Get a Personal Loan for ₹12,000 Salary

9 September, 2024

Synopsis

• You must show a stable monthly income and employment to be eligible for loans.

• If your salary is lower than the minimum requirement, you can leverage various strategies.

• You can apply for joint loans, guarantor-backed loans, or secured loans, among other things.
  
  

When you face a sudden financial crisis, the HDFC Bank Xpress Personal Loan can come to your rescue. Versatile, with no-end use restrictions, this loan with its flexible repayment tenure and easy EMI features makes for an excellent source that provides instant funding. But most reputable lenders typically need you to show a minimum monthly income of ₹25,000 to be deemed eligible for the loan. How then, can you get the loan approval? This article explains how to get Personal Loan for ₹12,000 salary.

Ways To Get Personal Loan For ₹12,000 Salary During Urgent Situations

While your income is certainly an important criteria to be deemed eligible for an HDFC Bank Xpress Personal Loan, you can enhance your chances of loan approval by following a few simple strategies. Here are some things you can do:

• Apply for a Joint Personal Loan
  
  One way to obtain an HDFC Bank Xpress Personal Loan even if your salary is lower than the minimum requirement is to apply for it jointly with an immediate family member with a higher income. For instance, you can ask your father to serve as a co-applicant on the loan. Your father’s income coupled with yours, can help you reach the minimum income criteria and make you eligible for the loan.
  
  

• Show Income From Other Sources
  
  While your monthly income from your job may only be ₹12,000, you may have other income sources. E.g., if you have a property that draws rent, or if you have income from Fixed Deposits in bank, monthly dividends from mutual funds, or any income from passive sources like vlogging, social media engagements, etc., you can show those too, and fulfil the eligibility requirements.
  
  

• Get a Guarantor To Back Your Loan
  
  Yet another effective way to get HDFC Bank Xpress Personal Loan for net salary of ₹12,000, is to get someone onboard as your loan guarantor. Your loan guarantor should typically be someone with a good financial standing, drawing a high monthly income and having a credit score of 750+ points. Anyone who knows you well, such as a close family member, friend, colleague, manager, etc., can serve as the loan guarantor.
  
  

• Consider Going For a Secured Personal Loan
  ​​​​​​​
  Despite your low income, some lenders may be willing to approve your loan application, if you can provide some sort of collateral. You can pledge your Fixed Deposits, vehicles, jewellery, property, etc., and get the required funds. The collateral provides assurance to lenders that you will repay the loan. However, if you are unable to do so, lenders can recover their investment by seizing the pledged asset.
  
  

Getting Xpress Personal Loan For Planned Expenses

During financial emergencies, you may be unable to delay your loan application to get access to instant funds. However, if you can wait to get the funds for planned expenses like wedding or vacation planning, you can enjoy the benefits of an unsecured loan by applying for an FD-backed Credit Card.

Now, a low income may not make you eligible for Credit Cards, but if you have a Fixed Deposit, you can use it to get a Credit Card, which you can swipe/use to pay for your current expenses during the planning stage like booking wedding venues, paying for flights and hotels, etc. Plus, repaying the Credit Card bills on time helps with building your credit score, which, in turn, proves beneficial when you finally apply for the Personal Loan.

Get Xpress Personal Loan From HDFC Bank

Whether you need money to fund emergencies or planned expenses, HDFC Bank has got your back. We offer high-value Xpress Personal Loan, based on your varied requirements. If your salary is lower than our minimum threshold, you can leverage the various strategies mentioned above and enhance your chances of Loan eligibility. Apply for HDFC Bank Xpress Personal Loan today.

​​​​​​​*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Personal Loan at the sole discretion of HDFC Bank Limited. Loan disbursal is subject to documentation and verification as per Bank’s requirement. Interest rates are subject to change. Please check with your RM or closest bank branch for current interest rates.