Anything can have a need for a personal loan at some point in their life. This need can vary from one person to another and it’s totally okay as one individual can live a different type of life than someone else. Different lives cause different needs. But as you know that personal loan is a kind of unsecured loan, hence lenders always double-check the applicant’s eligibility before giving the loan. Monthly income is one of the primary factors that lenders check. In this article, we will be telling you about the lenders that give a personal loan for a salary of 20000 and also those who provide personal loan for salary under 15000.
Why Lenders check Monthly Income before giving the loan? This is the most basic question people generally confused about all the time that why lenders always check the monthly income before giving the personal loan. Let me tell you as a personal loan is an unsecured loan, so the lenders always try to minimize the credit risk they face on giving the loan. When an applicant has a suitable monthly income, it generates a certain kind of trust in lenders. As the EMI for this personal loan will be going from your monthly income only, that’s why it possesses such importance. Banks that provide Personal Loan for a Salary of 20000 Personal loan for a salary of 20000 can be availed by several lenders in our country in an hassle-free manner. Some of the banks from you can take the personal loan for a salary of 20000 are HDFC Bank, ICICI Bank, Fullerton India, Axis Bank, IDBI Bank, Kotak Mahindra Bank, Tata Capital Bank, HDB Financial Services, and Allahabad Bank. All these lenders easily give personal loans to those applicants who have a monthly income of INR 20,000 but they want to get the funds so that they can manage their personal needs. And as you can see all these lenders are India’s leading lenders. You can see the name of ICICI and HDFC in the list also which is two of the top lenders in the country. Lenders that provide personal loan for salary under 15000 If an applicant has a monthly income of INR 15000 or below, then he or she feels that he can not get a personal loan due to the low monthly income. But, this is not true. Personal loan for salary under 15000 can be availed by a number of lenders such as UCO Bank, Oriental Bank of Commerce, State Bank of India (SBI), Punjab National Bank, Canara Bank, Punjab & Sind Bank, and others, You can see some of the prominent banks like SBI and PNB in the list so people with an income under INR 15000 should not be worried at all. It may happen that the personal loan amount may be a bit less, but it does not mean that you will not get a loan. You can even use the Personal Loan eligibility calculator. How to use the Personal Loan Eligibility Calculator? In order to use the personal loan eligibility calculator, you just need a few details such as date of birth, your monthly income, and any other monthly expenses. As soon as you will feed all these details into it, you will get the exact loan amount that you can get.
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Anika Sharma
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