In today’s day, a 12,000 salary is not enough to live a proper life, and if there is any financial emergency like a medical bill, tuition fees, short-term household expense, etc., then it becomes difficult to meet the expenses. Then individuals try to get a personal loan to cover expenses, but with a 12,000 monthly income, it seems to be impossible to get any personal loan.
Thankfully there are various NBFCs or fintech platforms offering personal loan for 12000 salary in the current time.
What Makes a Personal Loan for a Salary of 12,000 Useful?
- Fulfill Emergency Need: When savings are not enough to cover expenses, then personal loans help in covering the gap between savings and expenses.
- No Security Needed: It is an unsecured loan, so an individual does not need to bring any valuable asset as collateral.
- Build Financial Credibility: Timely repayment helps build a reliable and trustworthy credit record and a positive perspective of the lender.
- Access to Regulated Credit: It does not matter if the monthly income is low even if low-income individuals eventually get a formal route of funding.
Is it Beneficial to Get a Personal Loan for 12000 Salary?
- Quick Processing: There are some lenders who process personal loans with basic documentation and eligibility checks.
- Micro Loan Available: These individuals can get small loans through their profile of up to 2,000 to 50,000.
- Customize Repayment: The period of repaying a personal loan can be 3 months to 24 months, giving the borrower much flexibility to repay.
- Digital Process: Many NBFCs or fintech platforms fill out online personal loan application forms from devices at home.
- Improve Loan Approval: By completely repaying small loans, build trust among lenders to repay big loans.
Key Features of Personal Loan for 12000 Salary
| Features | Details |
| Loan Amount | Rs 2,000 to Rs 50,000 (Varies on lender) |
| Interest Rate | 18% to 36% Annually |
| Processing Time | Instantly to 48 hrs |
| Collateral | None |
| Processing Fee | 2% to 6% of the Loan Amount |
| Repayment Duration | 3 months to 24 months |
| CIBIL Score | Credit scores as low as 500 are accepted by some lenders |
Charges Applied on Personal Loan for 12000 Salary
| Type Of Charges | Amount |
| Interest Rate | 1.33% per month |
| Penalty on Overdue EMIs | 24% P.A. + Tax |
| Loan Foreclosure Charges | NIL |
| Processing Charges | 2% to 8% on Approved Amount |
Top Platforms Offering Personal Loans for 12000 Salary
| Platform | Loan Amount | Interest Rate |
| NIRA | 5,000 to 1,00,000 | 24% to 36% |
| MoneyView | 5,000 to 5,00,000 | 16% to 36% |
| Stashfin | 1,000 to 5,00,000 | 12% to 36% |
| CASHe | 1,000 to 4,00,000 | 27% to 33% |
| KreditBee | 1,000 to 2,00,000 | 18% to 30% |
| SmartCoin | 1,000 to 2,00,000 | 20% to 36% |
| Paysense | 5,000 to 5,00,000 | 16% to 28% |
Personal Loan : Aditya Birla Personal Loan Apply Online & Eligibility, Interest Rate
Eligibility Criteria for Personal Loan For 12000 Salary
✅ Age : 21 to 60 years
✅ Monthly Income : 9,000 to 15,000
✅ Employment Type : Salary (Private or Government)
✅ Bank Account : Regular Salary Credit
Documentation Needed for Personal Loan For 12000 Salary
- Aadhaar Card
- PAN Card
- Latest Salary Slips or 3–6 Months Bank Statement
- Passport-size Photograph
- Address Proof
How to Apply for Personal Loan For 12000 Salary
- Compare Lenders: Compare all NBFCs and fintech platforms that offer better deals for a personal loan for 12,000 Salary.
- Eligibility Check: Check the eligibility conditions set by the lender or check the basic criteria mentioned above.
- Fill Application Form: Fill in all necessary details needed in the form digitally.
- Upload Document: Upload the required basic document on the lender’s website or app.
- Loan Offer Evaluation: If the borrower is eligible, then a loan offer will be provided. The loan details are specified, including the interest rate, repayment tenure, loan amount, and other basic information.
- Loan Disbursed: After accepting a loan offer, the loan amount will transfer to the borrower’s bank account within 24 to 48 hours.
FAQs
What is the maximum amount of the loan a person is eligible to get with just a salary of 12000?
Many loan providers in India, including fintech apps, banks, and NBFCs, provide loans ranging from Rs. 5000 to Rs. 50000, but this amount can vary based on the lenders and the credit profile of an individual.
What is the minimum CIBIL Score required to get a personal loan for an employee with a 12000 salary?
Usually, a CIBIL score of 650 or above is considered acceptable by most of the lenders; however, there are some loan providers who provide loans at low score but at higher interest rates.
