Personal Loan for Salary Less than Rs. 20,000

Name: Personal Loan for Salary Less than Rs. 20,000
Brand: Paisabazaar
Rating: 4.2 (2839 reviews)

Individuals looking for a Personal Loan on salary less than Rs. 20,000 may get it depending on their lender’s income criteria. Even if the lender has not disclosed their income requirements, applicants still have chance to get personal loans depending on their existing loan repayment obligations and EMI/NMI ratio. Other parameters that would affect their chances of getting the loan include their credit scores, occupation and employers’ profile.

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Customer Rating

4.2_/5

2839 Reviews

51M+Satisfied Customers

65+Lending Partners

800+Cities across India

Paisabazaar Exclusive Benefits

Wide Choice

Curated offers from 30+ lenders

Quick Disbursal

Money in your account instantly

SmartMatch

Offers ranked according to eligibility

Digital Process

Hassle-free & paperless

Personal Loan EMI Calculator

Amount

₹

₹1 L

₹5 L

₹10 L

₹15 L

₹20 L

Amount

₹1 L

₹5 L

₹10 L

₹15 L

₹20 L

₹

50K50L

Rate of Interest(Per Annum)

8%30%

Tenure

1Y 10Y

Your Monthly EMI Payment

₹0

Principal Amount₹0

Interest Amount₹0

Total Amount₹0

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HDFC Bank

10 Second Disbursal*100% Digital Process*Quick Disbursal

Max. Loan Amt.Upto ₹25L

Rate of Interest9.99% - 12.5%

Tenure upto1-5 Years

Processing Fee₹ 6,500

Axis Bank

Low Processing fee

Max. Loan Amt.Upto ₹40L

Rate of Interest9.99% - 17.15%

Tenure upto1-5 Years

Processing Fee1% - 1.5%

Kotak Mahindra Bank

Lowest Income requirement100% Digital Process*

Max. Loan Amt.Upto ₹25L

Rate of Interest9.98% - 17.2%

Tenure upto1-5 Years

Processing Fee1.1% - 1.5%

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How Much Personal Loan Can I Get on a Salary of Rs. 20,000 or Lower?

Maximum Personal Loan for Salaries Less Than Rs. 20,000 as per Multiplier Method

Other Factors that Affect Personal Loan Eligibility

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End-to-End Digital Process

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

How Much Personal Loan Can I Get on a Salary of Rs. 20,000 or Lower?

There are two methods to determine an applicant’s eligible personal loan amount - Multiplier Method and EMI/NMI Ratio. Banks and NBFCs may use either of these two methods of calculation or both to determine personal loan amount eligibility for an applicant.

Multiplier Method: Under this method, the personal loan amount is calculated basis predetermined multiple of the applicant’s net salary. This multiple can range from 10 to 24 times of the applicant’s take-home salary, depending on the lender and monthly income.

Maximum Personal Loan for Salaries Less Than Rs. 20,000 as per Multiplier Method>

Monthly Salary	Maximum Loan Amount
Rs. 10,000	Rs. 1.50 Lakh
Rs. 11,000	Rs. 1.65 Lakh
Rs. 12,000	Rs. 1.80 Lakh
Rs. 13,000	Rs. 1.95 Lakh
Rs. 14,000	Rs. 2.10 Lakh
Rs. 15,000	Rs. 2.25 Lakh
Rs. 16,000	Rs. 2.40 Lakh
Rs. 17,000	Rs. 2.55 Lakh
Rs. 18,000	Rs. 2.70 Lakh
Rs. 19,000	Rs. 2.85 Lakh

Note: For the above calculation, existing loan repayment obligations has been considered to be zero. For the multiplier method, the maximum loan amount is 15 times the NMI.

EMI/NMI Ratio: Under this method, lenders calculate the proportion of an applicant’s net monthly income (NMI) that goes into paying his loan EMIs, including the EMI of the proposed loan. Lenders usually prefer approving personal loans of applicants having EMI/NMI ratio of up to 50-55%.

Factors that determine an applicant’s EMI/NMI ratio includes his net monthly income, tenure and interest rate. Changing salary or monthly EMI obligations in a short time can be challenging. However, applicants can choose to extend their loan tenure or avail low interest rate personal loans to reduce their EMI/NMI ratio and thereby, improve their eligibility to avail a higher personal loan amount.

Other Factors that Affect Personal Loan Eligibility

Besides your income and repayment capacity, several other factors that affect your personal loan eligibility are as follows:

Credit Score: Banks and NBFCs prefer offering personal loans to applicants having credit scores of at least 700. This is because applicants having such high credit scores are considered to be financially disciplines and hence, are less likely to miss their loan payments. This is also the reason why lenders fix lower interest rates for such applicants. The credit score of an applicant is also considered when determining customers eligible for instant personal loan Lenders usually offer such pre-approved personal loan offers to their existing customers having excellent credit profiles. Hence, having high credit scores can also increase your eligibility for pre-approved personal loan offers from banks and NBFCs with whom you have existing deposit, credit card or loan accounts.
Employer Profile: Lenders prefer offering personal loans to salaried applicants due to their higher income certainty. This is also the reason why they fix lower interest rates for salaried applicants. For the same reason, among salaried applicants, government employees are the most preferred by lenders followed by the reputed MNCs and corporates.
Work/Business Experience: To qualify for a personal loan, many lenders require their salaried applicants to have a total work experience of at least 2 years with at least 6 months in the current organisation. Self-employed applicants, on the other hand, need to have been in the current business for at least 2 years to be eligible for a personal loan.

Avail Personal Loan For
All Your Needs

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Explore Our Personal Loan Lenders

Avail Personal Loan For
All Your Needs

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Last updated: 30 August, 2025

Reviewed By

Vandana Punj

Written By

Shamik Ghosh

Paisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners

*Applicable for selected customers

Personal Loan for Salary Less than Rs. 20,000

Paisabazaar Exclusive Benefits

Personal Loan EMI Calculator

Your Monthly EMI Payment

Find Best Personal Loan Offers

Quick Links

How Can I Apply for a Personal Loan Online?

How Much Personal Loan Can I Get on a Salary of Rs. 20,000 or Lower?

Maximum Personal Loan for Salaries Less Than Rs. 20,000 as per Multiplier Method>

Other Factors that Affect Personal Loan Eligibility

How Can I Apply for a Personal Loan Online?

Personal Loan Articles

What our customers say

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