Personal loan can help you a lot on those occasions when sudden money is required. Whether it is medical emergency, to fix the house, go to vacation or any other expense, personal loan can provide a lot of relief on such occasions. Such loans have become quite popular these days because it is easy to repay them. You can repay them as EMI, which does not put much burden on your budget.
People like personal loans more than other options like credit cards because it is also cheaper and its process is also easier. Digital lending platforms have made it even easier. These loans are usually available on the basis of your income and credit score. Although banks and NBFCs usually pay attention to more salary, but if your salary is 18,000 rupees a month, you can still apply for loan.
If you want to apply for personal loan at a salary of Rs 18,000, then you can check many offers through the Moneycontrol app and website. Here you can take a loan of up to Rs 50 lakh from 8 different lenders with 100% paperless process. The interest rate on these starts only 10.5% annually.
Who can take a personal loan in India?
Banks and recognized NBFCs in India usually give personal loans to people between 21 and 60 years of age. Apart from this, the application of the application of the application and the status of the job is also checked, so that their ability to repay the loan can be estimated. If your credit score is good, then the chances of getting a loan at low interest rates increases.
Although some banks also have the condition of ‘at least income’, but many banks and NBFCs also offer loans to salary of Rs 15,000.
Can a personal loan be found at a salary of Rs 18,000?
Banks and NBFCs in India keep your monthly income in mind before processing the loan application. According to the ‘minimum income’ conditions of some lenders, your salary should be 25,000 to 30,000 rupees a month. In such a situation, getting a loan on a salary of Rs 18,000 is a little difficult, but not impossible. Eligibility criteria of different lenders may be different. Some banks and NBFCs also give loans to those with salary of Rs 18,000, provided your credit score is good.
Eligibility criteria
These are usually eligible criteria to take personal loans at a salary of Rs 18,000:
- Applicant should be an Indian citizen.
- Applicant should be between 21 and 60 years old.
- There should be a job in a company in a government institution, private or public sector.
- Salary slip and income proof.
- Credit score at least 700 or above.
Essential document
- ID proof (Aadhaar Card, Passport, Driving License or Voter ID)
- Address proof (Aadhaar card, electricity bill etc.)
- Salary slip and bank statement as income proof
After checking your eligibility for personal loans, please compare different lenders offers, interest rate, loan amount, repayment tenure and other charges. The total cost of the loan you receive depends mainly on two things – interest rate and repayment tenure.
If your credit score is good and the job is stable, then you can get a loan at better interest rate.
Long repayment tenure can reduce your monthly installments, but overall interest has to be paid more. On the other hand, interest in small tenure seems low but EMI has to be given more. Therefore, while fixing EMI, it is important to keep your need and ability in mind.
Once you decide all the things, fill the application form, complete the KYC and submit it to the lender.
Summary
Earning 18,000 rupees? Still a personal loan can be found. Easy tips for loan approval, EMI option, essential documents, and other information read here.
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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.