In an ideal situation, banks do not anticipate a person to spend over 50% of his income on EMIs. For instance, a person who is earning Rs.20,000 per month can spend a maximum of Rs.10,000 as EMIs. On the other hand, one can use the rest Rs.10,000 for paying other regular expenses.
But does it indicate that a person with lesser income won’t have any chance to get finance? Certainly not! It is as financial institutions understand that money is significant to fulfil the objectives like education, medical emergency, or marriage. Therefore, a personal loan is the best solution to achieve all these goals.
For people having limited earnings, higher personal loan interest rates might be quite difficult to deal with. Therefore, they can take a safe loan against any security like fixed deposit, gold assets or get some financial help from family, friends, or peer group.
A monetary requirement can strike any time in your life regardless of your earning groups. Luckily, even with lower incomes, one has the options of a personal loan which would help you to stay afloat.
How to Use a Personal Loan?
With personal loans, you don’t have to pay any deposits because this is an unsecured option. What you need to do is apply for the loan and make use of the money to pay your expenses. You may take low salary personal loans up to Rs.10 lakh with swift approval and easy disbursal. You may use your personal loans for purposes like home décor, higher education, medical emergencies, travelling or wedding.
Why Choose The Best Lender Low Salary Personal Loans?
With the best low salary personal loans provider, you can have flexible tenors and get the money within 24 hours. There are no hidden charges, and you will have minimal documentation. As a borrower, you will also get some pre-approved offers with quick approval.
- Personal loan eligibility criteria
For low salary personal loans, you must be a resident and citizen of India and aged between 23-55 years. You should also be an employee of any private, public, or MNC company. In case, you can fulfil the minimum salary requirements; then you are eligible for personal loans.
- Instant low salary personal loans
If insufficient funds are the reason behind your unfulfilled dreams, then instant low salary personal loans will support you achieve your goals. Today, with the convenience of an online application, you can easily avail personal loans. And the best part is that these personal loans are unsecured one; therefore, you don’t have to provide any deposit or collateral as a security against it. Overall, they are easily accessible.
- Low salary personal loans features and advantages
From meeting all the expenses of a wedding, a medical emergency, and home renovation, or higher education, leading lenders provide personal loans up to Rs.10 lakh for the borrowers having low income.
You can get the loan money disbursed into your bank account within 72 hours of the loan approval.
You will get instant approval on low salary personal loans within only a few minutes. After approval of the personal loan, you will get the money credited in your account inside 72 hours.
Leading loan providers offer easy-to-use and unsecured low salary personal loans for individuals from lower income groups. Bajaj Finserv makes sure that you do not need to pay any hidden charges.
You can also use a loan calculator for calculating how much you need to pay for clearing your low salary personal loans. What you need to do is enter the expected loan amount together with the expected tenor, and you will get the amount to be paid every month.
Documents Needed For Low Salary Personal Loans
- KYC Documents – PAN, Aadhaar, passport, voter ID, or driving licence
- Any address proof
- Passport-sized photograph
Bajaj Finserv gives various deals in the pre-approved loans for many financial products like home loans, personal loans, business loans and more. It makes the loan application procedures straightforward and less time-consuming.
You may also check out pre-approved loan offers now after sharing your basic details like name and mobile number.