28 May, 2025 | 11:01 IST
Personal loans are a quick way to get funds when you need urgent money. Borrowers usually apply for personal loans when they are short of funds or require large amounts but prefer not to exhaust their savings entirely. So, they opt for personal loans with manageable monthly repayments in order to reduce their financial burden.
However, getting access to a loan becomes challenging for people with low incomes. That's when several non-banking financial companies and small finance banks step in.
You can also explore multiple loan offers through digital lending platforms like the Moneycontrol, which has partnered with eight lenders to offer fast, fully digital loans of up to Rs 50 lakhs. The application process is easy to follow: enter your details, complete the KYC verification, and choose an EMI plan. Interest rates start as low as 10.5% per year.
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1. HDFC Bank
The minimum net monthly income required for securing a personal loan from HDFC Bank is Rs 25,000. For this, you need to have an HDFC Bank Salary Account. A borrower can get at least loan amount of Rs 50,000, depending on the income level. The loan repayment tenure is up to 5 years.
2. Kotak Mahindra Bank
To secure a personal loan from Kotak Bank, a minimum monthly income of Rs 25,000 is needed. However, this is only for those who hold a salary account in this bank and for others, the minimum salary requirement is Rs 30,000. It also has a flexible repayment tenure, which is between 1 and 6 years.
3. State Bank of India
The minimum income requirement for applying for a personal loan for government and defence employees is Rs 20,000, and for corporate sector employees is Rs 25,000. The maximum loan amount is up to Rs 35 lakh. The interest rate starts from 10.3% per annum.
4. Axis Bank
The minimum salary requirement for a personal loan in metropolitan cities like Delhi and Mumbai is usually Rs 25,000 per month. The borrowers in other cities can apply for a loan with a monthly salary of Rs 15,000. It offers personal loan amounts of up to Rs 40 lakh with a repayment tenure of up to 5 years.
Apart from this, you can also explore personal loans for low-income borrowers from non-banking financial companies (NBFCs). Many banks offer low-income personal loans to borrowers with a monthly salary between Rs 10,000 and Rs 25,000. Here are a few low-income personal loans from NBFCs you can evaluate.
1. Moneyview
For getting a personal loan from Moneyview, your monthly in-hand income should be Rs 25,000, for both salaried and self-employed. The interest rate starts from 14% per annum with a flexible repayment tenure between 3 months and 60 months.
2. Tata Capital
If you are looking to get a personal loan from Tata Capital, then your minimum monthly income should be Rs 15,000. The repayment tenure is flexible, which means you can repay the loan amount between 12 months and 72 months.
3. Stashfin
The minimum monthly requirement to acquire a personal loan from Stashfin is Rs 10,000. The platform also offers a free credit period from 7 to 30 days with 0% interest. The process to get a personal loan is very simple - as you just need to submit an online application, add your bank details, upload documents and once approved, the loan will be disbursed into your account immediately.
Personal loans can be a lifesaver for those who are struggling to get standard credit options, particularly those with a low income. A large number of small finance banks and non-banking financial institutions in India, including Bandhan Bank, Ujjivan Small Finance Bank, and Muthoot Finance, are stepping up to help fill this gap by providing personal loans with flexible repayment plans and comparatively lower income requirements.
Moneycontrol has partnered with eight lenders to offer loans up to Rs 50 lakhs in a completely paperless mode. The application process is easy to follow: enter your details, complete the KYC verification, and choose an EMI plan. Interest rates start at as low as 10.5% and the fully digital process ensures quick disbursal.
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