Planning to pursue your post-graduation abroad but have a shortage of funds? Don’t want to miss the academic year but wondering how to make everything work? Take a personal loan today to solve your financial emergencies and dreams.
Avail of personal loans for your expenses and avoid putting a stop to your needs. Whether you need funds for your marriage, travel, education, medical emergencies, or any unforeseen emergencies, personal loans provide financial help without any collateral or worries of depleting your savings.
These unsecured loans are approved quickly and hassle-free, with minimum documentation and paperwork.
Suppose you have a steady income of INR 25,000 per month, working with a reliable employer for at least six months. In that case, your chances of personal loan eligibility become easier.
Your income is one of the crucial determining factors for getting a personal loan, which is also why salaried people are preferable to non-salaried people.
But if your salary is below INR 25,000 per month or you fall under the category of a low-salaried professional, do not worry, as you still can qualify under the personal loan eligibility.
Decoding the Low Salary Personal Loan Dynamics
Low-salaried professionals can get quickly approved personal loan if they have a positive credit history and have not defaulted on previous loan repayments.
If you have handled all your loans responsibly in the past and have a high credit score, then your borrower will trust you more as a worthy person to provide credit.
Simultaneously, ensure that no credit history is left undisclosed from your potential loan provider, whether repaid or defaulted.
Make sure that your credit statements match your repayment track and that there is no gap or missing payments.
The possibility of a background check by your borrower is high, so ensure that you have a reliable credit report with the finance authorities. It would help you get your personal loan without obstacles despite a low-income bracket.
How Much Income is Low?
Your income bracket matters when it comes to availing of personal loans, so it could be a disadvantage for you to apply and get approved when you fall below the INR 25,000 per month bracket.
However, most lending firms like Clix Capital allow relaxation up to INR 20,000 as the monthly income so that low income professionals get personal loan too fulfil their dreams.
A low-salary personal loan can be a reality if you have a stable employment history. A clean credit history without any burden of pending payments or frequent defaulting can make you climb the ladder and score on the personal loan eligibility chart.
Despite a low income, the ability to regularly pay EMI guarantees a positive impression on your lender.
It is very important for the lender to cross-check your repayment abilities, even if you have low credit scores, since personal loans are mostly unsecured and do not require any valuable assets to be put on the line.
What are the Personal Loan Eligibility Criteria?
You must show your income, age, and address proof before applying and getting approval for your instant personal loan.
Being in the age bracket of 21-55 years and having an employment history of at least six months with your current employer will help you qualify.
In addition to your income and employment qualifications, a clean history of borrowing and repaying ensures a quicker process.
Your borrower will look for stability and positive performance in your credit health, and if everything fits correctly, you will have your personal loan approved within no time.
