Low salary personal loan? Get the details here.

Low salary personal loan

For those who earn a high salary, obtaining a loan or credit card is simpler because of their strong payback capacity. Banks and other financial organisations easily provide credit cards or rapid cash loans to high-income people. But what about those who fall into the low-income category? If they require money for a wedding, an education, or a medical emergency like hospitalisation, can they obtain a personal loan with a low salary? Yes. It is possible to obtain low salary personal loan. There are lenders who offer low salary personal loan if they meet the requirements for eligibility, which include age, credit score, company worked for, place of employment, and years spent staying at the current address.

Read: Need Emergency Money: 5 Ways To Get Money In An Emergency

Alternative To Low Salary Personal Loan

Below is a list which can give you a rough idea of the minimum income required by the following lenders and the interest rates applicable:

1.Banks/NBFCs having minimum salary requirement of Rs. 10,000 & below

Lender                  Interest Rates                    Min. Salary Required

Kreditbee            Up to 29.95% p.a.            Rs. 10,000

2. Banks/NBFCs having minimum salary requirement of above Rs. 10,000 & up to Rs. 15,000

Lenders                Interest Rates                                    Min. Salary Required

Cashe                    Starting from 2.25% p.m.              Rs. 12,000

Money View      1.33% onwards p.m.                       Rs. 13,500

SBI                          10.90%-15.40% p.a.                        Rs. 15,000

Axis Bank             10.49% p.a. onwards                      Rs. 15,000

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Here we can see that the rate of interest is on the higher side also there is a requirement of a good credit score. But what if you don’t have a credit score? Is there any other option?

Fortunately, Money Club comes in as a saviour in such a case. The Money Club is an online chit fund platform. It is the only financial product that allows you to save and borrow. Be smart; avoid the pitfalls of borrowing at very high costs from money lenders and other financial channels. Borrow with lesser hassles from The Money Club.

Join An Online Chit Fund Platform For All Your Financial Needs   

Let’s understand how The Money Club works as a low salary personal loan through Vijay’s story

Vijay works as a Sales Executive at a company in Ujjain. His monthly salary is Rs 16,000. The amount is enough for him to take care of his parents and look after the monthly expenses. He has plans to get married this year. Now, he needs to save some money for his marriage. He considered going to a bank to apply for a personal loan, but quickly realised that not only was the process of getting a loan approved a herculean task, but the interest rate was quite high as well.

So, on the advice of one of his friend he decides to join a chit scheme with Money Club. He saves a small amount every month and when he wants a lumpsum amount he can bid for it. In this way he is free from the stress of high interest loans.

Read: Personal Loan For Wedding? 4 Ways To Fund Your Own Marriage