Personal Loan Income Required by 27 Banks in India
|Name of Bank||Minimum Monthly Salary Required|
|City Union Bank||Rs. 6,500|
|Jammu and Kashmir Bank||Rs. 6,500|
|Abhyudaya Co-operative Bank||Rs. 8,000|
|The Andaman and Nicobar State Co-operative Bank Ltd.||Rs. 5,000|
|The West Bengal State Co-operative Bank Ltd.||Rs. 2,000|
|Karnataka Bank||Rs. 10,000|
|Karur Vysya Bank||Rs. 10,000|
|Indian Overseas Bank||More than Rs. 5000|
|Oriental Bank of Commerce||More than Rs. 6000|
|State Bank of India||Rs. 24,000 – Urban
Rs. 10,000 – Rural and semi-urban
|HDFC Bank||Rs. 20,000 – Urban
Rs. 15,000 – Rural and semi-urban
|Axis Bank||Rs. 15,000|
|YES Bank||Rs. 25,000|
|ICICI Bank||Rs. 20,000-25,000 – Urban
Rs. 17,500 – Rural and semi-urban
|Allahabad Bank||Rs. 20,000|
|Canara Bank||Rs. 25,000|
|Dena Bank||Rs. 15,000|
|Punjab National Bank||Rs. 30,000|
|Dhanlaxmi Bank||Rs. 35,000|
|Federal Bank||Rs. 50,000|
|Nainital Bank||Rs. 25,000|
|Ratnakar Bank||Rs. 25,000|
|South Indian Bank||Rs. 25,000|
|Kotak Mahindra Bank||Rs. 25,000|
|IndusInd Bank||Rs. 25,000|
|Deutsche Bank||Rs. 25,000|
|Bajaj Finance Limited||Rs. 30,000 – Rs. 40,000 (Depending on the city)|
- You should never keep credit balance
- No late or missed payments
- Pay EMIs fully. No minimum balance to be paid.
- Limited loan/credit card applications
- Not spending above the credit limit i.e. credit utilisation should be low.
Other options to get personal loan, if you are denied because of low income are:Against fixed deposit: It’s a big money saver as the rate of interest charged by the bank is low compared to traditional personal loan. Moreover banks typically skip criteria such as monthly salary, CIBIL score etc. as mentioned above. You can also get personal loan against LIC policy, securities such as mutual funds, shares, gold. Peer to peer lending is another good option to get loan. So for a low income earning person, there are multiple options to get personal loan. But always remember to pay-off your EMIs before every due date.
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).