09 January, 2025 | 11:01 IST
Availing a personal loan is not difficult these days with the emergence of instant loan apps and digital lending platforms. You can apply for a loan from banks and non-banking financial companies (NBFCs). The approval for a personal loan depends on two important factors – your monthly income and credit profile.
A personal loan can help you to meet several needs like wedding expenses, large purchases, home renovation and vacation. You can also consolidate your existing debts through a personal loan.
Usually, banks and NBFCs prefer salaried people while disbursing any loan, be it home loan, vehicle loan or personal loan. The salaried individuals are often given preference due to their stable income. The employees of government organisations, public sector enterprises and multinational companies are mostly preferred by banks for personal loans.
The income eligibility criteria may differ from bank to bank, but most lenders allow borrowers with a minimum of Rs 20,000 monthly salary to avail a personal loan.
You can also explore multiple offers to get a personal loan for Rs 20,000 salary through the Moneycontrol app and website. The lending platform provides personal loans up to Rs 15 lakhs from seven lenders in a 100% paperless process. The interest rates start at as low as 12% per annum.
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Banks and NBFCs often prefer people with a higher salary bracket while disbursing personal loans. The unsecured nature of personal loans makes them risky for the bank, which is why they assess the individual’s income before approving a loan application. However, this does not mean you will not get a personal loan with Rs 20,000 salary.
Banks and NBFCs today often offer loans to individuals with a monthly salary of Rs 15,000 to Rs 20,000. The loan amount offered may be low, but this does not mean you will not get any amount. The bank judges other parameters as well while giving out a personal loan.
If you are looking for a personal loan for Rs 20,000 salary, here are a few key points to take into account to avoid rejection. The eligibility criteria may vary from bank to bank, but the borrowers mostly need to meet the following conditions:
This too varies from bank to bank but largely includes:
Moneycontrol has partnered with six lenders to give you access to 100% digital instant loans of up to Rs 15 lakhs. You can get the loan in just three steps — enter details, complete the KYC process and set up EMI tenure. The interest rates start at as low as 12% per annum, depending on your employment status.
In today's digital age, salaried employees can easily access instant online loans, which are particularly useful in emergency situations. Here are some key benefits of instant personal loans online:
ALSO READ: Personal loan: Follow these simple steps to secure a loan at low interest rate
To conclude, before applying for a personal loan with a monthly salary of Rs 20,000 it’s advisable to assess your financial situation and repayment ability. Also, verify details of all loan offers and choose the one that seems to be most appropriate as per your needs. You can look for a small amount to borrow to avoid rejection of your loan application.
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