Today, many individuals, especially young professionals in urgent need of money, post finance-related queries on public forums. The questions go along the lines of, “Can you get a personal loan with low income?” or “What is the minimum salary required for a personal loan?” The truth is that you can, in fact, get a personal loan even with a low salary. Personal loan financiers across the country make provisions for this. However, since a personal loan is not backed by security, it will take a bit of extra effort to convince your lender that you deserve a loan. To help you do this, here are 5 tips to get an instant personal loan with a low salary.

1. Show Your Lender Alternative Sources of Income

When applying for a personal loan for salaried employee, every source of added income is valuable. This is because even though extra sources do not form a part of your fixed monthly income, additional pennies translate to easier loan repayment. So, if you periodically earn from freelance projects, e-book royalties, and blogs that you run, talk to your lender about this. It can help you get a loan faster and easier.

2. Keep Your EMI/NMI Ratio Within Acceptable Limits

The EMI/NMI ratio shows you how much of your net monthly income will go towards paying personal loan installments. For example, if the ratio is 25% and your income is Rs.20,000, it tells you that every month Rs.5,000 will go towards paying EMIs. To get a low salary personal loan, you must meet your lenders predefined EMI/NMI limits. These are based on income brackets and often, do not exceed 50%. In general, the lower your ratio is, the better your chances of getting a personal loan are.

3. Consider Applying For a Loan With a Co-Signer

When searching for ways to get instant finance for various crises like medical complications or unexpected travel, consider a co-signer. In this case, if your co-signer has a handsome income and an outstanding credit score, then you can look forward to getting financial assistance speedily. In such cases, the co-signer acts as a security, this reassures lenders about your credibility.

4. Ensure That Your Credit History is Spotless

In the absence of a large monthly income, personal loan eligibility criteria for low salary individuals hinge all the more on credit scores and reports. So, while you may not have a stellar high-value credit score, you should make sure that your repayment history speaks well of you. By paying expenses like utility bills and credit card bills on time, you show your lender that you are reliable and dependable. These qualities will help you earn your lenders’ trust and thereby, secure a loan.

5. Apply Via Pre-Approved Offer to Get Funds Quickly

While you make use of the above tips, know that one of the fastest ways to get a personal loan is through a pre-approved offer. These offers help slash processing times and speed up loan disbursals. One lender with whom you can apply through such a deal is Bajaj Finserv. In fact, signing up for a Low Salary Loan is incredibly easy as you have customized deals for incomes less than Rs.10,000, Rs.12,000, Rs.15,000, and Rs.20,000 to choose from up to Rs.10 lakh. Every loan comes with flexible tenors and affordable personal loan interest rates.

To get instant approval, apply via a personalized deal and hasten the quick 24-hour loan disbursal check your pre-approved personal loan offer from Bajaj Finserv.

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Mashum Mollah is an entrepreneur, founder and CEO at Viacon, a digital marketing agency that drive visibility, engagement, and proven results. He blogs at

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