Get Personal Loan for ₹13,000 Salary

5 September, 2024

Synopsis

• You can apply for joint loans, provide collateral, or show passive income sources to get funding.

• You can also use your Credit Card to get the funds and leverage the easy EMI facility.
  
  

There was a time when you had to visit the bank, fill elaborate forms, provide collateral, and wait for days to get the funding. But today, loan applications have been streamlined. If you meet the lender’s eligibility criteria, you can even enjoy disbursement within hours. If you have been drawing a net monthly salary of ₹13,000 and are wondering if you can get a Personal Loan for ₹13000 salary, this article is for you. Read on.

Can I Get Personal Loan for ₹13,000 Salary?

When it comes to Personal Loans, lenders typically set various eligibility criteria, but the most important one surrounds your salary. Most lenders don’t provide Personal Loans unless you can show a minimum net monthly income of ₹25,000. However, you need not lose heart. Even if your salary is below the required threshold, you may be able to procure the funds. Here’s what you can do:

• Apply for a Joint Personal Loan
  During emergencies, you may need funds instantly. If your income is lower than the lender’s requirement, you can consider applying for a Joint Personal Loan. Your co-applicant should typically be a close family member; someone who can supplement the deficit in your own salary. Essentially, you and your co-applicant should be able to show a combined net monthly income of ₹25,000 and above.
  
  

• Use Your Credit Card
  Most lenders provide Credit Cards with credit limits higher than your monthly income. If you have a stable income and a Credit Card, you use the card to manage your urgent expenses. You can also withdraw cash using the credit card up to a set limit. However, you must repay your Credit Card dues on time as non-payment impacts your credit score and affects your ability to procure loans in future.
  
  

• Consider Pledging Collateral
  An effective way to get Personal Loan for net salary of ₹13,000, is to pledge assets. If you need a high-value loan, and your income is not sufficient to persuade lenders to approve your loan, you can inquire whether you can pledge your assets like Fixed Deposits, vehicles, jewellery, etc. Most lenders tend to approve the loan if you provide collateral. Plus, collateral-backed loans comes with lower interest rates.
  
  

• Go for Easy EMI facility on Credit Cards
  Sometimes, you may need a Personal Loan to fund your non-urgent expenses. For instance, you may need to make high-ticket purchases like furniture and appliances for your new home. In such cases, you can leverage the EMI facility on your Credit Card and split your various expenses into manageable, easy EMIs. You can also utilise the easy EMI facility to fund your wedding expenses, vacation costs, etc.
  
  

• Show Your Variable Income Sources
  Another simple strategy to bring your net monthly income up to the range required by your lender is to compute your variable income sources. For instance, if you have hobbies that help you draw some passive but regular income every month, or if you have any fixed deposits on which you may be earning monthly or quarterly interest, you can show those as additional sources of income.
  
  

Apply For Xpress Personal Loan From HDFC Bank

The beauty of HDFC Bank Xpress Personal Loan is that it is typically unsecured or collateral-free. Today, there are many ways to get funds, whether through your Credit Cards offering the EMI facility, or simply based on your income and high credit score. If, for some reason, you are unable to fulfil the eligibility criteria, you can leverage the above-mentioned strategies to obtain the Xpress Personal Loan. At HDFC Bank, we offer secured and unsecured high-value Personal Loans as well as Credit Cards with Easy EMI facilities. Apply 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.