Friends, if you have a low salary and need money for an emergency – like a medical bill or a family function – a personal loan is a great option. But banks say, “Your salary is low, but you won’t get a loan!” Don’t worry, in 2025, Indian NBFCs like Bajaj Finance, Hero FinCorp, and KreditBee will also offer loans to low-salary individuals.
Just follow a few smart tricks. I’ve researched these tips, which actually work. Let’s see step-by-step how to get approval without much paperwork!
Personal Loan Approval Tricks For Low Salary:
First Step: Check Your Eligibility – You’ll Be Surprised!
Brother, first find out if you qualify or not. Most banks ask for a minimum monthly salary of ₹25,000, but NBFCs start from ₹10,000-₹15,000. Age should be between 21-60, and being an Indian citizen is a must. But more important than salary is your credit score!
Make your credit score 750+: This is the biggest trick. Check your CIBIL score (for free on Paisabazaar or the official site). If it’s low, pay old bills on time, reduce the use of credit cards, and wait for 6 months. With a strong score, you can even get a loan for a salary of ₹15,000. For example, Federal Bank says it prioritizes those with a high score over those with a low salary.
Show a stable job: If you’re salaried, have your salary slips from the last six months ready. If you’re self-employed, show your bank statements. Banks like to see stable income, as a steady job at IndusInd Bank doubles your chances of approval.
Second Step: Gather the Right Documents – It’ll Be Done in 5 Minutes!
Afraid of paperwork? Absolutely not! Start with minimal documents:
- PAN card, Aadhaar, and mobile number (for e-KYC).
- Salary slip or Form 16 (for salaried).
- Last 3-6 months’ bank statements.
- If self-employed, file your ITR.
You can apply with apps like KreditBee using just your PAN and bank details – approval in 5 minutes! Hero FinCorp offers instant approval even for a salary of ₹15,000, if the documents are clear.
Third Step: Choose the Right Lender – NBFCs are Amazing!
Banks are strict, but NBFCs are flexible! Compare:
- Bajaj Finance: Quick approval for low-income earners, money in the bank within 24 hours.
- Hero FinCorp: Starting at ₹15,000 salary, increase your chances with collateral or a co-signer.
- KreditBee: Loans starting at ₹10,000 salary, no salary slips required in small towns.
- DMI Finance: Special for low-income individuals in Tier 3 cities, apply through the app.
Use the eligibility calculator on sites like Paisabazaar – you can check it for free. Interest rates start at 10.49%, but may be slightly higher for low scores.
Fourth Step: Extra Tricks to Increase Approval!
Now these pro tips – follow them and you won’t fear rejection:
- Offer a Co-Signer or Collateral: If your score is low, have a family member become your co-signer (providing they have a good score). Or offer collateral like a house/vehicle – this doubles your chances at Hero FinCorp.
- Keep Debt Low: EMIs on existing loans should not exceed 40% of your salary. Banks are reluctant to accept a high debt-to-income ratio.
- Find Pre-Approved Offers: Check on Paisabazaar – if you have an existing account, you can get a pre-approved loan without a full check.
- Apply Online: Apps like FreeO or MoneyTap offer instant approval, and special focus on low-salary individuals.
By doing all this, even a ₹15k salary can get a loan of ₹1-10 lakh, with a tenure of 12-60 months.
| Eligibility Details | Description |
|---|---|
| Minimum Salary | ₹10,000-₹25,000 per month (lower for NBFCs) |
| Age | 21-60 years |
| Credit Score | 750+ (for better approval) |
| Documents | PAN, Aadhaar, salary slip, bank statement |
| Loan Amount | ₹15,000 to ₹10 lakh |
| Interest Rate | Starting from 10.49% (depending on score) |
| Approval Time | 5 minutes to 24 hours |
Pros and Cons
Pros:
- Approval possible even with low salaries, easier than with NBFCs.
- Minimal documentation, online application.
- Instant funds, perfect for emergencies.
- Longer tenure leads to lower EMIs.
- Lower interest rates for a good score.
Cons:
- Smaller loan amounts for lower salaries.
- Higher interest rates for poor credit.
- Collateral or a co-signer may be required.
- High debt can lead to rejection.
- Full check if pre-approval isn’t required.
Conclusion
Friends, getting a personal loan with a low salary isn’t difficult. Just follow smart tricks – improve your credit score, choose the right lender, and have your documents ready.
In 2025, options have increased, with loans available from KreditBee or Bajaj even for a salary of ₹10,000. If your salary is ₹15,000-₹25,000, check your eligibility on Paisabazaar and apply today! Let us know in the comments. Which trick did you find most useful? And if you’ve received a loan, share your experience – it will help others!
