Can I get personal loan if my salary is 12000?

Yes, securing a personal loan with a salary of ₹12,000 is indeed possible, but it's essential to meet certain eligibility criteria to increase your chances of approval.

Here are the eligibility criteria to avail a personal loan of ₹12,000:

Indian Citizenship: To qualify for a personal loan in India, you must be a citizen of the country.

Minimum Age of 21 Years: Most financial institutions require applicants to be at least 21 years old to be eligible for a personal loan.

Stable Income Source: While your salary of ₹12,000 may be considered low by some lenders, having a stable and verifiable source of income is crucial for loan approval.

Lenders assess your ability to repay the loan based on your income, so it's essential to provide proof of employment and income stability.

Good Credit History: A good credit history demonstrates your creditworthiness and ability to manage debt responsibly.

Having a positive credit history can increase your chances of approval and help you secure better loan terms.

Meeting Lender-Specific Requirements:

Each lender may have specific requirements beyond the basic eligibility criteria.

These requirements may include employment status, length of employment, debt-to-income ratio, and other financial factors.

It's crucial to review the lender's eligibility criteria carefully and ensure you meet all requirements before applying for a personal loan.

By ensuring you meet these criteria and choosing a reputable financial institution, like Shriram Finance, you can access the funds you need to fulfil your financial goals. Apply for a personal loan with Shriram Finance online today and experience a seamless borrowing experience.