Low Salary Personal Loans: A Long-Due Respite for India’s “Common Man”

 Although enough has been said and written about the needs and wants of the “common man”, it seems the whole world is designed for the ones holding the strings. The case in financial services is not very different. In a country like India, where people go scot free even after defaulting on loans worth thousands of crores, getting a personal loan has been an ordeal for low-salaried individuals. But that is now changing; thanks to the companies offering low salary personal loans. What are low salary personal loans, you ask? Read on. 

What are Low-Salary Personal Loans?

Low salary personal loans are similar to traditional personal loans, albeit with a few differences. To begin with, a low salaried employee can draw anywhere between ₹10,000 to ₹2 Lakhs . Besides, as the loan range is not too high, the repayment period is also usually shorter than traditional personal loans. Here’s another aspect worth noting: the interest rates charged by different low salary loan companies tend to vary considerably; so choose wisely. 

How to Avail a Low Salary Personal Loan?

Availing a low salary personal loan is simple. All you need to do is look for a reputable company offering instant online loans and download their app. Most of the providers of low salary employee loans have their loan approval process entirely online. After downloading their app, you need to submit identification and income proof documents. Once the documents are verified, you will be able to apply for a loan using the loan provider’s app itself. 

What is the Eligibility for a Low Salary Personal Loan?

Generally speaking, compared to a traditional personal loan, a personal loan for low salary has relatively lenient eligibility criteria. Applicants need to have a consistent source of income, which they must be able to prove through appropriate documentation. Only then will they qualify for a low salary personal loan. Also, the applicant should also not have any foreclosures or settlements in their credit profile. In such cases, even if an application is approved, it will entail a high interest rate. 

The Last Word

In times of economic distress, like what the country is currently experiencing, low salary personal loans can be a boon for the common man. In addition to making ends meet, you can also use low salary personal loans to finance all types of needs. These include healthcare, maternity, education, wedding, travel, gifting, and other expenses which are part and parcel of life. If you are looking to apply for a low salary personal loan, look for a trusted name in the domain and download their app from the Google Play Store. 


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