Personal Loan for Low Income (Rs.5000-40,000) Earners, Loan Amt., Interest Rate

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For high salaried individuals getting a credit card or any type of loan (personal, car, home and others) is very easy as their repayment capacity is good due to their income. Individuals from this category are typically the target customers of banks and financial institutions who are ready to offer them loan/credit card. But what about individuals with low salary? Can they get personal loan in case of any emergency such as hospitalization, marriage and others?

The answer is YES. Personal loan for low income earners with salary as low as Rs. 5,000 are available in the market. Eligibility criteria apart from the salary are: age, credit score, company worked for, work city, years staying in the current address. Also check out credit cards for poor income earners.

Listed in the below table are the personal loan and monthly salary requirement of various Indian banks along with the interest rate applicable.

LenderMinimum Monthly Income RequiredAge LimitAnnual Interest RateLoan Amount Limit
HDFC BankRs. 12,00021-60 Years15.75% to 20%Rs. 15,000
HDFC BankRs. 15,000 (for individuals from Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, Cochin)21-60 Years15.75% to 20%Rs. 15,000
ICICI BankRs.17,50023-58 years11.99% to 20.00%Rs. 50,000 to Rs. 15,00,000
ICICI BankRs. 25,000 (for individuals from Mumbai & Delhi)23-58 years11.99% to 20.00%Rs. 50,000 to Rs. 15,00,000
ICICI BankRs. 15,000 (for individuals from Bangalore, Chennai, Hyderabad, Pune, Kolkata)23-58 years11.99% to 20.00%Rs. 50,000 to Rs. 15,00,000
ICICI Bank (Privelege Banking Customer)Rs. 20,00023-58 years11.99% to 20.00%Rs. 50,000 to Rs. 15,00,000
State Bank of IndiaRs. 24,000 (In metro and urban cities)21-58 years13.35%12 times net monthly income
State Bank of IndiaRs. 10,000 (rural/semi-urban)21-58 years13.35%Upto Rs. 10,00,000
State Bank of India (Xpress Credit Personal Loan)Rs. 7,500. This loan is only for the employees of state and government, PSUs, selected companies21-58 years13.35%Rs. 24,000 to Rs. 15,00,000
Axis BankRs. 15,00021-60 years15.50% to 24%Rs. 15,00,000
Yes BankRs. 25,00025-58 years10.50%Rs. 2,00,000 to Rs. 20,00,000
Allahabad BankRs. 20,00021-58 years13.00%Rs. 7,50,000
Andhra BankIncome criteria not available21-55 years13.5%Rs. 2,00,000 to Rs. 10,00,000
Bank of BarodaIncome criteria not available21-58 years14.50%Rs. 20,000 to Rs. 2,00,000
Standard CharteredRs. 22,000NA12.99%Rs. 1,00,000 to Rs. 30,00,000
Kotak Mahindra BankRs. 40,00021-55 years13% - 18%Rs. 15,00,000
Bank of MaharashtraRs. 25,00021-60 years15.50% floatingRs. 15,00,000
Indusind BankRs. 25,00021-65 years12.99% to 18.25%
Rs. 15,00.000
Fullertoan loanRs. 15,00021-58 years17.25% to 35.00%Rs. 15,00,000
Canara BankRs. 10,00021-58 years14.00% to 15.00%Rs. 3,00,000
Ratnakar BankRs. 30,00027-60 years14.50% to 18.00%Rs. 15,00,000
Central Bank40% of Gross Salary21-58 years13.45%Rs. 5,00,000
Bank of india40% of Gross Income21-58 years12.95% to 14.95%Rs. 2,00,000
Corporation BankIncome criteria not available21-58 years13.75% to 14.75%Rs. 2,00,000
HSBC BankRs. 4,00,000 per annum21-58 years12.00% to 17.50%Rs. 15,00,000
Dena BankRs. 15,00024-55 years13.00% to 14.30%Rs. 1,00,000
IDBI BankRs. 20,00022-60 years13.00% to 14.00%Rs. 10,00,000
Indian Oversees Bank50% of Gross Salary21-58 years15.05%Rs. 15,00,000
Citi BankRs. 20,00021-58 years14.50% to 16.50%Rs. 30,00,000
Karnataka BankIncome criteria not available21-55 years15.75% to 16%10 times of monthly gross salary
Karur Vysya Bank25% of Gross Salary21-58 years14.25% to 16.75%Rs. 10,00,000
Laxmi Vilas BankIncome criteria not available21-58 years14.70%Rs. 10,00,000
Punjab National Bank
Rs. 15,000
21-58 years
13.00% to 16.00%
Rs. 4,00,000
Punjab & Sind Bank
Income criteria not available21-65 years
14.75% to 15.25%
Rs. 3,00,000
Deutsche Bank
Rs. 25,000
25-60 years
Upto 24%
Rs. 15,00,000
Jammu & Kashmir Bank
Income criteria not available21-58 years
14.25% to 16.25%
Rs. 15,00,000
South Indian Bank
Income criteria not available21-58 years
14.70%
Rs. 3,00,000

Note: For latest details most importantly annual interest rate and loan amount, please contact your bank. Also remember to repay monthly EMI on time. Frequent delayed repayments will affect your CIBIL rating, which will give tough time in getting any type of credit in the future.

Not many people in India are aware of getting personal loan from peer to peer lending companies (also called PTPL or P2PL). These lenders offer loans at low interest rate and approvals are speedy. And these are best recommended for individuals with low income or poor CIBIL score/no credit or those who are in need of small credit. Check out comparison of banks and P2PL.

Documents Required:

For verification purpose, most of the banks will ask for following documents:

  • Application form and passport size photograph
  • ID Proof: Passport / Driving License / Voters ID / PAN Card
  • Address Proof: Leave and License Agreement/ Utility Bill / Passport
  • Last 3/6 months bank statement
  • Salary slip for last 3/6 months

Low income individuals can also get personal loan against fixed deposit, credit card and LIC policy.

While choosing any type of loan, always select the one available at low interest rate. Read more on when to apply for personal loan. If you are interested in earning more money then check out simple ways to do it.

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93 thoughts on “Personal Loan for Low Income (Rs.5000-40,000) Earners, Loan Amt., Interest Rate

  1. I want 50000rs personal loan in urgent so please tell me how can I get the loan ..and my sallary is 11160 please leave a reply…

  2. I need urgent loan of Rs.3,00,000 which will help me to resolve my personal financial crisis. I have a very bad cibil. Let me know who can help me.

  3. Dear sir , Medam my salary 8000 plus insentive i need 50000 personal loan its very very argent . Where can i try for loan my no. Is 8802233463

  4. my salary is 5,000 but i have my store and it earns 5,000 monthly.. all in all i earn 10,000 a month.. i wish to apply 25,000.

  5. Im lekha i need i 1 lakh loan and im a state govt employee and my salary is 23 thousand and i get reduced 80000 rps as i had already had aa personal loan

  6. I have a poor civil score need a loan of 300000…my salary is 40000…is it possible…then from which bank…plz guide me…

  7. Hi, I am deepak. My monthly salary is 34000.00. I need a loan of amount 100000.00. My credit score is 56 %.
    Please reply me ASAP. It’s urgent.

  8. M deepali,
    looking a loan of 80000, my salary is 18000 k
    but der is prblm with my cibil score
    plz let me know if any possibility to get a loan

  9. hi i am vikram i am working in a BPO in Chandigarh and my salary is 8500 i have talked to many bank which you have listed here but they told me that we cant do loan so plzzz tell me what should i do.

  10. dear sir i am vikram you have told me that i can contact peer to peer lending companies for loan on low salary. I have called every company but they have told me that i am not eligible for loan on 8000rs so now plzzz tell me is there any another option bcoz i need it plzzzz help me

  11. Hi,

    I want to apply for PL but my cibil is 570 due to non payment of hdfc, now i want to PL for clearing these dues. My sal is 26700 in hand, can i get a loan from loan lenders and if yes then from whom ? (I do not have ITR for 3 years)

  12. my salary is 20000 rupees per month. so i need the personal loan amount of 450000 rupees. what are all the documents to be submitted .

    Thanks & Regards
    M.Raja B.E.,
    Site Engineer,
    Adya Enterprises
    Chennai-26

    • Dear Raja, Please contact the bank where you are applying for the loan reg. the required documents. You will mostly common documents such as income proof, bank statement, ID and address proof.

  13. Sir I am from Mumbai and dealimg in Personal loan thru Axis Bank .I am registered with Just Dial Company.So I get somany calls regarding personal loan.Axis bank do not give PL with out three months Salary Slip. I am getting enquiry example like one individual gets Rs.22000,18000, a15000 etc Salary in cash,some gets in cheque,some gets thru account transfer. I want to help these types of people.Can you give me any Private Financial Company’name in Mumbai.Please reply.

  14. hello sir,m razsha, m Unemploye and I have no properties… but I paid loan amont till to. 15000… any chance to get personal loan…

  15. I really need of urgent financial help as loan.. M working in private diagnostic centre…. And my selary is 21000. If posible pliz help me.

    • Hello, thank you for posting query. Looking at your income banks should give you loan. What help you need? You can meanwhile, contact any of the above listed financiers to get a loan. Also note that, this website and its article’s objective is to provide information on investments, loans, credit card and others. We do not offer any loan.

  16. I want rupees one lakh only and my gross is rs 48000/ and net is rs 23000/ and through ecs payment working in pwd, Pondicherry. Can I have personal loan

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