Not earning a high salary doesn’t mean you can’t access financial help. If your monthly income is below ₹30,000 and you need a personal loan, several lenders are willing to support you based on your job stability and credit profile. Whether you’re working in the private sector or for the government, multiple options exist to help manage unexpected expenses or meet personal goals.
🧾 Who Is Eligible for a Low-Income Personal Loan?
Even with a modest salary, you can qualify for a personal loan if you meet the following conditions:
You’re employed and receive regular monthly income
Your age falls within the lender’s criteria (usually 21–60 years)
You work with a registered company or government institution
You maintain a decent credit score and have a good repayment history
🏦 Recommended Loan Providers for Salaries Below ₹30,000
- MoneyTap
Loan Range: ₹3,000 to ₹5 lakhs
Minimum Income: ₹20,000 per month
Interest Rate: Starting from 13% per annum
Why Choose: Offers a personal credit line with flexible withdrawal and repayment options
- CASHe
Loan Range: ₹7,000 to ₹4 lakhs
Minimum Income: ₹15,000 per month
Interest Rate: Begins around 27% annually
Why Choose: Ideal for salaried individuals needing short-term emergency funds
- PaySense
Loan Range: ₹5,000 to ₹5 lakhs
Minimum Income: ₹18,000 per month
Interest Rate: From 16% onwards
Why Choose: Suitable for first-time borrowers with steady income
- EarlySalary (Fibe)
Loan Range: ₹8,000 to ₹5 lakhs
Minimum Income: ₹15,000 per month
Interest Rate: 24% to 30% annually
Why Choose: Fast disbursal, app-based, and flexible loan amount
- SBI (State Bank of India)
Loan Range: ₹25,000 to ₹20 lakhs
Minimum Income: Approximately ₹20,000 (varies by location and profile)
Interest Rate: 11% to 14% per annum
Why Choose: Government-backed, lower interest, trusted service
- Private Banks (e.g., ICICI, HDFC)
Offer loans for salaried individuals earning ₹25,000 or more
Require good CIBIL score and job stability
Interest rates vary between 10.5% and 24%
📂 Documents Required to Apply
Here’s what most lenders ask for when you apply for a personal loan:
Identity proof: Aadhaar/PAN/Driving License
Address proof: Aadhaar, utility bill, etc.
Last 3–6 months’ bank statements
Salary slips of recent 3 months
Employment verification letter (optional)
✔️ Tips to Improve Your Loan Chances
Maintain a good credit score (preferably 700 or more)
Avoid applying with multiple lenders at once
Opt for smaller loan amounts
Keep EMIs manageable and within 40% of your income
Consider applying with a co-applicant or guarantor
❓ Frequently Asked Questions (FAQs)
- Can I apply for a loan if my salary is ₹25,000 per month?
Yes, many lenders including digital loan apps and NBFCs offer loans starting from a minimum salary of ₹15,000–₹25,000.
- Will my CIBIL score matter for loan approval?
Definitely. A strong CIBIL score plays a key role in determining your approval chances and interest rates.
- Can I get a loan without providing a salary slip?
It’s possible in a few cases, but most lenders require proof of income like salary slips or bank statements.
- How much loan can I get with ₹20,000 salary?
Usually between ₹50,000 to ₹1.5 lakhs, depending on your credit history and monthly expenses.
- What interest rates can I expect?
Rates vary from 13% to 30% per year depending on the lender and your creditworthiness.
- Are app-based loans safe?
Use apps registered with RBI or partnered with certified NBFCs. Read all terms carefully before signing.
- Is it possible to repay early?
Yes, many lenders allow prepayment, but you must check if there’s any pre-closure penalty.
- Do I need a guarantor to get approved?
Not always, but a guarantor may help if your salary or credit score is low.
- What if my loan gets rejected?
Wait for a few months, work on your credit score, and try again with improved documents or a co-applicant.
- Can I use a personal loan for education or travel?
Yes, personal loans are multipurpose and can be used for any personal financial need.
📝 Final Thoughts
Securing a personal loan with an income under ₹30,000 is possible with the right approach and lender. Digital platforms and NBFCs have opened up many opportunities for salaried individuals who were once overlooked by traditional banks. Just borrow wisely, read the terms carefully, and repay on time to build your credit profile for future financial needs.
