Can I Expect to Get a Personal Loan With a Salary of INR 14,000 Per Month?

A personal loan remains one of the easiest ways to access funds for any need—be it a dream vacation, medical emergencies, gadget upgrades, home renovations, or unexpected expenses. In 2025, with instant loan apps and flexible lending options, borrowing money no longer means turning to friends or family. Think you need a hefty paycheck to qualify? Think again! Even with a monthly salary of INR 14,000, you can secure a personal loan from banks, NBFCs (Non-Banking Financial Companies), and fintech platforms—provided you meet a few basic criteria.

How Much Can You Borrow With INR 14,000 Monthly Income?

For individuals earning less than INR 15,000 per month, personal loans typically range up to INR 1,75,000 in 2025, thanks to rising income thresholds and lender competition. However, the exact amount depends on factors like:

• Additional Income: Rental income, freelance gigs, or side hustles can boost your eligibility.
• Debt-to-Income Ratio: Lenders ensure your total monthly repayment (including existing EMIs) doesn’t exceed 50-60% of your net income. For INR 14,000, this means your EMI should ideally stay below INR 7,000-8,000.

Some fintech lenders may even offer higher amounts if you have a strong credit profile or a co-applicant.

Personal Loan Interest Rates in 2025

Interest rates for personal loans vary widely based on your risk profile. As of March 31, 2025, expect rates between 10.5% and 36% per annum, influenced by:

• Credit Score: A higher score (e.g., CIBIL 650+) fetches lower rates.
• Lender Type: Banks offer 10.5%-18%, while NBFCs and fintechs may charge 20%-36% for low-income or high-risk borrowers.

High-risk applicants (e.g., those with inconsistent income or lower credit scores) often face steeper rates, but competition among lenders keeps options accessible.

Additional Fees to Watch Out For

Beyond interest, personal loans come with extra costs:

• Processing Fees: 0.5%-6% of the loan amount (e.g., INR 500-6,000 on a INR 1,00,000 loan).
• Late Payment Penalties: Flat fees or compounded interest, typically INR 500-2,000 per missed EMI.
• Prepayment Charges: Some lenders waive these in 2025, but others charge 1-4% if you repay early.
• Documentation Fees: Minimal, often bundled into processing costs.

Always check the fine print to avoid surprises!

Eligibility Criteria for a Personal Loan in 2025

To qualify with a salary of INR 14,000, you’ll need:

• Age: 21-60 years (some lenders now extend to 65 for salaried individuals).
• Minimum Income: INR 14,000 credited directly to your bank account (up from INR 13,500 in prior years).
• Credit Score: Minimum CIBIL score of 650 or Experian score of 675 (reflecting stricter lending norms).
• Employment: Stable job with salary credited via bank transfer (cash payments often disqualify).

Documents Required

Here’s what you’ll need to apply:

• PAN Card
• Aadhaar Card
• Last 3 months’ salary slips
• 1-year bank statement (PDF format)
• Residential proof (e.g., electricity/gas bill)
• Co-applicant details (if applicable): PAN and Aadhaar

How to Apply for a Personal Loan?

Applying is a breeze with apps like Investkraft. Here’s the updated process for 2025:

1. Download the Investkraft App: Available on iOS and Android.
2. Check Eligibility: Enter basic details to see your loan options instantly.
3. Fill in Details: Provide income, employment, and contact info.
4. Upload Documents: PAN, Aadhaar, salary slips, and bank statement (PDF).
5. Review Offers: Compare loan amounts, rates, and tenures post-eligibility check.
6. Add Bank Details: Link your account for disbursement.
7. Get Funds: Money hits your account within hours of approval.

Why Choose a Personal Loan?

Even with a modest INR 14,000 salary, personal loans offer unbeatable perks:

• Ultimate Flexibility: Use the funds for anything—weddings, travel, education, or emergencies—no questions asked.
• No Collateral Required: Unsecured loans mean your assets stay safe, perfect if you don’t own property.
• Affordable Repayment: Choose tenures from 6 months to 5 years. Longer terms lower your EMI (e.g., INR 3,500/month for INR 1,00,000 over 3 years).
• Competitive Rates: Fixed interest ensures predictable EMIs, unlike fluctuating credit card rates.
• Quick and Easy: Minimal paperwork and digital processes mean funds in your account fast.

FAQs

Can I Get a Loan if I’m Paid in Cash?

No, most lenders, including Investkraft, require salary to be credited to your bank account for verification.

Does Investkraft Offer Loans to Self-Employed Individuals?

Yes! Self-employed applicants need a minimum income of INR 16,000/month (up from INR 15,000 due to inflation).

Can I Use the Loan for Any Purpose?

Absolutely—spend it on whatever you need, no restrictions!

The Bottom Line

A salary of INR 14,000 doesn’t disqualify you from getting a personal loan in 2025. As long as you meet the minimum income threshold and eligibility criteria, platforms like Investkraft make borrowing quick, easy, and tailored to your budget. Ready to get started? Download the Investkraft app today and unlock the funds you need!