Eligibility Criteria to get a loan for a salary less than ₹15,000
Eligibility includes:
- Minimum age of 21 years.
- Stable employment and income proof.
- Satisfactory credit history and repayment capability.
Interest Rate of loans for low-salary
Interest rates typically range from 12% to 24% annually, varying based on the borrower’s profile and loan amount. But with Airtel Finance, the rates start at just 11.5%!
EMI of loan for salary less than ₹15,000
To find out the exact EMI, use the EMI calculator to know how the EMIs will affect your finances. This is the formula that is used to calculate your EMIs, where EMI = (P X R/12) X [(1+R/12) ^N] / [(1+R/12) ^N-1]. Here, P is the original loan amount or principal, R is the rate of interest that is applicable per annum, and N is the number of monthly installments/ loan tenure. Skip the complex calculation and use the simple EMI calculator to get an accurate result on how much EMI you will have to pay each month.
How Can I Apply for a Personal Loan with a Salary Less Than ₹15,000?
Applying for a personal loan with less than ₹15,000 salary is simple and efficient with Airtel Finance. Follow these easy steps:
- Download the Airtel Thanks App: Start by installing the Airtel Thanks App on your smartphone.
- Navigate to Airtel Finance: Open the app and go to the ‘Shop’ section, then select ‘Airtel Finance.’
- Choose Airtel Credit: Find and select the Credit option for personal loans.
- Enter Basic Details: Provide your basic personal and financial information as requested.
- Receive Best Offers: Based on your profile, you will be presented with various loan offers.
- Complete KYC: Follow the instructions to complete your Know Your Customer (KYC) process.
- Link Your Bank Account: Finally, link your bank account to complete the loan application process.
Features and Benefits of Personal Loan for those with Salary Less Than ₹15,000
A personal loan for the individuals with less than ₹15,000 salary per month, includes several attractive features and benefits:
- Flexible Loan Amounts: Borrow from ₹15,000 to ₹9,00,000 based on your needs and eligibility.
- Competitive Interest Rates: Enjoy interest rates starting at 11.5% p.a., which makes your loan more affordable.
- Customizable Tenure: Choose a loan tenure that suits your financial situation, ranging from 3 to 60 months.
- Quick Credit Disbursal: Get your loan amount disbursed within 24 hours of approval.
- No Paperwork: Experience a completely digital loan application process with minimal documentation.
- Low Processing Fees: Benefit from a processing fee between 2% to 4% plus GST on the loan amount.
What Documents Do I Need to Apply for a Personal Loan with ₹15,000 Salary?
To apply for a personal loan with a ₹15,000 salary, you will need to provide certain
documents to verify your identity, address, and income. Here’s a list of the key documents required:
- Proof of Identity: Valid government-issued ID such as an Aadhaar card or PAN card.
- Proof of Address: Recent utility bills, rental agreements, or bank statements showing your current address.
- Proof of Income: Recent salary slips, bank statements, or an employer’s certificate confirming your monthly income.
What are the fees and charges for a Personal Loan?
Common fees include processing fees, typically a percentage of the loan amount, charged at the time of disbursement. With Airtel Finance personal loans, you will only have to pay 2% to 4% of your personal loan amount + GST as processing charges. No other fees are required.
