Personal loans are the best financial instrument to fight financial crises of any kind. Most of the times a financial crisis seems to be hitting more when our income is not so high. I have come across many salaried people having a doubt whether a low salaried person can avail a personal loan or not. Well, to the relief of all those low salaried persons who want to avail a personal loan, the answer is YES!

When you are just at the starting of your career and earning a salary somewhere near ₹ 10,000 to ₹ 15,000 you may feel the shortage of money many times. Such cash crunches become deadlier when your savings are next to ‘Zero’. Considering this fact, recently some lenders have come up with special credit products which provide a personal loan in one day for the low salaried applicants. However, no one can deny the fact that personal loan applications get rejected because of low income. If you are still at the starting of your career and somehow managing your monthly expenses it would be difficult to handle such financial crises.

The worry of getting a loan rejection has come to an end as in spite of being a low salaried, one can still avail a personal loan. Fortunately, there are many lenders including public sector bank, private sector bank and NBFCs who offers personal loans to the employees who earn a salary starting from ₹ 10,000.

Here are some lenders and their special plans to enable low salaried persons to avail a personal loan


This bank offers personal loan for the persons earning a monthly salary of 15,000 for the metro cities like Bangalore, Delhi, Mumbai, Hyderabad, Chennai, Kolkata, Pune, Cochin and Ahmedabad. Apart from the mentioned once, if you are residing in any other cities, you can avail a personal loan with a salary of 12,000 per month. One can enjoy a competitive interest rate on the personal loans from HDFC. Additionally, HDFC bank is well known for fast processing and paperless personal loans. One can get a personal loan within a few hours. One has to consider the fact while applying for the loan that one must be more than 21 years and less than 60 years old at the time of applying.

HDFC Bank Personal Loans – What Makes it Worthy of Your Choice?

State Bank of India

The State Bank of India has introduced SBI Saral Personal Loan for Low Income Groups which helps people to avail a personal loan irrespective of low salary. An applicant from semi-urban or rural area can apply for the loan with a salary of 10,000. But if you are from the urban area, your minimum salary should be 24,000. The maximum amount that one can avail as a personal loan is 12 times of the net monthly income. Just like any other lender, SBI doesn’t ask for any collateral for availing the loan.  One has to pay the processing fee which is generally 2-3% of the principal amount.


The renowned lenders like ICICI also provide personal loan for low salaried persons. The ICICI bank personal loan eligibility for salaried employees starts at 25,000 for metro cities like Delhi and Mumbai. Applicants residing in Bangalore, Chennai, Pune, Hyderabad and Kolkata can apply for the same with an income of 20,000. Whereas, if the applicant is from any other suburban city, the minimum monthly income should be 17,500. One can avail an online personal loan which generally disburses within 72 hours of applying. The maximum loan amount one can avail is 2,000,000 and the minimum is 50,000. One can have a better deal with ICICI personal loan as the interest rate starts at 11.59%.

Axis Bank

If you are a low salaried person and want to have a personal loan, you can even apply it with Axis bank. Axis bank provides personal loan with a minimum monthly income of 15,000. One can have a hassle-free paperless personal loan with Axis bank. An applicant must be of the age group of 21-60 years. The tenure of the loan starts from 12 months and up to 60 months. The interest rate is charged between 15.50% to 24%. You can enjoy a zero pre-closure charges with an Axis bank personal loan.

I Need a Personal Loan! How Much Should I be Earning?

Finance Buddha

Finance Buddha is India’s fastest-growing FinTech company which provides personal loan for 15,000 salary per month. One can avail a number of benefits while applying for a personal loan with Finance Buddha. Online application, competitive interest rate, no physical documentation, fast approval are some of the features of Finance Buddha Insta Loan. The minimum loan amount is 50,000 and the maximum is 150,000. Just like any other bank, you can enjoy a tenure as long as 60 months. The interest rate ranges from 15.50% – 24%.

Benefits of Personal Loan for Low Salaried Professionals

Instant approval
Your personal loan application is e- approved and you get the money without any delays.

Minimal Documentation
As the process is online there is no physical documentation required. The documents required need to be uploaded on the website itself.

No Collateral Needed
There is no need for any guarantor or collateral to give against your loan.

Quick Disbursal
As the processing is online, it takes very less time to approve and disburse the loan amount.

Flexible Tenors
You get a loan tenure ranging from 12 months to 60 months, this makes it quite convenient for the borrower to repay the loan.

Add-on offers
Based on your eligibility you may get add-on offers such as top-up loan facility.

(Updated 20-06-2019)