How to Get a Personal Loan with a Low Salary?

Updated on: 14 July 2023

Published on: 18 October 2021

There are many reasons why you may be earning a salary that you consider low. You may be just starting out in your career or may have switched jobs to take on a new role that you haven’t done before. You may also work part-time to pursue other interests or have certain obligations to fulfil. Whatever the reason, you may wonder if you can get a personal loan with a low salary. The good news is that you can. 

A personal loan does not need you to pledge your personal assets and is easy and fast to get. However, lenders do have certain requirements in place in order to approve your loan application. These are called eligibility criteria, and meeting them is the first step to getting a personal loan. Read on to know how you can get a low salary personal loan by improving your eligibility. 

A guide to getting a personal loan for low salaried applicants

You can qualify for a personal loan with a low salary by taking the following steps:

• Choose a lender who has the lowest minimum salary criteria 

The first step to getting a personal loan with a low salary is to choose your lender carefully. Since there are many banks and NBFCs that offer personal loans, you have a number of choices at your fingertips. Check the eligibility terms of all lenders and see which one has the lowest requirement regarding an applicant’s monthly salary. 

While some lenders like Fibe approve applications of borrowers earning just ₹15,000 per month in non-metro cities, others may require a salary of ₹20,000. Spending a little time doing your research can help you find the right lender who matches your earnings. This will help you qualify for a loan with ease. 

• Boost your credit score 

Another way to boost your eligibility as a low-income borrower is to ensure your credit score is high. A good credit score signifies that you are responsible with credit and have some experience under your belt. This helps lenders take a decision that works in your favour. 

At Fibe, you do not need to worry about maintaining a good score, as our alternate credit scoring mechanism helps us offer loans even to those who are new to credit. Simply check our easy-to-meet eligibility criteria and apply for a personal loan hassle-free! 

• Showcase all sources of income

While your salary may be low, you may earn income from other sources like investments, rental earnings from property or land, freelance income and more. By proving that you have the funds to repay on time and in full, you can get a personal loan even with a low salary.

• Apply with a lender you have a prior relationship with 

If you have a bank account or an investment with a bank or NBFC, the chances of you getting a personal loan with a low salary with the same lender are higher. This is because the lender already has your profile on record. If you have maintained your account well or have a sufficient amount invested, this lender may be willing to approve your personal loan application.

• Pay off any existing debt 

Another way to boost your personal loan eligibility is to ensure you are debt-free before you apply for a new personal loan. This way, lenders know that you do not have existing obligations to service at the time of applying for a personal loan. By meeting all the other eligibility terms of the lender, you may be able to get approval for a personal loan even with low wages. 

• Take a secured personal loan 

Some lenders offer personal loans that are secured by an asset, such as an FD or government bonds. While this type of personal loan is not free of collateral, it gives you a chance to get the funds you need even if you have a low salary. 

• Get a co-applicant to apply with you 

If your spouse or parent has a good salary, you can jointly apply for a personal loan with them. In this case, lenders consider both your salaries, which can help you qualify for the loan. However, remember that the responsibility to repay falls on both of you. Your co-applicant needs to be ready to take on this responsibility in the event that a lack of funds causes you to miss an EMI or default. 

Using all these tips, you can get a low salary personal loan when you have a need for funds. On Fibe, getting access to instant cash is easy. Simply meet our eligibility terms and apply on our website or on our personal loan app. 

FAQs on Low Salary Personal Loan

Can I get a loan if my salary is ₹12,000?

Depending on the lender, you may be able to avail of a personal loan with a salary of ₹12,000 if you can also show other sources of income and meet the rest of the lender’s eligibility terms. At Fibe, you can avail of a personal loan if your minimum in-hand salary is ₹15,000/month in non-metro cities and ₹18,000/month in metro cities.

How can I get a loan if my salary is less than 15000?

To get a low salary personal loan, apply with a lender that has a relaxed income criterion. At Fibe, personal loans are available even with an in-hand salary of ₹15,000/month.

What is the lowest salary personal loan?

The income criterion is set at the lender’s discretion. Generally, low salary personal loans are available with a salary of ₹15,000.

Does a personal loan depend on salary?

Yes, income is one of the major factors that influence the personal loan amount you can avail of. Generally, the loan amount of a personal loan for low salaried applicants is also low.

Can a new employee get a loan?

Yes, depending on the lender, you can get a personal loan even if you are a new employee. In such cases, you can also choose a salary advance.

Will my income affect my personal loan eligibility?

Yes, your income plays a big role in how eligible you are for a personal loan as it affects your ability to repay. 

What is the minimum salary required for a personal loan?

The minimum salary required for a personal loan varies from lender to lender. At Fibe, you can qualify for a personal loan with a salary starting from ₹15,000 a month.

Can I get a low-salary loan after my first paycheck?

Yes, you may be able to get a low salary personal loan even if you are new to the job market and just starting out in your career. As long as you can prove that your work is stable, lenders may approve your personal loan application. However, you can also get a salary advance if your employer offers this facility. 

Can I apply for a low-income personal loan if I am not residing in a metropolitan area?

Yes, you can apply for a low-income personal loan if you reside and work in non-metros too. At Fibe, you can get an instant loan with a salary of ₹15,000 a month if you reside in a non-metro.