Personal Loans with A Low SalaryIndividuals with high income can easily acquire a personal loan, but what about borrower’s earning a low salary! Loan seekers with a minimum salary of Rs 15,000 to Rs 20,000 hesitate in applying for personal loans, assuming they may or may not be eligible. People do not have clarity on how to apply for loans when the salary is less. However, currently, the personal loan scenario is not so bad for low to medium-income groups, all thanks to the flexible eligibility criteria set on instant personal loan apps.
The good news is yes! You can apply for a personal loan even with a low salary. Simply Cash is a reliable personal loan app helping individuals to get an instant loan with a minimum salary of Rs. 15,000. It is a trustworthy digital platform launched by HeroFinCorp to facilitate personal loan in 24hours. Along with a minimum salary slip of Rs. 15,000, the borrower should submit other mandatory documents – identity proof, address proof and age proof.
The in-built loan EMI calculator allows borrowers who have low-income to set a suitable EMI that is not a burden to repay every month. Loan amount, interest rate and tenure are some of the factors that can be flexibly moved in the calculator to derive a desirable EMI.
Personal Loan Eligibility Criteria on Simply Cash for Low Income Groups
People with a low income are actually in need of a personal loan for various reasons. It may be higher education, buying a vehicle or medical expense or urgent monetary needs are satisfied with a personal loan. Hence, the majority of the financial institutions have let the minimum income groups apply for a personal loan with easy terms.
Salaried individuals between the age group of 21 to 58 years can avail Simply Cash loan. Even those applying for the first-time loan are eligible for a loan. Bank statement of last 6-months is considered as an income proof. Download Simply Cash today, explore the benefits and fix your urgent cash requirements timely. No collateral is required as instant cash loans are unsecured loans with no guarantee.
Simply Cash accepts paperless documentation to save time and personal efforts. The below documents are mandatory while applying for apersonal 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/Voter’s ID
- Account holder’s internet banking information
- Income proof such as salary slips or 6month bank statement
- Employee details such as the name of the company, a position at workplace, work experience and job stability
Income proof is mandatory to verify the credit score that gives information about a person’s capability to repay the loan regularly in EMIs. Income proof ensures no defaulters are requesting for a loan.
One can apply for personal loan if all above mentioned pointers and eligibility criteria are taken care of at SimplyCash.