Personal Loan for Low IncomeA personal loan is one of the easy to acquire loans in India. Both high and low-income groups benefit from personal loans in times of urgent cash needs. Individuals with a low salary of 15,000 to 20,000 rupees are also eligible for personal loan following a set of eligibility criteria. Nowadays, time taken for personally applying a personal loan has been taken over by the instantloan apps. Borrowers with low-income can apply for a personal loan easily using online loan apps like Simply Cash.
HeroFinCorp, India’s trusted financial firm launched Simply Cash with hassle-free steps for personal loan application. It is not restricted to a specific income group. With the below-mentioned steps, even borrowers with low income can apply for a personal loan on the Simply Cash app:
- Get the Simply Cash app on your phone. Download from Google Play Store.
- Register to create your account. Enter email id and mobile number. It is secured and verified using a one-time password.
- Enter your current location pin code
- Next step, will take you to the EMI calculator. Here, you can choose a preferred loan amount between 50,000 to 1,50,000. The calculator lets you select the principal amount, interest and tenure. Set an appropriate EMI, matching your budget. Manual EMI calculations are complicated; however, this tool will give you 100% accurate results.
- Complete the loan pre-requisites, enter the Aadhar card number, a mobile number linked to your Aadhaar card, Pan card number and Bank Account affiliated to Simply Cash.
- Set up your repayment or e-mandate and create an electronic signature with a single click.
- It may take a while to process the details. Finally, the loan amount will be credited in your bank account.
Personal Loan Eligibility Criteria for Low Income
The below documents are mandatory while applying for a personal loan with Simply Cash:
-KYC documents, inclusive of Aadhaar Card, Mobile Number Linked to Aadhar, Pan Card and Bank Account details.
-Address proof on driving license/ Passport
-Income proof such as salary slips or 6 month bank statement
-Employee details such as the name of the company, a position at workplace, work experience and job stability
These are mandatory documents required for paperless verification of personal loan. Defaulters and those with a low credit score are not eligible for apersonal loan. Hence, it is advisable to check the eligibility criteria to avoid rejection of the loan. Falling in thelow-income group, you can opt for a personal loan as financial support in times of emergency cash needs. Keep the mandatory documents ready for instant approval of the personal loan.