A monetary crisis is considered one of the most feared gatecrashers in your life which can be solve through Personal loans. It can not only ruin all your plans but also increase your mental stress to greater extents. When you face a particular situation, the most faithful friend is an online personal loan. It can not only help you at the time of need but also help you fulfil your short-term and long-term goals.
Loan Application: Easy for You and Difficult for Banks
However, it is not super easy to get your personal loan application easily. It may be very easy for you to apply for a personal loan. However, on the other hand, it is very difficult for banks to process the same. This is because of the fact that personal loans are unsecured types of loan. As per the rules and regulations, banks cannot ask for collaterals and a guarantor as well.
Therefore, in order to be on the safe side, banks spend a considerable amount of time in carrying out proper verification of the applicant’s financial stability and ability to repay the loan. One of the essential factors that decides the course of loan approval is the monthly income of the applicant.
If you have a decent monthly income, then your loan application can be processed in no time. However, if you have a lower income, then you are restricted to very fewer options, and you may face problems in getting your loans approved.
Personal Loans for Income Less than 20000 INR
There are options for you to avail personal loans if your income is less than 20000 INR per Month. Here are some of the ways in which you can get loans from banks and NBFCs.
1. Minimum salary requirement for Personal Loans from Banks
- ICICI Bank- 17,500 INR PM
- Axis Bank- 15,000 INR PM
- Dena Bank- 15,000 INR PM
- Punjab National Bank- 15,000 INR PM
- HDFC Bank- 12,000 INR PM
- Canara Bank- 10,000 INR PM
- State Bank of India- 10,000 INR PM
- City Union Bank- 6,500 INR PM
- State Bank of India Xpress Credit Personal Loan – 5,000 INR PM
2. Loans from Cooperative Banks
- The Greater Bombay Co-operative Bank Ltd.- 10,000 INR PM
- Abhyudaya Co-operative Bank- 8,000 INR PM
- The Andaman and Nicobar State Co-operative Bank Ltd.- 5,000 INR PM
- The National Co-operative Bank Ltd.- 5,000 INR PM
- The West Bengal State Co-operative Bank Ltd.- 2,000 INR PM
3. Cash Loans
You can avail cash and short-term loans from various NBFCs for a certain period. The interest rates may be higher, but you will easily get your loan application approved. The loan amount won’t be higher as well. They involve very little documentation, and the rules are not very much stringent. It is considered to be one of the sought after loans when the income is less.
4. Secured Loans
You can opt for secured loans by submitting collaterals to the bank or pairing up with a guarantor in case your income doesn’t meet the eligibility criteria of the bank. Securing your loans can help banks to decide on your case.
Read Also:Â All You Need to Know About Personal Loans
