How to Get a Personal Loan for Salary Under 20,000 in India
The advent of personal loan has eased the financial worries of mostly salaried and middle-class people in India. Now, they don’t need to wait for savings to buy a big-ticket purchase, pay some urgent bills or manage urgent cash crunches and more.
Be it the wedding, home renovation, debt consolidation, higher education, business expansion, or medical emergency costs; a personal loan can cover all.
The best way to get a personal loan at lower interest rates is by maintaining a higher CIBIL Score, repayment and income history. It also includes working for a reputed company and carrying home a higher salary.
People earning Rs. 20,000 can opt for a low salary personal loan
But, what if your salary is under Rs. 20,000 in India? Can you still opt for a low salary personal loan? If you are earning around Rs. 20,000 in India and want to apply for a low salary personal loan, you can check your loan eligibility quickly.
You can use the facility of the online tool known as the personal loan eligibility calculator. It will determine the exact amount that will be available for you.
You can also land on a third-party website and compare all low salary personal loan offers. This way, you may pick one that suits your needs and repayment capacity the best.
Quick benefits of a low salary personal loan
A low salary personal loan also comes with a slew of advantage to make it work for you. Here are some standard personal loan benefits that you can enjoy:
- 5 minutes approval
A personal loan is to manage immediate needs, and hence, there is no waiting period. As a result, the loan application is processed quickly, and your loan application may be approved within 5 minutes.
- Get money in your bank within 24 hours
After you have got the loan approval, you can expect the loan amount to be disbursed into your bank account within 24 hours.
- Flexible loan tenor
Reputed low salary personal loan creditors come with the facility of flexible loan tenor ranging between 12 months and 60 months. This way, you may spread the loan to pay in smaller EMIs and maintain your monthly expenses without issues.
- Collateral free loan option
You don’t need to submit any collateral or security to get the loan approval as the loan is of unsecured nature.
- Large loan amount
As per your financial profile and personal loan eligibility criteria, you may be able to get up to Rs/25 lakh to fund all your needs easily.
- Online loan account access
Reputed lenders let you track the loan progress by accessing the lender’s digital customer portal 24/7 and from anywhere.
Many lenders present some pre-approved offers on personal loans, business loans, home loans, EMI finance and beyond. It is to help borrowers simplify the overall loan procedures and make it fast.
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