Best Personal Loan Options with ₹20,000 Monthly Salary
Get a personal loan on ₹20,000 salary with no collateral, low interest rates and fast approval. Apply online at My Mudra to get funds in just a few hours!
Getting a personal loan with a monthly salary of ₹20,000 may seem challenging, but not impossible. Lenders provide personal loans of up to ₹20,000 for medical expenses, education, and urgent necessities, according to qualifying requirements. This article covers how to apply for a personal loan on ₹20,000 salary, including what to expect and how to get allowed.
Can You Get a Personal Loan with ₹20,000 Salary?
Several banks and NBFCs offer personal loans for individuals earning up to ₹20,000. The loan amount and repayment duration may be limited, and the interest rate may be slightly higher due to perceived risk.
Eligibility criteria
To apply for a loan for an income of ₹20,000, lenders often want the following:-
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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?
Lenders typically offer personal loans for 20k salaries ranging from ₹50,000 to ₹2,00,000. The loan amount fluctuates depending on your credit score, job stability, and existing responsibilities.
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 fast approval personal loan on a ₹20,000 salary is possible with a proper plan. Focus on maintaining a solid credit score, managing your current debts properly, and shopping around with other lenders. Personal loans for ₹20,000 salaries are available from NBFCs and online lenders.
