Personal Loan Salary Less Than ₹20,000: Low-income Personal Loan

When faced with unplanned expenses, a personal loan can be a real lifesaver. As personal loans are unsecured loans, the lender will expect you to prove a stable financial situation and an ability to repay the loan amount. So, thinking about your base pay and any other sources of income is vital.

As the process of getting loans has been made easier, people with a monthly income as low as Rs 20,000 can also get a personal loan. Continue reading to find out how to get a personal loan even if you have a low salary.

Criteria for Getting a Personal Loan for Low Income

To get approved for a personal loan on a low income, check that you meet the following needs:

• To get a personal loan for low income in India, you must be a citizen of India.
• Borrowers at Piramal should be between the ages of 21 and 60 years to qualify for a personal loan.
• You must be employed full-time by a government organisation or a private firm.
• You should have worked at your current place of work for at least one year.
• To get a personal loan for low income, you must show at least six months of full-time work history.
• To qualify for a personal loan for low income, your monthly income should be at least Rs 25,000.

Documents to Apply for a Personal Loan

1. PAN Card
2. ID Proof (one of the following)
   • Passport
   • Driving license 
   • Aadhaar card
   • Voter’s ID
3. Address Proof (one of the following)
   • Rent agreement in the borrower’s name
   • Passport
   • Diving License
   • Aadhaar Card
   • Voter’s ID
   • Electricity bill/Water bill/Gas bill (not more than 3 months old)
4. Proof of Income 
   • Play slip from the last month
   • Bank statements from the last 3 months
5. Co-applicant
   • If you need a personal loan for low income, you can club the income of a co-applicant.
   • Only spouses can be entered as co-applicants.
   • All the above-mentioned documents are also required for the co-applicant.

Features and Perks of a Personal Loan

• No CollateralTo get approved for an unsecured personal loan for low income, you do not need to put up any collateral or security. Because of this, personal loans are one of the easiest ways to get money because of this.
• Flexible TermsBanks offer personal loans for low income with low rates of interest and easy repayment offers. You can choose the payment term that works best for you, so your EMIs do not go over your budget. Your loan tenure can last up to five years. This allows people with income less than Rs 20,000 to enjoy a stress-free loan tenure.
• Pre-Approved LoansMost banks offer their current customers personal loans that have already been approved. Customers get these loans based on how often they put money into and maintain the balance in their savings accounts. Low-salary personal loans that have already been pre-approved usually have lower interest rates.
• No PaperworkA personal loan for low income is an unsecured form of credit, so it usually does not require a lot of paperwork. If you want to apply for a personal loan, you only need to attach scanned copies of documents that prove your identity, address, and income, along with a duly filled loan application form.
• Quick Loan Approval and Payment ProcessingDue to the small number of documents that need to be turned in, banks usually approve and give out loans quickly. The loan amount is transferred to your savings account within hours after approval. So, personal loans are ideal for situations where you are in urgent need of cash.

Why Choose Piramal Finance?

Piramal Finance gives loans to even those who earn a salary of less than Rs 20,000. These loans are given without any collateral. Also, the loan is approved quickly with no hassle. You can get a personal loan of up to Rs 20 lakh if you fulfil the below-mentioned criteria.

A wedding, a dream product, a vacation, or even school tuition might all be paid for with the help of a Piramal Finance Personal Loan. Piramal will guide you through the application process and work to make the transfer of funds smooth and quick.

Features of a Piramal Finance Personal Loan

• There are no extra fees for the prepayment of the loan.
• A loan with a minimum amount of Rs 1,00,000 and a maximum amount of Rs 10,000,000 can be secured through Piramal.
• Fewer documents are needed for the personal loan application process.
• The loan is approved right away, and then the loan amount is also credited to your savings account without any delay.
• Piramal Finance offers a range of EMI offers that do not put any strain on monthly income and savings.
• It offers flexible plans for paying back the loan ranging from 12 months to 60 months.
• It allows applicants to combine several sources of income to improve their overall personal loan offer.

Conclusion

Personal loans can save the day for people with any income range. So, if you are looking to get a personal loan on a low salary, you need not worry about rejection. Personal loans for a salary as low as Rs 20,000 can be taken out with the utmost ease with Piramal Finance. With a Piramal Finance Personal Loan, you can enjoy perks like low-interest rates and a variety of repayment tenures. If you want more such financial solutions, visit Piramal Finance and check out all their services and products.