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4 best Indian banks that offer personal loans for low salary

Personal loans stand out as the best financial alternative when it comes to tackling financial emergencies of any sort. If the income is not high, one can be hit very often financially.

There are numerous salaried individuals who possess a common doubt whether they can avail of a personal loan for a low salary or not. Well, here we are giving all those low salaried person assistance with this post, who wish to avail of a personal loan for low income.

When you’re just beginning your career and earning a salary of around Rs. 10 thousand to 15 thousand, you may have a lack of money numerous times.

Keeping in view of this fact, we have brought a list of some banks that offer certain credit products that give a personal loan on the same day to the low-salaried professionals. Although, nobody can ignore the fact that money lenders often reject personal loan applications due to low income.

If you’re just at the initial point of your career and somehow handling your monthly expenditures it would be tough to manage such financial emergencies.

Let your worry of attaining a loan rejection end here, even being a low salaried person.

Luckily, there are numerous public sector banks, private sector banks, and NBFCs who provide personal loans to the people even with a low salary starting from Rs. 10,000, however, we have shown you here some of the most reliable and leading banks’ list for the same. Let’s take a look ahead to get a better understanding!

State Bank of India (SBI)

With the largest banking network, the State Bank of India (SBI) offers SBI Saral Personal Loan for salaried individuals which supports them to avail of a personal loan even with a low salary.

One can apply for a loan with a low salary of Rs. 10 thousand if s/he is from a semi-urban or rural region. Accordingly, if an individual is from an urban area, the bank asks for a minimum salary of Rs. 24 thousand per month.

The highest amount that the bank offers to a certain individual with a low salary as a personal loan is 12x of the net monthly income that the person earns.

Unlikely other money lenders in India, the State Bank of India does not demand any kind of collateral from the applicant to avail the loan.  There is a processing fee that the applicant has to pay, it is usually around 2-3% of the principal amount.

Axis Bank

Axis Bank is another leading name when it comes to avail of a personal loan with a low salary. It offers a personal loan with a minimum income of Rs. 15 thousand per month. One will relish a smooth and paperless experience while availing a personal loan from Axis bank.

The applicant’s age must lie between 21 and 60 years. The repayment tenor of the loan begins from a year and goes up to 5 years.

Axis Bank charges a rate of interest between 15.50 and 24%. The bank doesn’t take pre-closure charges in any kind of personal loan, it offers.


Another name that comes on the top of the list when it comes to availing a personal loan even with a low salary in India is ICICI Bank. In metro cities such as Delhi and Mumbai, the bank asks for a minimum salary of Rs. 25 thousand from salaried employees for providing them a personal loan.

Applicants putting up in cities like Bangalore, Chennai, Pune, Hyderabad, and Kolkata can also apply for the same with an income of Rs. 20 thousand per month.

Whereas, if the applicant is from any other metropolitan city, the minimum income of the particular application should be Rs. 17,500 per month. An online applied personal loan usually gets credited within 72 hours of applying.

The highest loan amount that the bank offers is Rs. 20 lakhs and the minimum is Rs. 50 thousand. ICICI Bank also offers not only the personal loans on low salary but also on the lesser rates of interest starting at 11.59%.


HDFC bank provides personal loans to those putting up in the metro cities such as Delhi, Mumbai, Bangalore, Hyderabad, Kolkata, Pune, Chennai, Ahmedabad, and Cochin and getting a minimum salary of Rs. 15,000 per month.

Apart from the stated above, if you live in any other metro city, you can apply for a personal loan even with a monthly salary of Rs. 12,000.

One can relish a competitive rate of interest on personal loans from HDFC. In addition to this, the bank performs swift and paperless processing while giving personal loans.

The loan amount gets credited in the bank account of the applicant within a few hours. The applicant will have to keep this in mind while applying for the personal loan from HDFC that he/she must lie between the age group of 21 and 60 years at the time of applying.

Advantages of Personal Loan for Low Salaried Individuals

  • Now, most of the money lenders approve the personal loan application online only and the applicant receives the loan amount without any delays.

  • Since the process is completely online, there is no need for physical documentation. The required documents are needed to be uploaded online only.

  • A personal loan doesn’t need any guarantor or collateral.

  • Since the procedure is completely online, it takes minimal time to approve and pay out the loan amount.

  • Typically, the repayment tenure for a personal loan ranges from 1-5 years, this makes it much comfortable for the borrower to repay the loan.

  • On the basis of your eligibility, you may avail of the add-on offers like a top-up loan facility.

So, if you are tackling a financial crisis and also do not earn much at present, you must reach any of these banks via online medium for personal loans with a low salary so that you can also fight better with your financial emergency.

About This Author

shruti keshreshruti keshre
Joined: January 20th, 2020
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