Personal Loan for Rs.12000 Salary by 28 Lenders

Personal Loan for 12000 Salary

In this article we’ll discuss about personal loan for Rs. 12000 salary individuals and various FAQs and their answers. But before that, let’s get into the basics of personal loan.

A personal loan is a loan granted by banks for a wide variety of purposes. It can be used, for example, to finance your wedding, to buy a new bedroom furniture or to finance house makeover, etc. This is also one of the biggest advantages of the personal loan: The loan amount can be used in many different ways, as it is a so-called unrestricted loan.

With the loan granted, the amount borrowed is repaid in monthly installments. This is why the loan is also referred to as an installment loan. The monthly repayments are fixed. This means that they remain the same over the entire term of the loan. Interest is also fixed for this period.

On the other hand, it is disadvantageous that banks usually grant a higher interest rate for an unrestricted personal loan. The reason for this lies in the fact that the credit institution, in the event of a default on the part of the borrower, will make a loss.

Salary or income of the applicant is the most decisive factor for personal loan. Depending on the monthly income, personal loan amount and repayment capacity of the individual is evaluated.

FAQs on Personal Loan for Rs. 12000 Salary Earners

Which banks/lenders offer personal loan for Rs. 12000 salary?


There are over 25 lenders offering personal loan for Rs. 12000 salary earners. This includes commercial banks, co-operative banks, financial services companies.

Listed in the below table are the list of banks

Name of BankMinimum Monthly Salary Required
The West Bengal State Co-operative Bank Ltd.Rs. 2,000
The Andaman and Nicobar State Co-operative Bank Ltd.Rs. 5,000
City Union Bank (Consumer Loan) for SalariedRs. 5,000
Indian Overseas BankMore than Rs. 5000
Oriental Bank of CommerceMore than Rs. 6000
City Union Bank (Consumer Loan) for Professionals Rs. 6,250
HDB Financial Services (part of HDFC)Rs. 6,250
City Union BankRs. 6,500
Jammu and Kashmir BankRs. 6,500
State Bank of India (Xpress Credit Personal Loan)Rs. 7,500. This loan is only for the employees of state and government, PSUs, selected companies
Janakalyan Sahakari BankRs.7,500
Abhyudaya Co-operative BankRs. 8,000
Thane Bharat Sahakari BankRs. 8,000
HDB Financial Services (part of HDFC)Rs. 8,333
Karnataka BankRs. 10,000
Karur Vysya BankRs. 10,000
State Bank of IndiaRs. 10,000 – Rural and semi-urban
Canara BankRs. 10,000
PaySense (Consumer Loan)Rs. 12,000
HDFC BankRs. 15,000 (for Doctors, CA, CS, Architects, Physiotherapist)
Central Bank40% of Gross Salary
Bank of India40% of Gross Income
Indian Oversees Bank50% of Gross Salary
Karur Vysya Bank25% of Gross Salary
New India Co-operative BankMinimum taxable income of Rs. 1,00,000/- for last 2 years
Janata Sahakari BankBased on latest income proof
Bharat Co-operative Bank (Mumbai)Fair income required
Bharati Sahakari Bank2 years of minimum employment


So as you can see above for an individual earning upto Rs. 12000 are eligible to apply for personal loan at any of the above listed lenders.

Can Rs. 12000 salary earners get personal loan in any city of India?


The lenders listed above offer personal loan to Rs. 12000 salaried individuals located in Mumbai, Chennai, Pune, Hyderabad, Kolkata, Coimbatore and others.

What are the benefits of applying for personal loan online?


One of the biggest advantages of fintech is fast application in multiple banks and speedy disbursal of the loan amount. This is not possible when applied for loan by visiting the banks physically.

What are the other options to get personal loan for Rs. 12000 salary earners?


You can get personal loan with or without collateral. And most of the above listed banks offer loan with and without security especially commercial banks like SBI, HDFC, ICICI, Canara bank.

Loan against collateral is best recommended for Rs. 12000 salary earner or irrespective of the salary because of the following reasons:

(1) Low interest rate
(2) No processing charge
(3) Zero prepayment penalty
(4) Interest is charged only on the used loan amount and not on the entire amount.
(5) Loan amount depends on the value of the collateral.

Author Bio:

This article has been written by Chandra Mehta.

CL MehtaChandra is a seasoned banker with 35+ years of experience in banking and financial services industry. He’s a retired banker and has served as Chief Manager and Assistant Vice President in State Bank of India/or its subsidiaries. He has authored many articles on this site (allonmoney.com).

He can be reached at [email protected]. You may also visit his LinkedIn profile.

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