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How to Get a Personal Loan if You Have a Low Salary

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Financial requirements or crisis can hit when you least expect it, but it doesn’t mean that you cannot overcome it. Personal Loans provide the required support for situations such as a medical emergency, unexpected expenditure or even planning a wedding.

When financial needs are high, and your salary is low, often you may fear to apply for a loan. You may be happy to know that it is possible to apply for a Personal Loan on a low salary. All you need is to apply to a bank that has low minimum salary criteria such as Tata Capital Personal Loan.

What are the advantages of a Tata Capital Personal Loan?

Tata Capital is one of the largest private banks in the country with different types of loans that offer attractive interest rates. Their hassle-free approach to providing Personal Loans makes them one of the preferred banks by most customers.

Depending on your needs, here are the top benefits of availing a Tata Capital Personal Loan:

  1. Low-Interest Rates: Tata Capital offers a Personal Loan at low-interest rate thereby making it easy for individuals with a low salary to borrow and repay it with less stress. The interest rates start as low as 11.49%.
  2. Long Loan Tenures: The bank offers a loan repayment term ranging from 12-72 months making it easy to pay back the loan amount in easy monthly instalments.
  3. No security: One of the best features of the Tata Capital Personal Loan is that the bank does not ask for ay collaterals or security deposit against the loan application.
  4. Flexible Repayment Model: Tata Capital Personal Loan offers three methods of repayment of the loan which is very convenient for an applicant.
  • Step Up Flexi EMI Plan – This plan can be availed by those who are anticipating a hike in their income as they can increase the amount repaid every year depending on the hike. This reduces the loan amount and ensures that the loan is paid off in time.
  • Step Down Flexi EMI Plan – Similarly, those who may be nearing retirement or facing a shortage in their income flow can reduce the instalment amount once they have paid off a higher EMI at the beginning of the loan tenure.
  • Bullet Flexi EMI Plan – This part of the plan helps individuals reduce the loan amount by paying off a lump sum with an unexpected bonus or money at no extra cost.
  1. No Prepayment Charges: The Tata Capital Personal Loan can be paid off before the stipulated time provided the loan has been paid for a minimum of six months.
  2. High Loan Amount: The loan amount can be availed starting at Rs. 75,000 and can be given upto Rs. 25 Lakhs depending on the income and credit score.

Easy Procession and Documentation: The whole process of applying for a loan and availing one is quick, stress-free and only requires careful planning.

What is the minimum amount you must earn to apply for a Personal Loan?

Most banks have a minimum of Rs. 30,000 per month for salaried employees as a criterion for applying for a Personal Loan. Banks such as Tata Capital Personal Loan provide a Personal Loan for anyone who earns Rs. 20,000 per month.

How can I get a low salary Personal Loan?

Sometimes if you have a low salary, you might shy away from getting a Personal Loan due to fear of rejection. However, depending on your requirement, you can also apply for a Personal Loan to pursue your financial goals.

Personal Loans can be utilised for any personal purpose ranging from the repayment of debt to planning a holiday. The most important part of a loan application is to check and keep handy all the documents required along with checking the eligibility criteria thoroughly. Tata Capital Personal Loan will consider the following for self-employed individuals:

Documents required

  • Proof of residence
  • Proof of identity: Passport, Aadhaar Card, Pan Card
  • Letter from the place of employment
  • Proof of salary such as salary slips
  • Bank statements for 3 months
  • Income Tax Returns Filed

Apart from the documents mentioned above, make sure you check your credit score which is one of the most important eligibility criteria for a Personal Loan. You may be drawing a low salary, but if your credit score is high, the chances of getting a Personal Loan are more. Good credit or CIBIL score depends on your income, repayment capacity, past financial records and any default on payments. The minimum score for availing a low-income personal loan is around 750. Maintaining a good credit score is crucial as many lenders may reject a loan due to low credit score.

It is advisable to go through the terms and conditions of a Low Salary Personal Loan and check important details such as tenure, prepayment charges, interest rate, eligibility criteria, etc. that the banks may have. Individuals who have low-income face difficulties when it comes to acquiring a personal loan, however with the Tata Capital Personal Loan, solving your financial problems is only a step away.

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