Personal loan is a loan that you can take for any kind of expenses, such as wedding expenses, sudden medical bills, dream vacation, new home decorations, education expenses and more. If your income is stable and the credit score is good, then taking personal loan is not a difficult task.
You get a lump sum amount in a personal loan, which you have to repay the bank or NBFC in the form of monthly installments (EMI) with interest, from which you have taken a loan.
Personal loans are usually preferred because it costs a lower interest rate than credit cards and it is also easier to manage. Most of the lender offers more amounts in personal loans than credit cards and also offer flexible payment plans. It has become very easy to get personal loans in a few hours through different digital lending platforms and instant loan apps. You can also compare many loan offers according to your need and repayment plan.
For example, Moneycontrol has partnership with 8 lenders. With these lenders, you can get an instant loan of up to Rs 50 lakh through 100% digital process. It has three easy steps – fill the details, complete the KYC and set the EMI tenure. Interest rates on this personal loan start only 10.5 % annually, which depends on your job situation.
Who can take a personal loan in India?
In today’s time, taking personal loan has become easier than ever. Banks, NBFCs and other financial companies are continuously bringing new plans so that more and more customers can be given loan.
Any person whose age is between 21 and 60 years, whose credit profile is good and income regular, is eligible for personal loan. People with stable job or business are usually the first choice of lenders.
Banks and financial companies check background before giving loans to salary people. To get a personal loan, it is necessary to come to a salary limit or bracket (at least).
Can a personal loan be found in a salary of Rs 15,000 or less?
Banks and NBFCs often pay attention to people with more salary, but the condition of ‘minimum salary’ can vary depending on different lender. Some banks consider 25,000 to 30,000 rupees to be a monthly salary as ‘minimum’.
However, nowadays there are many banks and NBFCs, which are also giving personal loans to salary between 10,000 and 15,000 rupees. A little less amount is given on these personal loans so that the bank will be confident that Borover will repay the loan on time. This loan amount may vary depending on the conditions of different lenders.
If a person with low salary takes more loan, then the lender can increase the interest rate. Therefore, it is better for those with salary less than Rs 15,000 to apply for a low amount and choose Flexible EMI Tenor.
Conditions for personal loan on salary less than Rs 15,000
Every bank has its own rules, but usually it is necessary to fulfill some common conditions:
- You are an Indian citizen
- Age is between 21 and 60 years old
- Job in private or public sector
- Income certificate and salary slip must be shown
- Cibil or credit score is good (usually above 700)
Document required for personal loan on salary less than Rs 15,000
- ID proof: Aadhar card, passport, driving license or voter ID
- Address proof: Documents like Aadhaar card, electricity or water bill
- Income proof: Salary slip and last 3-6 months bank statement
How to take personal loans at a salary of Rs 15,000?
First of all check if you meet the eligibility conditions. Next, check loan offers, interest rates and other charges. Choose the loan tenure and amount thoughtfully because more amount and long tenure can increase your total repayment amount. Those with less than Rs 15,000 should choose an EMI plan in which they can repay without defaulting.
When you choose the offer, then collect the required document and fill the online application form. Further, complete the KYC verification and set the EMI plan. After this you can get a loan amount immediately.
You can check your eligibility for personal loans up to Rs 50 lakh through the Moneycontrol app or website and get a loan immediately through digital process.
Summary
Personal loan is a flexible option that can meet many needs. If your salary is less than Rs 15,000, you can still get a loan with instant approval through different online platforms.
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50 lakhs
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Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.