What-is-the-minimum-salary-for-personal-loan
- Personal Loan

What is the minimum salary for personal loan?

I need 10,000 rupees urgently!

Isn’t this a situation we all have been through?

There are so many people who require urgent cash and are stuck with how to arrange the funds immediately. Sometimes the amount can jump from 10,000 and go to 3-5 lakhs too. This is because emergencies can strike at any point of time. There are many expenses which require your attention.

These situations can be solved with cash and for that working class individuals use their salary to deal with these expenses. But our salary sometimes is not enough for the expenses and hence we might need extra funds. To ensure there is a perfect solution for this, Banks and NBFCs provide quick personal loans online at best deals available.

How much personal loan can I get on my salary?

Personal loans can be availed by working class individuals whose monthly salaries are above 15,000 at least. Getting a low salary personal loan is not possible by majority Banks as it gets tough to judge their credibility i.e. if they would be able to repay the loan amount or no.

Eg: If a working class individual wants a personal loan for certain expenses and his/her salary is 7000/8000 rupees per month then it would be highly unlikely that they will get a personal loan. Minimum salary for personal loan in HDFC, ICICI, Axis and many more private lenders in Mumbai stands at 15,000 rupees per month.

Can I get personal loan without salary slip?

Yes. You don’t need to provide your salary slip always to get quick personal loans. Banks and NBFCs only require a proof of your income. Hence you can provide that with 3-6 months of banking statements.

Is it possible to get document free personal loans?

The only way you can get an easy personal loan without documents is when you are already an existing customer of the same bank from where you are applying. Such loans are also called as paperless loans in India and you can get such personal loans approved in less than 2 minutes* also.

How can I get approved for a personal loan?

All you need to do is fulfill the Bank/NBFCs set eligibility criteria which are very easy. Lenders will usually ask for;

Identity Proof (PAN, Aadhar)

Residence Proof (Passport, Ration)

Income proof (3 month Salary slip)

Banking proof (6 month statements)

ITR for 1 year* (Depends from Bank to Bank)

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