How to Get a Personal Loan with Low Income?
A Personal Loan is one of the easy-to-acquire loans in India. Both high and low-income groups benefit from Personal Loans in times of urgent cash needs. Individuals with a low salary of Rs 15,000 to Rs 20,000 are also eligible for a Personal Loan following a set of eligibility criteria. Nowadays, the time taken to apply for a Personal Loan has been taken over by instant loan apps. Borrowers with low incomes can apply for Personal Loans easily using online loan apps like Hero FinCorp.
Get a Personal Loan with Low Income in India: Step-by-Step Process
Hero FinCorp, India’s trusted financial firm, launched Hero FinCorp with hassle-free steps for a Personal Loan application. It is not restricted to a specific income group. With the steps below, you can even borrow.
- Visit the Hero FinCorp website or install the Personal Loan app.
- Go to the Personal Loan page and click ‘Apply Now. ’
- Enter your mobile number and verify with the OTP received.
- Choose the loan amount you need.
- Verify your KYC details to check income eligibility.
- Click ‘Submit’ to complete your application.
Documents Required for a Personal Loan with Low Income
The below documents are mandatory while applying for a Personal Loan with Hero FinCorp:
| Category | Salaried Individuals | Self-Employed Individuals |
| Mandatory Documents | Loan application form, passport-size photo | Loan application form, passport-size photo |
| Identity Proof | PAN Card (mandatory), Aadhaar Card, Passport, Driver’s Licence | PAN Card (mandatory), Aadhaar Card, Passport, Driver’s Licence |
| Residence Proof | Aadhaar Card, Passport, Driver’s Licence, Ration Card, Utility Bill | Aadhaar Card, Passport, Driver’s Licence, Ration Card, Utility Bill |
| Residence/Office Proof | Electricity Bills, Maintenance Bills, Property Documents | Maintenance Bill, Utility Bill, Property Documents, Rent Agreement |
| Business Existence Proof | N/A | Tax Registration, Shop Establishment Proof, and Company’s Registration Certificate |
| Income Proof | Last 3 months' salary slips, last 6 months' bank statement (salary account), Form 16 | Last 6 months' bank statement, ITR for the last 2 years |
| Job Continuity Proof | Appointment letter, experience certificate | N/A |
These are mandatory documents required for the paperless verification of a Personal Loan. Defaulters and those with a low credit score are not eligible for a Personal Loan. Hence, checking the eligibility criteria to avoid loan rejection is advisable. If you fall into the low-income group, you can opt for a Personal Loan to support emergency cash needs. Get the mandatory documents ready for instant approval of the Personal Loan.
Also Read: Need 1 Lakh Personal Loan Urgently? Apply Here
How to Improve Your Chances of Loan Approval?
To increase the likelihood of getting your Personal Loan for low income approved, here are some steps you can take:
- Build a Good Credit History: Ensure that you have no overdue debts or defaults. A healthy credit history will make you more trustworthy to lenders.
- Offer Collateral or a Cosigner: Providing collateral (such as property or a vehicle) or having a cosigner with a better credit score can enhance your loan approval chances.
- Increase Your Income: If possible, look for side income opportunities or part-time work to demonstrate your ability to repay.
How to Calculate Your EMI for a Personal Loan?
Before applying for a Personal Loan for low income, use the EMI calculator in the Hero FinCorp app to get an accurate idea of your monthly payments. This tool allows you to adjust the loan amount, interest rate, and loan tenure to match your budget and ensure you can make payments comfortably.
Common Myths about Personal Loans for Low-Income Earners
Myth 1: "I can't get a loan with low income."
Fact: Many lenders, including Hero FinCorp, offer loans to low-income earners with minimum salary requirements.
Myth 2: "I need collateral to get a loan."
Fact: You can get an unsecured Personal Loan from Hero FinCorp without collateral.
Myth 3: "A low credit score means automatic rejection."
Fact: While a good credit score helps, Hero FinCorp considers other factors like your income, employment stability, and repayment history.
Frequently Asked Questions
1. Can I get a Personal Loan with low income?
Yes, with the right credit score, stable employment, and a good repayment history, you can qualify for a Personal Loan even with a low income.
2. What is the minimum salary required to apply for a loan?
For salaried individuals, the minimum income required to apply for a Personal Loan through Hero FinCorp is Rs 15,000 per month.
3. How long does it take to get approval for a Personal Loan?
Loan approval typically takes a few minutes after completing your application and verifying your details.
4. Do I need collateral to get a Personal Loan with a low income?
No, Hero FinCorp offers unsecured loans, meaning you don't need to pledge any assets as collateral.
About Hero Fincorp
Hero Fincorp offers a wide range of financial products including Personal Loans for personal needs, Business Loans to support business growth, Used Car Loans for purchasing pre-owned vehicles, Two-Wheeler Loans for bike financing, and Loan Against Property for leveraging real estate assets. We provide tailored solutions with quick processing, minimal paperwork, and flexible repayment options for smooth and convenient borrowing experience.
