In today’s digital era, taking personal loans has become much easier than before. With the help of instant loan apps and digital lending platforms, you can now apply for a loan sitting at home. Both banks and non-banking financial companies (NBFCs) give such loans. The approval of personal loan depends on two important things. These include your monthly income and credit profile.
With the help of personal loans you can meet many of your needs such as wedding expenses, big shopping, home repair or vacation. Even if a loan is already running on you, then a personal loan can be taken to settle it.
Whether it is a home loan, vehicle loan or personal loan, banks and NBFCs, for such loans, salary people pay attention to people. The reason for this is the stable income of these people. Government employees, public sector personnel and employees of multinational companies are usually given more priority for personal loans.
Although the income eligibility conditions of different banks may vary, but most of the lenders also offer personal loans to those whose monthly salary is at least Rs 20,000.
On the salary of Rs 20,000, you can also see many offers of personal loan on the app and website of Moneycontrol. On this platform, you can take a personal loan of up to Rs 50 lakh from 8 lenders with 100% paperless process. Interest rates on these start at 10.5 % annually.
Personal loan on salary of Rs 20,000
Banks and NBFCs usually pay attention to those who have good salary, as personal loans are given without any security, which also increases the risk on it. This is the reason why your income is crossed well before giving a loan. But this does not mean that those with salary of Rs 20,000 cannot get a loan.
Nowadays many banks and NBFCs are also offering personal loans to those whose monthly salary is between Rs 15,000 and 20,000. The loan amount on this may be low, but this does not mean that the loan will not be received. In this case, banks also see your other positive things.
Eligibility for personal loan on salary of Rs 20,000
If you salary Rs 20,000 But if you want to take a personal loan, then it is important to pay attention to some things to avoid rejections. The conditions related to the eligibility of different lenders may vary, but it is generally necessary to fulfill these conditions:
- Applicant age should be between 21 and 60 years
- Credit score above 700
- At least a few months of job experience is necessary
- Applicant be Indian citizens
Document required for personal loan on salary of Rs 20,000
The list of documents of different banks may vary, but in most cases these documents are sought:
- Documents like Aadhaar Card, Passport or PAN Card for KYC
- ID card received from the company
- Salary slip of last three months
- Bank statement
- Utility bill (electricity or water bill)
Benefits related to instant online loan for salary employees in India
In this digital era today, it has become very easy for salary people to take instant online loan, especially when money is needed in emergency. Let’s know some important benefits related to them:
- User-friendly platforms: Online loan platforms are easy to use.
- Easy app process: Just a few basic details can be applied for a loan.
- Fast processing: Loan application is processed in real-time.
- Instant approval: The loan can be found in a few minutes.
- Low documentation: Only some documents related to identity, income and bank details are required.
- Flexible amount and tenure: You can choose a loan amount and tenure as per your need and convenience.
- No need for guarantee/security: No security or guarantee is required for instant personal loan.
- Safe and reliable: Your personal information is completely safe when you take a loan from applied apps and lenders from RBI.
Overall, if your monthly salary is Rs 20,000 and you are thinking of taking a personal loan, first assess your financial status and the ability of the repayment properly. Also, check the details of all loan offers carefully and choose the same loan offer that is best according to your needs. Initially apply for a low loan amount so that the chances of rejections are reduced.
Summary
Now a personal loan can be easily available at a salary of Rs 20,000. Here we are telling about eligibility, process and correct planning.
Top banks/ NBFCs
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.