Personal Loan For Low Salary

Get Affordable Personal Loans for Low Salary in 10 Minutes

Is having a healthy CIBIL and a steady monthly salary enough to secure a personal loan? Let’s understand this! Generally, banks/NBFCs weigh income(salary) and CIBIL as decisive factors to determine whether or not a person is eligible to secure a personal loan. Therefore, a steady salary is crucial. However, combining it with a healthy CIBIL score and low existing liabilities can help secure a better loan offer. But wait, here is a catch!


Banks may deny financial support to low-salaried individuals even with good CIBIL. Being a salaried employee, if you don’t meet the income(salary) criterion of any lender, you may end up not getting a personal loan. However, don’t become discouraged, as a personal loan for low salary is a perfect solution for such employees. Let’s scroll down to learn more about this loan, when and how to apply and what are its benefits.


What is a Salary Loan

A salary loan is a variant of an unsecured personal loan specifically designed for working professionals with a nominal or barely sufficient income. They take advantage of this loan to meet short-term financial gaps before their next paycheck.

In basic terms, when a low-salaried employee runs out of money between the months, he/she loses his/her buying capacity, causing immense difficulties in maintaining the cost of living. In this scenario, he/she can opt for a personal loan for low salary to comfortably manage the expenses.

Common Uses of a Salary Loan

  • Managing unexpected expenses
  • Paying medical bills
  • Handling emergencies
  • Covering urgent repair costs
  • Covering living cost

Why SalaryOnTime is the Best Choice for a Salary Loan

Modest income and poor CIBIL may close the doors to securing a personal loan from banks/NBFCs. However, with SalaryOnTime, doors are always open and hopes are always high.

SalaryOnTime is a leading NBFC in India that offers personal loans for salaried with low CIBIL scores. We don’t evaluate your creditworthiness based on just your credit score, there are other factors too that are taken into consideration. Therefore, we provide fair chances to even those who are hopeless with low CIBIL.

Another key point is we also consider low-salaried employees by providing them personal loan for low salary in just 10 minutes. Instant access to funds may significantly help them cover their existing expenses. Apart from that, SalaryOnTime has a variety of customer-focused features that make it clearly stand out. Let’s have a look at them one by one.

  • Loan up to 1 Lakh
  • Disbursal in Just 10 Minutes
  • 100% Online Procedure (right from application to disbursal)
  • Hassle-free Documentation
  • Easy Application
  • No Hidden Charges
  • No Collateral Required
  • Apply from Anywhere
  • Auto-debit Facility
  • On-time Reminders

Eligibility Criteria for Taking a Personal Loan for Low Salary from SOT?

As discussed, SalaryOnTime offers personal loan for low salary and personal loans for salaried employees with low CIBIL scores. Irrespective of whether you work in corporate or non-corporate, we have got you comprehensively covered. We have detailed the prerequisites below which are necessary for taking a personal loan from SalaryOnTime. Let’s go through them one by one in detail.

  1. Firstly, the person willing to take an instant personal loan must be an Indian citizen. You must have relevant documents to prove your Indian nationality. Any non-resident, including tourists, is not considered.

  2. Any working professional with a monthly in-hand salary of at least 30,000 can easily avail of our loan services.

  3. Lastly, anyone aged between 21 to 51 years can get a personal loan from SalaryOnTime instantly.

Final Words

SalaryOnTime aims to simplify your financial complications through its innovative and highly effective personal loan solutions. With our 10-minute disbursal feature, you can instantly access funds and utilize them to cover your expenses. Download the SalaryOnTime app now and become cash-ready to navigate through your financial challenges with confidence.


FAQs


What documents are required when applying for a personal loan with a low salary?

In order to secure a personal loan for low salary, all you need is a PAN, Aadhar, Salary Slip, Bank Statement, etc

Are there specific lenders that offer personal loans to low-salary individuals?

Many reliable money-lending institutions/ NBFCs offer personal loans to employees with a nominal salary. For instance, SalaryOnTime is an RBI-registered NBFC that excels in providing personal loans for low salary in just 10 minutes.

What is the minimum salary required to apply for a personal loan from SalaryOnTime?

A minimum in-hand salary of 30,000 is what you need to have in order to apply for a personal loan from us.

What should I do if my loan application is rejected due to low salary?

You should look for other reliable sources, such as SalaryOnTime that consider employees even with a low salary.

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