Sign in

How Can Personal Loan For Low Salary People Be Possible?

Buddy Loan

Yes, it is possible to get a personal loan, even if individuals earn less than INR 10,000. However, it is not the easiest unless individuals showcase other aspects they possess, which should make the lender trust the borrower. So it is possible to get personal loans despite earning a low income.


Some lenders do not approve a loan only on the basis of income, other factors like credit scores play an important role in loan approval. Other sources of income other than salary, individual profession, employment type, company, etc. also matter.


People of India can benefit from taking personal loans, the only downside is that they might get high-interest rates if they do not display good credit scores and get a low income. Here are some of the benefits of taking a personal loan while earning a low income.

Benefits Of Personal Loans

These benefits are available by Buddy Loan.

●     Personal loans for low and moderate-income individuals are available. Buddy Loan will provide their borrowers with a vast list of lenders who will lend funds according to the individual's criteria and needs.

●     They provide flexibility in repayment and loan amount so that low-income people will be able to decide their loan plan according to their expenses and income.

●     Low-income personal loans also attract young teens, as they can purchase gadgets, pay education fees or fulfill other emergencies according to their needs.


Thus these were some of the benefits of low-income personal loans. Next, let's see what are other facts to showcase to get a personal loan for low salary.


Other Facts That Can Get Low-Income People Personal Loan

Improve these facts and display them.


Credit Score

Credit scores are one of the most important facts to get personal loan approval. Anywhere between 661 to 850 are good scores. So try to get the best credit scores by staying financially appropriate and then apply for personal loans.


Guarantor Or Joint Applicant

Individuals can get personal loans by displaying a guarantor with a good credit score, in this case, the guarantor will be held responsible to repay EMI on time. The guarantor can be a guardian or a close family member.

Individuals can tie up with another person, like a friend perhaps. These two individuals will take a personal loan together as joint applicants. Either of them can take responsibility for repayments. However, both of them must possess good credit scores.



Personal loans are collateral free, but in this case, since borrowers earn low income; borrowers can submit collaterals or assets as an assurance to the lender. This way the lender will be satisfied and can seize the collateral in case the borrower fails to pay. Assets like gold are much appreciated as they can be converted to liquid cash instantly and easily.


These are some of the facts one can possess about personal loans a little more easily.


People with low income can avail of personal loans with high-interest rates in times of emergency. Availing of personal loans from Buddy Loan is a good idea since they will provide lenders who will exactly suit the particular borrower as per their situation, in this case, low income. Also on the positive side individuals are not chargeable for any additional costs such as pre-payments or processing charges; this will help in saving money. 

Buddy Loan
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more