Personal Loan For Low Salary Professionals With Salary Less Than 25K

Do you think your salary is too low to qualify for personal loans? Well not anymore. However; it is easy to avail personal loan for low salary professionals with salary less than 25K. Yes, it is true that banks and private lenders target primarily high paid salary people for a personal loan and credit cards at best interest rate with any other special offers.

A Few Reasons Why You Need Personal Loans

• Pay for vehicle expenses
• Head off on an international holiday
• Credit card payments
• Rental deposits
• Pay tuition or school fees or donation
• You don’t want to miss an EMI payment
• You don’t want to spoil your credit score
• Unplanned medical expenses
• When you don’t want to ask your dad, mom, brother, sister or friends

My Salary Is 25K, Am I Eligible To Get Personal Loans?

Absolutely yes. There is no better way to cover your cash problems than choosing personal loans.

You never know when you will be needing or having an immediate cash requirement. Especially; it is difficult to deal with the cash crunch when you are salary is not enough and savings is next to zero. Therefore; Personal loans offered by top 5 leading banks and private lenders of India exist for this very reason. The personal loan for low salary are the one the most demanded loan products designed by the banks. Therefore; this personal loan can be availed for any personal financial requirement without any hassles.

However, not everyone qualifies for a personal loan due to the eligibility criterion of minimum income. If you are still on your first job and are somehow managing your monthly expenses. So, how it is possible to get personal loan with the low salary income of less than 25K? 

Fortunately, there are few private financial service providers and banks in India offering personal loans to applicants with monthly incomes starting at just Rs.10,000.

Who Will Give Me A Personal Loan With A Salary Less Than 25K? 

Usually, banks as well as private lenders will expect a person to spend more than 55% of their income in EMIs. For instance; if you are earning Rs. 25,000 a month, can spend a maximum of Rs. 11,000 as EMI while use the balance amount to pay for other monthly expenses.

At this statistic, you will be eligible for a personal loan of not more than Rs. 5 lakh. However; if a salaried professional happens to pay 50% of his/her income as EMI then he/she would be left with only Rs. 8000 to run the show all month long. In such exorbitant times, it is critical.

So does that mean that there is no chance for a professional with low income to get personal loans? No. Banks and private lenders have realize that money is important to meet goals like marriage, education and medical emergency. Hence; a personal loan is the perfect solution to fulfill any of these needs hence; they designed personal loan products keeping in mind the low salary income groups.

Top 5 Leading Banks Offering Personal Loan For

Low Salary Professionals 

1. HDFC Bank Personal Loan for Low Salary Professionals

The bank offers personal loan at affordable interest rates with no hidden charges. HDFC banks offers personal loan for low salary individuals based at metro cities like Mumbai, Delhi, Bangalore, Hyderabad, Chennai, Kolkata, Pune, Cochin and Ahmedabad, with minimum monthly income required is Rs.15,000.

• The loan applicant can apply online and avail personal loan in less than 24 hour
• Even first time borrowers are eligible to apply for this loan
• The bank offers special offers for women customers.

2. SBI Saral Personal Loan for Low Income Groups

The loan applicant is eligible to apply for personal loan offered by SBI, irrespective of low salary. If you are residing in rural or semi-urban centers, the minimum monthly salary required is Rs.10,000. SBI offers personal loan with low salary; if the individual is residing in metro or urban centers, the minimum monthly income required is Rs.24,000.

The basic requirements to get personal loan from SBI are:

• Salaried employees can avail a maximum of 12 times their net monthly income up to 10 lakhs
• There is no security or collateral required
• The usual processing fees applicable are between 2% and 3% + tax as processing charges for this personal loan

3. ICICI Bank Personal Loan for Low Salary Professionals

This is a multi-purpose personal loan offered by ICICI Bank at competitive interest rates with easy EMIs. If you are residing in Mumbai and Delhi, the minimum monthly salary required is Rs.25,000. Individuals residing in Bangalore, Chennai, Pune, Hyderabad and Kolkata, the minimum monthly salary should be Rs.20,000. And those based in other suburban city, the minimum monthly income required is Rs.17,500.

• The minimum personal loan amount offered is Rs.50,000 and the maximum loan amount offered is Rs.20 lakhs.
• The loan interest rate starts at a low 11.59%.
• The loan applicant can choose from flexible loan tenures starting at 12 months and up to 60 months.
• The bank disburses the loan amount as quick as like in 72 hours of receiving the documentation

4. Punjab National Bank Personal Loans For Low Salaried

You can avail a personal loan from Punjab National Bank to cover any type of your personal need or immediate cash requirements.  An individual residing in semi-urban area requires having a monthly salary of Rs.10,000 to get personal loan from this bank. If you are urban city based individual wish to apply for personal loans, you need to have a monthly salary of Rs. 12,500 and for the metro cities individual you need to have Rs. 15000. 

• You will be charged 1.80% of the loan amount as a processing fee
• The minimum personal loan amount offered is Rs.50,000 
• The maximum is Rs.4 lakhs or 20 times your monthly net income, depending on whichever of the 2 is lesser
• Usually the repayment of this loan in a maximum of 60 EMIs

5. Axis Bank Personal Loans For Low Income Profesisonals

A Personal loan can come handy for your vacation, renovating home or planning wedding. However; if you are looking for a quick approval and a minimum documentation process, irrespective of low income you can apply for a personal from Axis Bank.  Axis bank offers personal loan with low salary to the professionals; with a minimum net monthly salary of Rs.15,000.

• Personal loans amount offered is Rs.50,000 and the maximum loan amount offered is Rs.15 lakhs
• The interest rate for this loan starts at 15.50% and up to 24%
• You will charged between 1.50% and 2% + tax as processing charges for this personal loan

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