Personal Loan for Salary Less than Rs. 20,000

Individuals looking for a Personal Loan on salary less than Rs. 20,000 may get it depending on their lender’s income...

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Curated offers from 30+ lenders

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Money in your account instantly

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Offers ranked according to eligibility

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₹65k Cr+Loans Disbursed

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Valid till 31^st March '26*T&C Apply

Instant Personal Loan

Get up to ₹50 Lakhs starting at 9.98%

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Google Play Store

4.5_/5

15.5L Reviews

5.7cr+Satisfied Customers

65+Lending Partners

₹65k Cr+Loans Disbursed

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

Find Best Personal Loan Offers

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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

ICICI Bank

100% Digital Process*Quick Disbursal

Max Loan Amt.Upto ₹25L

Rate of Interest11% - 13%

Tenure upto1-5 Years

Processing FeeUpto 2%

Axis Bank

Low Processing fee

Max Loan Amt.Upto ₹25L

Rate of Interest9.99% - 17.15%

Tenure uptoUpto 6 Years

Processing FeeUpto 2%

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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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What our customers say

My Trust in Paisabazaar has Increased

I would like to take a moment to share my sincere feedback regarding the support I received from your team. The executive who assisted me was extremely professional, polite, and knowledgeable. They patiently understood my concern, explained the process clearly, and guided me step by step toward the right solution. I truly appreciate the transparency, timely responses, and genuine effort shown to help me.

Lalit MaviFeb 12, 2026

Best Place for Taking Loans

I contacted customer care with a few queries, and I am very satisfied with the support I received. The representative was polite, patient, and explained everything clearly. My questions were resolved properly, and the overall experience was smooth and helpful. Thank you for the excellent customer service

Kokil BarnwalFeb 12, 2026

Apne higher education ke liye loan liya tha

Muhje higher education ke liye loan chahiye tha. Paisabazaar pe apply kiya. Got it at the right time. Quite helpful.

Puja DanuJan 22, 2026

Sabse jada helpful log the yaha

Maine bht jagah try kiya tha personal loan ka, yaha try kiya toh helpful log mille. Har steps mai aram se samjhaya or usse muhje loan lene mai jda dikkat nhi aayi.

Anuradha GuptaJan 21, 2026

Best Advisor for Personal Loan

I would like to share my feedback regarding my recent interaction with Mr. Vipin Singh (employee id EW12967) After discussing the financial matters with him, I felt very satisfied with his approach and professionalism. He explained everything clearly, handled the discussion patiently, and ensured that all concerns were addressed effectively. His communication skills, positive attitude, and dedication towards his responsibilities truly reflect his commitment to the organization.

20th Jan 2026Jan 20, 2026

Meri shaddi thi

Shadi mai bht kharche hote hai. Maine shaddi ke liye personal loan paisabazaar se liya tha. Process smooth tha or interest bhi sahi milla.

Sadia KhatunJan 15, 2026

Perfect for Loan Solutions

Recently I had a conversation with Mr. Harsh ji. Thanks Mr. Harsh ji for providing a better solution in a very short period of time with very nice behaviour. Thank You very much.

Amit ChahalJan 15, 2026

Travel ke liye personal loan liya tha

Mai bohot din se out of India ghumne jana chahti thi lekin jab jane ka time mila toh budget kaam padh raha tha, Paisabazaar se personal loan leke bht acha trip kiya. Maza agaya. Mere upar koi burden bhi nhi padha

Tarini RoyJan 14, 2026

Easy personal loan available

Took personal loan. Good experience.

Ruchika TiwariJan 14, 2026

Stress-free Laon Borrowing Process

There was a complication with my KYC verification. Paisabazaar’s Shazeb handled it swiftly and professionally. He ensured that I received regular updates, explained the resolution steps clearly, and most importantly, resolved the issue quickly. His prompt assistance and communication made the entire experience smooth and stress-free. Thanks to his efforts, the loan process was completed without further delays.

Abhishek ThakuraJan 14, 2026

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