Personal Loan for 22,000 Salary by 20 Lenders
A personal loan is a contract in which the financial institution lends money (principal) to another person called the borrower, with the obligation to return the principal and also pay agreed interest and various administrative costs incurred in the processing of loan. There are broadly two types of personal loan:
The requirements for personal loans for both the types varies between the banks. Although each bank has different personal loan requirements, they all ask for job continuity, type and a minimum income that varies by credit and the amount of money borrowed. And higher the income, higher is the possibility of credit approval and vice versa. That is, personal loan for low income earner is not easy but not impossible. There are many lenders offering personal loan for poor salaried employees.
And this article specifically discusses personal loan for 22,000 salary earners.
Lenders requiring minimum income of Rs. 22,000 for personal loan
Here’s the table showing list of banks (commercial, co-operative, fintech companies) requiring income of less than or equal to Rs. 22,000 per month for personal loan.
|Sr.No.||Lender||Minimum Net Monthly Income Required||Loan Amount Limit|
|1||The West Bengal State Co-operative Bank Ltd.||Rs. 2,000||Rs. 25,000 to Rs. 1,00,000|
|2||The Andaman and Nicobar State Co-operative Bank Ltd.||Rs. 5,000||Upto Rs. 2,00,000|
|3||The National Co-operative Bank Ltd.||Rs. 5,000||Rs. 25,000|
|4||City Union Bank (Consumer Loan) for Salaried||Rs. 5,000||Rs. 50,000|
|5||City Union Bank (Consumer Loan) for Professionals||Rs. 6,250||Rs. 50,000|
|6||Janakalyan Sahakari Bank||Rs.7,500||Rs. 5,00,000|
|7||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||Rs. 24,000 to Rs. 15,00,000|
|8||Abhyudaya Co-operative Bank||Rs. 8,000||Rs. 5,00,000|
|9||AEON 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|
|10||Thane Bharat Sahakari Bank||Rs. 8,000||Rs. 5,00,000|
|11||The Greater Bombay Co-operative Bank Ltd.||Rs. 10,000||Rs. 2,00,000|
|12||Canara Bank||Rs. 10,000||Rs. 3,00,000|
|13||State Bank of India||Rs. 10,000 (rural/semi-urban)||Upto Rs. 10,00,000|
|14||TJSB Sahakari Bank||Rs. 15,000||Rs. 5,00,000|
|15||ICICI Bank||Rs. 15,000 (for individuals from Bangalore, Chennai, Hyderabad, Pune, Kolkata)||Rs. 50,000 to Rs. 15,00,000|
|16||Dena Bank||Rs. 15,000||Rs. 1,00,000|
|17||HDFC Bank||Rs. 15,000 (for individuals from Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, Cochin)||Rs. 15,000|
|18||Punjab National Bank||Rs. 15,000||Rs. 4,00,000|
|19||Axis Bank||Rs. 15,000||Rs. 15,00,000|
|20||ICICI Bank||Rs. 17,500||Rs. 50,000 to Rs. 15,00,000|
|21||AEON Credit Service India Pvt. Ltd||Rs. 15,000 0.99% per month (for Member & Non-Member)||Minimum Rs. 15,000|
|22||ICICI Bank (Privelege Banking Customer)||Rs. 20,000||Rs. 50,000 to Rs. 15,00,000|
|23||Allahabad Bank||Rs. 20,000||Rs. 7,50,000|
|24||IDBI Bank||Rs. 20,000||Rs. 10,00,000|
|25||Citi Bank||Rs. 20,000||Rs. 30,00,000|
|26||Standard Chartered||Rs. 22,000||Rs. 1,00,000 to Rs. 30,00,000|
As you can see anyone earning monthly income of Rs. 22,000 is eligible to apply for personal loan at above listed banks.
Where to apply for loan?
If the amount required is high, applying at commercial banks like ICICI Bank, Axis Bank, HDFC Bank, State Bank of India and others is recommended. This is because co-operative banks requires loan applicant to be a member of the bank and because of the credit limitations, they cannot offer higher loan amount, although being a money saver option due to low interest.
Other Eligibility Criteria for Personal Loan
- Most importantly, salaried employee needs to provide last 6 months income slip and bank statement or income tax return of last 3 years
- Residential address proof
- Completely filled application form
Why personal loan is expensive?
Personal loans are granted by financial entity that basically lends you an amount of money with the obligation that you return the amount received along with the agreed interest.
As there is a higher risk in case of unsecured personal loans than the secured loan, because they have no collateral, the interest rate is usually high. For this reason, personal loans without requirements have a higher rate, as they have no coverage and the financial institution only has the “promise” that you will make payments every month.
Personal loans are loans designed to meet personal needs. People usually apply for a consumer loan to finance furniture, take a trip, buy appliances, celebrate a wedding or birthday, among other things.
Advice before applying for a personal loan
Before you apply for a personal loan online, it is recommended to first do an self analysis to find out how much money you can afford to pay back each month.
To do this, you must first analyze the income you receive and the monthly expenses. Remember that the amount of the debt should not exceed 40% of your income.
Once you have decided the loan amount, compare the best offer online.
There are lots of offers in the market and if you don’t research and select, then it can be very expensive. Compare, select and discard personal loans that are not convenient.
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).