates
start at 11.99% p.a.
Flexible Loan Tenure
Tenure that ranges
from 6-60 months
Zero Collateral
No need to risk
your assets for a loan.
Easy Documentation
Online application
process to save time
Zero Hidden Charges
No extra hidden charges
Steps to Get an Instant Loan for Low Salary
Let’s go through the steps to apply for a Personal Loan with low salry on Buddy Loan from below:
Step 1: - Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
Step 5: Enter your work details (Including company name, years of service and Designation)
Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
Ready to take the next step? Apply for a personal loan now!
Factors Impacting Instant Loan For Low Salary
Several factors can influence the approval process and interest rates for instant loans for low-income individuals. Understanding these factors can help you increase your chances of obtaining an instant cash loan and securing favorable terms.
Credit Score: Your trustworthiness and payback history are reflected in your credit score, which reduces the risk of default for lenders. A credit score of at least 700 is considered good. So, make sure to check your credit score and take steps to further improve it.
Employment Stability and Income: Lenders prefer borrowers with stable employment and a consistent income stream. This demonstrates your ability to repay the loan on time.
Debt-to-Income Ratio (DTI): DTI represents the percentage of your gross monthly income that goes towards debt payments. Lenders generally prefer DTI ratios below 50%.
Loan Amount and Purpose: Smaller loan amounts are generally easier to obtain, and loans used for essential purposes, such as medical emergencies or education, may be viewed more favorably than those used for non-essential expenses.
Collateral: Offering collateral, such as a vehicle or property, can reduce the lender's perceived risk and potentially lower interest rates.
Frequently Asked Questions
An instant loan for a low salary is a small, short-term loan designed for individuals with low monthly income.
The eligibility criteria for low salary personal loan may vary from lender to lender. Read the above article to know the basic requirements.
You can apply for instant loan with a low salary via Buddy Loan. Just follow the steps given above.
The maximum loan amount for individuals with a low salary depends on the lender and the borrowers credit history.
The typical interest rate for instant loans with low salary requirements can be relatively high, often exceeding 15% per annum.
There may be a minimum salary threshold set by the lender, but it varies from one institution to another.
Commonly required documents include identity proof, address proof, bank statements, and income-related documents such as salary slips or income tax returns.
Approval times can vary depending on the lender, but some may offer instant or same-day approval, while others might take a few days.
The repayment tenure for such loans also depends on the lender. In general, you may get tenure from 6 months to 5 years.
Some lenders would provide instant loans for ₹10,000 salary. Usually lenders start with a minimum salary requirement of ₹15,000/-
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