Apply for Personal Loan on Low Salary: Now you can get urgent loan up to Rs 5 lakh Personal Loan on Low Salary: Information and Options
It is possible to get a personal loan on low salary, but there are a few things you should keep in mind before availing a loan.
Kam Salary par personal loan apply (Overview)
| Name of the loan | Kam Salary par personal loan apply |
| Loan | Upto 5 Lakh |
| Payment | Up to 36 months |
| Guarantee | won’t have to give |
| Interest | Up to 36% p.a. |
| who is it for | Anybody can take it if they are eligible |
Eligibility:
- Source of Income: Loan applicants must have a source of monthly income that is credited to a bank account.
- Age: Typically, the applicant must be between 21 years and 58 years of age.
- Citizenship: Being an Indian citizen is mandatory.
- CIBIL Score: A good CIBIL score improves the chances of getting a loan.
- Other Documents: Documents such as Aadhaar card, PAN card, bank statements, etc. may be required.
Aadhar Card Loan App | Get an urgent loan of up to Rs 5 lakh from home with Aadhar Card Loan App
Loan Amount and Interest Rates:
Loan Amount: Loan amounts for low-salary individuals typically range from ₹10,000 to ₹5 lakh.
Interest rates: Interest rates can range from 20% to 36% per annum, varying depending on the lender, loan amount, loan term, and CIBIL score.
Benefits of taking a loan:
- Instant financial help: Can be a way for low-salary individuals to get quick money to meet medical emergencies, education fees, or other sudden expenses.
- Financing for big purchases: Even low-salary individuals can finance big purchases such as a motorcycle or laptop using a loan.
- Debt consolidation: You can consolidate several smaller loans with higher interest rates into one lower-interest rate loan, which can reduce your monthly EMI
- Things to keep in mind before taking a loan:
- High interest rates: Loans to low-salary individuals have higher interest rates, so it is important to carefully consider all costs before taking a loan.
Ability to repay the loan: Make sure you are able to pay the monthly EMIs of repaying the loan. If you don’t, you may default, which can have a negative impact on your CIBIL score.
Cheapest Personal Loan available: 1.5% Urgently from ₹5000 to 10 Lakh
Some lenders for personal loans on low salary:
- Navi: Loans up to ₹5 lakh, minimal documentation, without guarantee or security.
- Nira Loan: Loans up to ₹1 lakh, for individuals with a monthly income of ₹12,000.
- Zip: Loans for individuals with a salary of less than ₹15,000.
- PesaBazaar: Helps compare loans from different lenders.
Conclusion:
It is possible to get a personal loan on a low salary, but it is important to understand all the risks and obligations before taking a loan. Make sure you are able to pay the monthly EMIs of the loan repayment and only borrow what you can repay. It is also important to compare interest rates and terms from different lenders before taking a loan.