Yes, it is possible to get a personal loan, even if individuals earn less than INR 10,000. However, it is not the easiest unless individuals showcase other aspects they possess, which should make the lender trust the borrower. So it is possible to get personal loans despite earning a low income.
Some lenders do not approve a loan only on the basis of income, other factors like credit scores play an important role in loan approval. Other sources of income other than salary, individual profession, employment type, company, etc. also matter.
People of India can benefit from taking personal loans, the only downside is that they might get high-interest rates if they do not display good credit scores and get a low income. Here are some of the benefits of taking a personal loan while earning a low income.
Benefits Of Personal Loans
These benefits are available by Buddy Loan.
● Personal loans for low and moderate-income individuals are available. Buddy Loan will provide their borrowers with a vast list of lenders who will lend funds according to the individual's criteria and needs.
● They provide flexibility in repayment and loan amount so that low-income people will be able to decide their loan plan according to their expenses and income.
● Low-income personal loans also attract young teens, as they can purchase gadgets, pay education fees or fulfill other emergencies according to their needs.
Thus these were some of the benefits of low-income personal loans. Next, let's see what are other facts to showcase to get a personal loan for low salary.
Other Facts That Can Get Low-Income People Personal Loan
Improve these facts and display them.
Credit Score
Credit scores are one of the most important facts to get personal loan approval. Anywhere between 661 to 850 are good scores. So try to get the best credit scores by staying financially appropriate and then apply for personal loans.
Guarantor Or Joint Applicant
Individuals can get personal loans by displaying a guarantor with a good credit score, in this case, the guarantor will be held responsible to repay EMI on time. The guarantor can be a guardian or a close family member.
Individuals can tie up with another person, like a friend perhaps. These two individuals will take a personal loan together as joint applicants. Either of them can take responsibility for repayments. However, both of them must possess good credit scores.
Collaterals
Personal loans are collateral free, but in this case, since borrowers earn low income; borrowers can submit collaterals or assets as an assurance to the lender. This way the lender will be satisfied and can seize the collateral in case the borrower fails to pay. Assets like gold are much appreciated as they can be converted to liquid cash instantly and easily.
These are some of the facts one can possess about personal loans a little more easily.
People with low income can avail of personal loans with high-interest rates in times of emergency. Availing of personal loans from Buddy Loan is a good idea since they will provide lenders who will exactly suit the particular borrower as per their situation, in this case, low income. Also on the positive side individuals are not chargeable for any additional costs such as pre-payments or processing charges; this will help in saving money.
Working for a reputable organization provides you with not only a good salary and benefits, but also a bunch of other advantages.
Personal loans for Collabera employees are normally available at a discounted rate.
Almost all banks and non-bank financial institutions (NBFCs) provide Collabera workers a personal loan with low-interest rates.
As a result, borrowers will compare interest rates from various lenders to find the best deal.
A personal loan is an unsecured (without collateral) loan that can be used by the borrower for any purpose.
These loans are the most popular kind of loans in the market, as Applying for Personal Loans and their eligibility criteria are very easy-going for borrowers.
Read on to find out about How to apply personal loan Online in India.When can you apply for a personal loan?
Being a multipurpose loan, the borrower can use the amount on:For Home renovation:The borrower can use personal loans to fund the repair and renovation of their residential or even non-residential properties.
They might be limited; meanwhile personal loans can help mitigate the further need for capital while pursuing higher education.Wedding:Indian weddings are massive financial burdens; however, it is the dream of many to have an elaborate wedding celebration.
Personal loans can help mitigate some of the burdens of Indian Wedding finances.Medical Emergencies:While special medical loans exist personal loans are much quicker to obtain in times of emergencies with minimum documents.For Traveling:With the value of the Indian Rupee declining, a trip to foreign locations has become more expensive.
