People can’t avoid needs and emergencies in life. It’s easier for people with higher salaries to opt for a loan when compared to people with lower incomes. We understand that even with a lower income an individual could be in need of some extra money.
Some believe that interest rates on people with lower salaries are always higher, while others think that they won’t be eligible for any loans. However, with the Money View Loans App, it’s possible for you to get a loan even if you have a low salary income at a reasonable interest rate.
Apply for a Personal Loan Online with Low Salary Income
Money View’s minimum income requirement for salaried employees and self-employed can differ based on certain criteria. Have a look at the income requirement for different categories.
For Salaried Individuals:
- Your minimum monthly income must be Rs. 20,000 if
a) you are new to credit or haven't taken a loan before OR
b) your location is Mumbai/Thane or NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)
- Your minimum monthly income requirement is 15,000 if your Bureau score (CIBIL) is > 675 and you are residing in a metro city (other than Mumbai/NCR).
- The minimum monthly income must be Rs. 25,000 if your CIBIL score is between 300 and 675.
- The Minimum monthly income should be Rs.13,500 for everyone else.
- We will send you a loan agreement form on the app. You’ll submit the agreements and the loan amount will be credited to your account in a few hours.
For Self-employed Individuals:
Your minimum monthly requirement should be Rs. 25,000.
Money View Loan Application Process
Follow the below steps while applying for the loan:
- Start your application on the Money View Loans App.
- Complete and submit your loan application on the app itself.
- Upload all the required information accurately.
- Our team will go through your loan application and assess your creditworthiness and other information on your application.
- After your verification is complete, we send you a NACH form. Print it, sign it, and scan it, and send it back to us. This way, we will make sure your EMI is deducted from your bank account on time, every month.
- Post that, we will send you a loan agreement form on the app. Review this document and submit it back.
- Sit back and relax! Your loan will be credited to your bank account in a few hours.
Documents Required to Apply for a Low Salary Personal Loan
Here’s the list of documents you’ll need to upload on our app:
- Identity Proof – Aadhaar/PAN Card
- Current Address Proof – If the Aadhaar Card doesn’t have your current address
- Bank Statement (Salary A/C) – Last 3 months’ statement with salary credits
- If you’re self-employed, submit your Income Tax Return Verification Form for the last 2 years.
Features & Benefits of Applying a Personal Loan for Low Income Salaried Employees
With Money View Loans, you can enjoy the following benefits.
- You can check your eligibility for a personal loan in just 2 minutes.
- You can choose a loan amount from Rs. 10,000 to Rs. 5,00,000.
- We give you the liberty to choose your EMI amount and loan tenure.
- We provide you with flexible repayment tenure of up to 5 years.
- Post-approval, your loan amount is disbursed to your account in just 2 hours.
- Enjoy the lowest interest rate starting at 1.33% per month.
- The entire process from approval to disbursement is digital. We provide a 100% paperless loan process.
Personal Loan Interest Rates and Other Charges Applicable
- We charge a loan processing fee starting at 2.5% of the approved loan amount. This amount is deducted directly from your loan amount.
- The interest rate starts at 1.33% per month.
- You can pre-close your loan with the full amount only after completing 3 EMIs. Part pre-payment is not however not allowed.
- In case you miss an EMI payment, you’ll be charged an overdue fee of 2% per month on the overdue EMI/Principal loan amount.
So, now that you know you are no different from other applicants even if you have a lower income, just download the app to check your eligibility. Always borrow only as much as you can comfortably repay and make sure you pay your EMI on time to avoid additional charges.