Personal Loan

Personal Loan for Low Salary: Eligibility, Calculate EMI


Little things in life make us the happiest. Be it purchasing the recent technology, going on a long-awaited vacation, paying for your wedding, renovating your home, etc. But it becomes difficult to fulfil all such wishes with a low salary.

Thanks to the growing finance industry that has made it possible for even low-salary holders to avail of a personal loan. If you have been looking for a personal loan for a long time then your search ends here.

Read on to know the eligibility criteria for a personal loan. In the end, you will learn how to calculate your monthly EMI for a personal loan.

Personal loan for a low salary

A personal loan is an unsecured loan. Due to this lenders prefer lending it to individuals with sufficient income. They believe an individual with sufficient income is likely to pay timely EMIs. He is less likely to default. However, getting a personal loan for low-income individuals is quite a task. But it is not impossible. 

You get a personal loan based on eligibility criteria. This involves various factors apart from income. Those factors include credit score, type of employment, repayment capacity, etc. Thus, if you meet these factors, you can easily get a personal loan with a low salary. Read on to know the eligibility criteria and how to calculate EMI for a personal loan. 

Eligibility for a personal loan

The following are the eligibility criteria for most banks and NBFCs(Non-Banking Financial Companies):

  • Age: The minimum and maximum ages are 21 years and 65 years respectively. However, some banks prefer lending personal loans to individuals of a minimum of 23 years of age. 
  • Salary: To get a personal loan, your monthly salary must range between 15000-18000 in rural and semi-urban areas. The ones living in a metro city should earn a minimum of 25000 per month. 
  • Work Experience: The lenders ask for a total work experience of 3 years with a minimum of 6 months in the same organization. However, some lenders require a total of 1 year of experience for lending a personal loan
  • Credit Score: For availing of a personal loan, you must have a credit score of 750 or more. Banks and NBFCs reject a loan application with a poor credit score. However, you can add a co-applicant to improve your chances of loan approval. 
  • Existing Loans: If you are already paying EMIs for an existing loan, this may affect your new loan eligibility. You must repay your existing debts before applying for a new loan. 
  • Loan Amount: Most lenders provide a personal loan ranging between 1 lakh to 75 lakhs depending upon your income. In addition, the banks limit the maximum personal loan to 10-27 times the net monthly income. 

Personal loan documentation

Unlike other loans, a personal loan requires minimal documentation and paperwork. The documents required for a personal loan are:

  • Filled-in personal loan application form.
  • KYC documents such as PAN, ADHAR, and Voter ID.
  • Form 16.
  • Last 2 months’ salary slip for salaried individuals.
  • Income proof/IT Returns for self-employed individuals.
  • Bank statement of last three months of salary account for salaried and current account for self-employed.

What is a loan EMI calculator?

An EMI is an easy monthly instalment made by the borrower toward loan repayment. The loan comprises both the accrued interest and EMI. You can use an EMI calculator to determine your monthly loan EMI. The EMI calculator calculates the EMI as soon as the borrower enters inputs such as the loan amount, loan term, and interest rate. You can quickly and accurately determine your loan’s EMI through an online EMI calculator.

How to use an EMI calculator?

Simply enter the following three inputs to determine your EMI for a personal loan:

  1. Loan Amount: Enter your desired loan amount.
  2. Loan Tenure: Enter the desired loan tenure (in years) for which you want to get a mortgage. One’s eligibility is improved by a long tenure.
  3. Rate of Interest (in percentage points annually): Enter the interest rate.
  4. Results: The EMI calculator will quickly show you the EMI for the entered information.

To change the values in the EMI calculator, use the slider. You can simply type the values in the relevant boxes if you need more accurate results.

Piramal Finance personal loan: Eligibility and documentation. 

1. Eligibility

Here are the eligibility criteria for a salaried individual of availing a personal loan from Piramal Finance:

Salaried individuals working in.Government Institutions.Partnership Firms.MNCs or related companies.Private sector.Public sector.Proprietorship concern.
Age.21 years to 60 years.
Income.Minimum requirement of 25000 per month.
Work Experience.Minimum of 6 months in the current organization.

2. Documentation.

Here are all the documents required to get a personal loan at Piramal Finance:

PAN Card. Mandatory.
Identity Proof(any one of them).Passport.Driving License.Aadhaar.Voter’s Identity Card.
Address Proof(any one of them).Registered Leave and Lease Agreement.Passport.Driving License.Aadhaar Card.Voter’s ID.Telephone Bill /Electricity Bill etc. (not more than 3 months old).
Income Proof.Latest 1-month salary slip.Last three months’ Bank statements.
Co-applicant(Combining incomes of family members to increase loan eligibility).Only a spouse can become a co-applicant.

Why consider Piramal Finance for a personal loan?

You should consider taking a personal loan from Piramal Finance for the following benefits:

  1. No fees for early repayment or foreclosure.
  2. Loans start from 1 lakh to 10 lakhs.
  3. Minimal documentation.
  4. Quick sanctioning and disbursals.
  5. Easy monthly EMIs.
  6. Flexible tenure of repayment from 1 year to 5 years.
  7. Combining incomes to increase loan eligibility.


The best way to meet modest and immediate financial demands is to take a personal loan. This loan is well-liked by borrowers. This is due to its simplicity and lack of collateral requirements,. The prerequisites for personal loans are relatively simple.

Always choose to take out a personal loan from an authorized lender. They have more flexible repayment arrangements and lower interest rates than moneylenders. To acquire a personal loan from Piramal Finance, fill out an online application or call 1800 266 644.