How Can I Get a Personal Loan for 12000 Salary

Most lenders require a minimum monthly salary of Rs. 25,000 to approve a personal loan. However, if you are earning a salary of Rs. 12,000 per month, you can still get a personal loan. For that, you will need to meet certain eligibility criteria and furnish documents for your identity, address, and income verification. 

Here are some things to consider to get a personal loan for 12000 salary: 

Eligibility Criteria

You should meet certain eligibility criteria, including being aged between 21 and 60, having a minimum of 1 year of work experience, and having a CIBIL score of 700 or higher.

Documents Required

You must provide documents to prove your identity, address, and income. These documents can include a valid ID issued by the Indian government (like an Aadhaar Card, Passport, Voter ID Card, Driving License, etc.), recent utility bills, rental agreements, bank statements, recent salary slips, an employer's certificate, etc. 

Other Sources of Income

If your salary is below Rs. 12,000, you should assure the lender that you have other sources of income for loan repayment, such as income from freelancing work, variable income, etc.

Debt-to-income Ratio

If you have a low salary, lenders might expect you to have a healthy debt-to-income (DTI) ratio of below 50%. It shows your repayment capability. 

Past Loan or Credit Dard Dues

Lenders might look at your credit report to check if you have any past pending credit card payments or loan EMIs.

Credit Score

You may need a CIBIL score of 700 or higher to avail of a personal loan for a 12000 salary.

If you meet the above eligibility, you must still know that even if your loan application gets approved, the interest rate could be higher. 

Personal loan interest rates vary from bank to bank. Also, you may need to pay other charges such as processing fees, prepayment charges, foreclosure charges, EMI bounce charges, and stamp duty charges. 

If you wish to apply for a personal loan with a salary of 12,000 per month, follow the steps given below:

• Visit the official website or mobile application of a lender who provides personal loans on a low salary.
• Fill in the online application by entering the required details, such as your mobile number, name, email ID, and so on.
• Verify income online or upload bank statements and salary slips for the last 6 months.
• Complete your Video KYC and provide some basic employment details.
• Choose the preferred loan amount and repayment tenure. 
• You will be able to see your loan EMI details. Proceed further and apply.
• Congratulations! Your loan application is submitted, the lender’s loan team will contact you and the money will be transferred to your bank account once the application is approved.