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.
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.
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
To increase the likelihood of getting your Personal Loan for low income approved, here are some steps you can take:
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.
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.
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.
For salaried individuals, the minimum income required to apply for a Personal Loan through Hero FinCorp is Rs 15,000 per month.
Loan approval typically takes a few minutes after completing your application and verifying your details.
No, Hero FinCorp offers unsecured loans, meaning you don't need to pledge any assets as collateral.