Personal Loan: Quick tips to get personal loan with Rs 18,000 salary

Personal loans can come to your rescue in times when you are in sudden need of cash to meet an unexpected or big expense. It can be used to cover big-ticket purchases, holidays, medical treatment or home renovation. These types of loans have gained popularity in the past few years as they come with easy repayment options. Personal can be repaid in equated monthly instalments (EMIs), which offer flexibility to borrowers.

Personal loans are preferred by borrowers over other term borrowing options like credit cards because of the convenience and lower cost. The digital lending platforms have made it convenient to avail personal loans. You can avail a loan based on your income and credit score. Many lenders give priority to borrowers with a monthly salary. Though a higher income is often preferred by the banks and non-bank financial companies (NBFCs), you can also avail a loan with salary as low as Rs 18,000.

If you are looking forward to applying for a personal loan with a Rs 18,000 salary, you can explore multiple offers through the Moneycontrol app and website. You can apply for personal loans up to Rs 15 lakhs from seven lenders in a 100% paperless process. The loans come with an interest rate starting at 12% per annum.

Who Can Get A Personal Loan In India?

Banks and recognised NBFCs in India usually offer personal loans to individuals between the age group of 21 and 60 years. The lenders also consider the borrower’s credit history and employment as an indicator of their loan repayment capacity.  A higher credit score is likely to fetch you a more attractive deal on the interest rates charged for the loan.

Further, some banks also ask for minimum earnings or salary before proceeding with a loan application. Many banks and NBFCs also offer loans to borrowers earning a monthly salary as low as Rs 15,000.

ALSO READ: Personal Loan Eligibility: Check documents needed and other important factors

Can I get a Personal Loan with a salary of Rs 18,000 salary?

Banks in India consider monthly income while assessing a borrower’s loan application. Some lenders also have set a minimum salary bracket as an eligibility to avail a personal loan. It typically ranges around Rs 25,000 per month to Rs 30,000 per month. So, getting a personal loan with a Rs 18,000 salary may not be easy but it’s not impossible. The loan eligibility criteria usually vary from lender to lender. Some banks or NBFCs may be willing to give a personal loan with Rs 18,000 salary if you meet other eligibility parameters.  A high credit score is very important in such cases to get quick approval.

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Eligibility criteria

Here are the typical requirements that lenders ask for eligibility to avail a personal loan with Rs 18,000 salary:

• Should be an Indian citizen


• Age should be between 21 and 60


• Should be employed in any government organisation, private or public sector company


• Salary slips and income proof


• Credit score should be high, typically above 700

Documents required for a personal loan with Rs 18, 000 salary

1. Proof of identity like an Aadhaar Card Passport Driving License or Voter Card for KYC


2. Address proof, such as your Aadhaar card, utility bills etc.


3. Salary slips and bank statements for proof of income.

Once you determine your eligibility for a personal loan in India, check the offers, interest rate, loan amount, repayment tenure and other related charges. The cost of borrowing in any kind of loan is primarily impacted by two factors other than the loan amount: interest rates and repayment tenure.

The interest rates that you may secure from a bank are directly impacted by your credit score and employment status. A higher credit score will result in a better deal on the interest rate.

A longer repayment period can reduce the monthly payment but will result in an overall higher interest outgo. Similarly, a shorter repayment tenure may help you bring the interest cost down but will lead to higher monthly payment obligations.

Hence borrowers need to finalise the adequate EMIs for repayment as per their needs.

After finalising the basics, just fill out the application form, complete KYC and submit it to the lender to get the loan.

Borrowers with a monthly salary of Rs 18,000 can apply for personal loans up to Rs 15 lakhs, starting at 12% per annum, through the Moneycontrol app and website. You can get the money almost instantly in your account through a seamless digital application process.