If your salary is ₹20,000 a month, availing a personal loan might look difficult though not impossible. Be it for medical bills, education, or urgent requirements, lenders do provide personal loan on ₹20,000 salary URL, as long as you adhere to some eligibility parameters. In this article, we shall discuss how you can avail a personal loan for ₹20,000 salary, what to expect, and how to get an approval in your favor.
Can You Avail Personal Loan on ₹20,000 Salary?
Yes, a few banks and NBFCs lend personal loan for ₹20,000 salary people. The loan amount and repayment period might be restricted, and the interest rate might be marginally higher because of the perceived risk.
Eligibility Criteria
Although every lender will have its own rules, these are some general requirements to avail of a loan for ₹20,000 salary:-
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Age: 21 to 60 years
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Employment: Salaried with a minimum of 6 months in the present job
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Monthly Income: Minimum ₹15,000–₹20,000, depending upon city and company profile
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Credit Score: 650 or more is generally preferred
How Much Loan Can You Get?
If your salary is ₹20,000, most lenders will provide a personal loan for 20k salary between ₹50,000 to ₹2,00,000. The loan amount varies based on your credit score, stability of employment, and current liabilities.
Interest Rates and Tenure
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Interest Rate: 11% to 26% per annum (can differ with lender)
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Loan Tenure: 12 to 60 months
Take a longer tenure to lower your EMI but pay more in total interest. Ensure EMI affordability and overall repayment.
Improvement Tips
Have a Good Credit Score – Pay credit card dues and EMIs promptly.
Pay off Existing Debts – Lenders will verify your debt-to-income ratio.
Choose the Right Lender – Some NBFCs are more flexible than banks.
Apply for a Smaller Loan Amount – Start with a modest loan and build your profile.
Documents Required
To get a 20000 salary personal loan, you’ll generally need:-
1. ID proof (Aadhaar, PAN)
2. Address proof
3. Salary slips for the last 3 months
4. Bank statements
5. Employment proof
Conclusion
Getting a personal loan on ₹20,000 salary is possible with the proper strategy. Prioritize having a good credit record, manage your current loans wisely, and shop around among various lenders. Be it an NBFC or an online lender, there is probably a personal loan on ₹20,000 salary that suits your requirement.
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