Low Salary Loan 2024: Check Eligibility, Documents and KYC

Low Salary Loan 2024: Personal loans are very demanding loan schemes that are provided by banks and non-bank financial companies to their customers. However, personal loans are available for everyone in the bank, but banks are giving preferences to the customers who are getting monthly salary or have a good turnover of their business. So if you are also looking for a good scheme for a personal loan with a minimum monthly salary or Low Salary Loan 2024 then you can check this article where we will discuss with you the details of Minimum Salary Loan 2024 eligibility criteria for self-employed as well as salaried persons. We will also share with you the monthly salary required for personal loans in 2024 in banks and financial companies.

Personal loans are unsecured loan schemes for lenders who are providing the loan amount to their customers as the company or Bank usually does not submit any collateral from their customers while providing the loan, So banks do not have any security to get back their amount from the customers. So they are providing personal loans only to those customers who can repay the loan amount. So if you are getting a monthly salary in your bank account then it is a good indicator to get flexibility by applying for a personal loan.

Low Salary Loan 2024
Low Salary Loan 2024: Check Eligibility, Documents and KYC

Low Salary Loan 2024 only by KYC

Most of the banks invite individuals earning more than 15000 rupees per month from the last 1 year to 6 months. However, most of the employees who are earning 20000 to 25000 per month are automatically receiving loan offers from different lenders. Banks are also checking the consultancy of the monthly salary of the customer. Hence, it is important to work in a company for the m last months to years, but if you have been an employee for the last 2 years then you will get a loan amount from the company easily.

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Required for Low Salary Loan 2024

Apart from the employees, personal loans are also available for self-employed customers. If you are earning the amount with your own business with a good turnover then you are eligible to apply for a Low Salary Loan 2024 However, if any person is working in any unorganised sector and not getting their salary in the bank account can also be calculated under self-employed person.

So these customers should have at least 1.5 lakh annual turnover in their bank account for at least 2 years. Banks can check the balance sheet of the business, and the last few months’ bank statements to check the bank details of the customer and after that will provide the loan amount accordingly.

Minimum Salary Loan 2024 Eligibility 2024

Banks are also considering good customers to provide a personal loan through their CIBIL score. It is 3 3-digit number which is ranked between 300 to 900. If you score more than 750 your CIBIL score will be considered good and you will not get difficulty while applying for a personal loan. However, a cibil score less than 700 is a red Flag for customers as well as banks because it is the representation of the trustees of the customer.

So if your credit score is bad then it is your duty to improve it. Most banks reject loan application forms from customers who have a good turnover and good monthly salary but have a bad cibil score. On the other hand, if any person has a high credit score then he can also get a loan offer from the company with a minimum of 12000 to 15000 rupees monthly salary.

Apart from the CIBIL score, the age of the applicant should also be between 21 years to 58 years, however, self-employed can apply up to the age of 65 also. So if you are compiling all these essential eligibility, then you can check your chance to get approval for a personal loan in a bank and nonbanking financial company.

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Apply for a personal loan with a minimum salary

Banks are following strict rules and eligibility criteria to provide personal loans, but nonbanking financial companies have the flexibility to refer to the eligibility criteria. So if you are earning a minimum monthly salary and not getting approval from the bank, then you can apply for a personal loan in NBFC websites and mobile applications.

However, these companies are charging the maximum interest rate for up to 38%. But if you negotiate with the landers, and have a good CIBIL score then you can get loan offer with minimum interest rates accordingly.

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