A personal loan is an unsecured loan and the lender would want a strong proof for repayment. Your salary is a major factor that determines your loan eligibility. Most lenders do not entertain candidates with income less than Rs. 10,000. However, the chances are not completely ruled out. If your monthly salary is less than Rs. 10,000, you can try to show additional income earned through some other sources. The more income proof you are able to provide, the higher will be the approval chances.

Banks such as SBI and Indian Overseas Bank provide personal loans to individuals who have lower income of Rs. 5000 per month. But the loan amount might be lower than you expected.

Getting a co-applicant or co-borrower is another best way to get a personal loan with low income. The co-borrower’s income and good credit score can aid you in increasing the loan eligibility and thus bag an unsecured loan without any hassle.

Additional Reading: How much loan can I get if my salary is 25000?

Micro-finance companies offer loans to individuals who have lower income under various schemes. You can check your eligibility by contacting a micro-finance company nearby your locality. You must also remember that the loan amount may be lower, and the interest rate will be higher.

Following are the banks that provide personal loan with minimum monthly incomes.

 Bank  Minimum Monthly Income Required
 SBI  Rs. 5000
 Indian Overseas Bank  Rs. 5000
 Punjab National Bank  Rs. 10,000
 HDFC Bank  Rs. 15,000
 ICICI Bank  Rs. 17,500


If you are looking for a personal loan, you can check your eligibility here for free.