Do you wish to procure a personal loan despite earning a salary of less than 15,000? Then you need not worry as there are several authentic lenders like Money View who grant the loan at a lower rate of interest. Personal loans are indeed an ideal option to cover emergency cash requirements rather than looking for an alternative. However, one of the crucial criteria to be fulfilled by an applicant is to maintain a steady flow of income per month which is required to be considered for a personal loan.

Unlike other lenders, the Money View would take into consideration those individuals who earn a monthly salary of less than Rs.15,000. But they are supposed to meet certain criteria.

• Applicants should earn a minimum monthly income of Rs.20, 000 if they are new to credit.
• An applicant’s credit score should exceed 675 if they are earning Rs.15,000 per month
• Applicants residing in Mumbai or the NCR region should earn an income of Rs.20, 000 per month.
• Applicant’s age should be between 21 and 57 years
• The credit score of an applicant should be 650 in the case of CIBIL and 750 in the case of Experian.

Note: An applicant’s income should be directly credited to their bank account. 

Fees and additional charges levied by Money View

• The rate of interest on a personal loan is around 1.33% per month
• Money View charge around 2% to 8% as a processing fee of the loan amount

Supporting documents required while applying for a personal loan when monthly income is lower than 15000

• PAN card number
• A professional selfie:— It should be taken only through the Money View app
• Proof of address: —- It could be a valid driving license, Aadhaar card, or a valid passport
• ID proof:— Applicants are supposed to submit any one of the below mentioned:–
• Photocopy of Valid passport
• Photocopy of Valid driver’s license
• Photocopy of Aadhaar card
• PAN card
• Voters ID

Alternate ways to apply for a personal loan with a salary lower than Rs. 15,000

Once you’ve submitted your loan application, there are multiple ways how you can track its status depending on which platform you’ve applied from.

Here are the main steps you’ll need to follow:

• If you’ve applied on our website
• Go to the login section on our website, Click here: /apply-loan/login
• Login in to your loan account with your registered phone number
• Go to the “Dashboard” section of your loan account
• Scroll down to the “Application Status” tab to know the status of your loan application

Now let us look at some of the prominent financial institutions that provide personal loan when your salary is less than 15000:—

• Axis Bank: — This bank allows an individual to avail a personal loan of up to fifteen lakhs with a flexible rate of interest. They are charging 12% p.a. with a repayment tenure of five years. AXIS bank features various channels for repayment such as NEFT, RTGS, and ECS. The bank ensures a hassle-free documentation process.
• State Bank of India:– At State Bank of India, applicants do have the option to apply for a personal loan up to twenty lakhs at a 9.60 p.a. The repayment tenure is up to six years. Note: — Repayment tenure might exceed seven years in certain cases.
• IDBI Bank:– IDBI bank personal loans is indeed a one-stop shop solution to cover home renovation expenses and to pursue higher education. They have a flexible rate of interest and repayment tenure as well. IDBI bank charges a rate of interest of around 8.9% with a processing fee of 1% on the loan amount. The repayment tenure starts from one year to five years. IDBI bank personal loans are available in three variants namely salary/self-employed professionals, salary account in IDBI, and default overdraft facility.
• HDBFS: — They provide a personal loan with a decent rate of interest. This is helpful for the applicants to manage their monthly expenses and cover outstanding dues/debts if any. The rate of interest charged by HDBFS is approximately 36% p.a. An individual does have the option to apply for a personal loan of up to twenty lakhs. The repayment tenure starts from twelve months to sixty months. It is yet another best choice for those who wish to manage their financial requirements. 

Note: — Eligible and qualified applicants would receive instant approval within three days once the documents are uploaded to the official website of a financial institution.

Conclusion

Today, numerous low-salaried professionals are struggling to cope with financial responsibilities. Even though they could apply for a personal loan, low monthly income especially those earning below 15,000 are encountering issues. By taking this into consideration, noteworthy and authentic online money lenders like Money View come to their aid by providing guidance and support.