Get a Personal Loan for ₹18,000 Salary

The first thing lenders check when you apply for a Personal Loan is if you have fulfilled their eligibility criteria. Typically, lenders need to ensure you have a stable job and income that allows you to repay the loan. Lenders may still consider your loan application if you have stable employment for many years, but if your income is lower than ₹25,000, i.e., the general minimum income threshold. So, if you need a Personal Loan for ₹18,000 salary and wish to know if you can obtain it, this article is for you.

When it comes to obtaining a Personal Loans for ₹18,000 salary, which is usually lower than most lender’s minimum income requirement, there are some things you can do and some you must avoid:

What To Do

Consider these alternative methods to obtain the funds you need:

• Apply Jointly or Get a Guarantor

If your salary is lower than the lender’s required threshold, you can apply for Personal Loans jointly with a close family member whose combined monthly income exceeds ₹25,000. You can also get a guarantor to co-sign your loan. Whichever route you choose, ensure all members have a good credit score exceeding 700 points.

• Leverage Your Credit Card

If you have a Credit Card, you can use it to pay for your planned or unplanned expenses. For instance, you can utilise your card’s credit and cash withdrawal limits for medical emergencies. Likewise, for planned purchases, you can swipe the Credit Card, leverage the easy EMI facility and repay the sums borrowed in pocket-friendly instalments.

• Consider All Income Sources

Another excellent strategy is considering your income from sources beyond your employment-based income. For instance, if you have Fixed Deposits on which you earn a monthly income or make passive income through hobbies, freelance work, etc., you can show proof of those and convince your lenders of your enhanced monthly income.

• Consider a Secured Personal Loan

A simple but highly effective strategy to obtain a Personal Loan when your income does not meet the lender’s criteria is to go for a secured loan instead of an unsecured Personal Loan. By pledging your assets like Fixed Deposits, jewellery, or vehicles as collateral, you can obtain the required funding and enjoy loans at attractive interest rates.

What Not To Do

Let’s now see what actions you must avoid while shopping for a Personal Loan:

• Don’t Apply Without Researching

When applying for any loan, you must start by researching. It helps to compare not just the interest rates but also lenders’ policies, such as repayment tenures, preclosure charges and penalties, loan processing costs, and other agreement terms.

• Don’t Send Multiple Applications

While applying for a loan during emergencies, you may think it best to send multiple applications and choose a lender who makes an offer. But each application is deemed a hard inquiry. Multiple hard enquiries directly affect your credit score, make you look credit-hungry, and impact your loan approval chances.

HDFC Bank Xpress Personal Loan helps you fulfil your various needs. At HDFC Bank, we make it possible for you to apply for secured and unsecured Personal Loans effortlessly through our online portals and branches. Our simple loan application process, flexible repayment tenures, and attractive interest rates make us a favourite among borrowers.

*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Personal Loan at the sole discretion of HDFC Bank Limited. Loan disbursal is subject to documentation and verification per the bank’s requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.