16 Lenders offering Personal Loan to Rs.18000 Income Earners

Personal Loan for 18000 Income Earners

A personal loan is a loan granted by banks for a wide variety of private purposes. In addition to the various advantages, there are, as certainly with most things, some disadvantages associated with personal loan.

This article discusses specifically about personal loan for 18000 income earners and various frequently asked questions by such individuals.

Can an individual earning Rs. 18000 income per month get personal loan in India?

Yes. There are many types of lenders who can offer personal loan for 18000 income as follows:

(1) Public sector banks
(2) Private banks
(3) Co-operative banks
(4) Foreign banks
(5) Regional rural banks
(6) Small finance banks
(7) Payment banks
(8) Mobile wallet companies
(9) Private money lenders
(10) Peer to peer money lenders

What are the different ways for a 18000 monthly income earner to get a personal loan?


There are four ways to get personal loan for an individual earning Rs. 18000 income in India:

(1) Secured Loan: Offered against securities and has low interest rate. Getting a secured personal loan is considered to be the most easier, as the applicant has to keep his/her assets such property, fixed deposit, shares, mutual fund, gold and LIC policy as a collateral with the lender and get personal loan against these securities. Depending on the value of the collateral, loan amount is calculated.

(2) Unsecured Loan: This is a regular personal loan offered without any collateral and has high interest rate. But in case of personal loan without collateral also called as unsecured loan, getting a loan is difficult as the applicant has to meet various eligibility criteria such as minimum income, age, type of occupation and most importantly the credit history. However the loan amount offered is high. And typically loan is granted to individuals earning higher income because their repayment capacity is assumed to be good and are less likely to default.

(3) Instant Loan: These are typically offered by mobile wallet companies such as Paytm, MobiKwik, and others. However the loan amount is very small but cheaper too, as the interest rate is very low.

For e.g. if the loan amount is Rs. 60,000 taken for a period of 3 years, then the EMI will be Rs. between Rs. 2051 at an interest rate of 15%.

(4) Private Loan: A private loan is also taken out for a wide variety of purposes and is therefore very versatile. A loan from a private individual, on the other hand, is granted by a private individual. This means that the granting of a loan is completely on a private basis and there is no bank in between. These are offered by government approved lenders or individuals or peer to peer lending companies.

Which are the lenders offering personal loan for 18000 income earners what is the minimum monthly required?


Here’s the table showing list of lenders offering personal credit to 18000 monthly income earners:

Sr.No.LenderMinimum Net Monthly Income RequiredLoan Amount Limit
1The West Bengal State Co-operative Bank Ltd.Rs. 2,000Rs. 25,000 to Rs. 1,00,000
2The Andaman and Nicobar State Co-operative Bank Ltd.Rs. 5,000Upto Rs. 2,00,000
3The National Co-operative Bank Ltd.Rs. 5,000Rs. 25,000
4City Union Bank (Consumer Loan) for SalariedRs. 5,000Rs. 50,000
5City Union Bank (Consumer Loan) for ProfessionalsRs. 6,250Rs. 50,000
6Janakalyan Sahakari BankRs.7,500Rs. 5,00,000
7State Bank of India (Xpress Credit Personal Loan)Rs. 7,500. This loan is only for the employees of state and government, PSUs, selected companiesRs. 24,000 to Rs. 15,00,000
8Abhyudaya Co-operative BankRs. 8,000Rs. 5,00,000
9AEON Credit Service India Pvt. Ltd.Rs. 8,000 (Interest rate 1.70% per month (for Member) &
1.90% per month (for Non-Member)
Minimum Rs. 8,000
10Thane Bharat Sahakari BankRs. 8,000Rs. 5,00,000
11The Greater Bombay Co-operative Bank Ltd.Rs. 10,000Rs. 2,00,000
12Canara BankRs. 10,000Rs. 3,00,000
13State Bank of IndiaRs. 10,000 (rural/semi-urban)Upto Rs. 10,00,000
14TJSB Sahakari BankRs. 15,000Rs. 5,00,000
15ICICI BankRs. 15,000 (for individuals from Bangalore, Chennai, Hyderabad, Pune, Kolkata)Rs. 50,000 to Rs. 15,00,000
16Dena BankRs. 15,000Rs. 1,00,000
17HDFC BankRs. 15,000 (for individuals from Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, Cochin)Rs. 15,000
18Punjab National BankRs. 15,000Rs. 4,00,000
19Axis BankRs. 15,000Rs. 15,00,000
20ICICI BankRs. 17,500Rs. 50,000 to Rs. 15,00,000
21AEON Credit Service India Pvt. LtdRs. 15,000 0.99% per month (for Member & Non-Member)Minimum Rs. 15,000

Which is the best option for low income earner requiring higher loan amount?


Individual earning Rs. 18000 or less and requiring higher loan amount then regular or conventional or unsecured personal loan is the best option.

What are the advantages and disadvantages of taking personal loan?


Advantages: A personal loan can be used, for example, to finance your wedding and/or medical emergency, to buy a new bedroom furniture or to finance small business. That is, the loan amount can be used in many different ways, as it is a so-called unrestricted loan.

Disadvantages: 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 in the event of a default on the part of the borrower, the credit institution has to bear the loss.

How can an individual earning Rs. 18000 income save money on personal loan?


When we take out a personal loan, the whole process involves a series of expenses in addition to the interest rate. The best idea would be to negotiate with the lender to try to reduce these expenses so that you have to pay as little as possible.

Here are the 5 ways that can help low income earner to save money on personal loan:

(1) If the loan amount required is less then opt for instant loan or secured personal loan, as the interest rate is low.
(2) Always bargain with the lender to lower the interest rate. Especially if you are existing customer of the bank.
(3) Depending on personal creditworthiness and income, it is also possible to agree the length of the term with the bank within certain limits.
(4) Request lender to not charge loan processing fees, early loan closure.
(5) Try to increase the EMI and reduce the tenure. This eventually is a big money saver.

Author Bio – Chandra Mehta:

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).

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

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