Personal Loan for Rs.12000 Salary by 28 Lenders
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
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 Bank||Minimum 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 Salaried||Rs. 5,000|
|Indian Overseas Bank||More than Rs. 5000|
|Oriental Bank of Commerce||More than Rs. 6000|
|City Union Bank (Consumer Loan) for Professionals||Rs. 6,250|
|HDB Financial Services (part of HDFC)||Rs. 6,250|
|City Union Bank||Rs. 6,500|
|Jammu and Kashmir Bank||Rs. 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 Bank||Rs.7,500|
|Abhyudaya Co-operative Bank||Rs. 8,000|
|Thane Bharat Sahakari Bank||Rs. 8,000|
|HDB Financial Services (part of HDFC)||Rs. 8,333|
|Karnataka Bank||Rs. 10,000|
|Karur Vysya Bank||Rs. 10,000|
|State Bank of India||Rs. 10,000 – Rural and semi-urban|
|Canara Bank||Rs. 10,000|
|PaySense (Consumer Loan)||Rs. 12,000|
|HDFC Bank||Rs. 15,000 (for Doctors, CA, CS, Architects, Physiotherapist)|
|Central Bank||40% of Gross Salary|
|Bank of India||40% of Gross Income|
|Indian Oversees Bank||50% of Gross Salary|
|Karur Vysya Bank||25% of Gross Salary|
|New India Co-operative Bank||Minimum taxable income of Rs. 1,00,000/- for last 2 years|
|Janata Sahakari Bank||Based on latest income proof|
|Bharat Co-operative Bank (Mumbai)||Fair income required|
|Bharati Sahakari Bank||2 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.
The lenders listed above offer personal loan to Rs. 12000 salaried individuals located in Mumbai, Chennai, Pune, Hyderabad, Kolkata, Coimbatore and others.
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.
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.
This article has been written by Chandra Mehta.
Chandra 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).