A low income does not mean you cannot get a personal loan if you need it. These days you can get credit in various ways and in many forms. Even if you have a low salary, you can still get a loan.
There is a wide range of options to explore to get a instant personal loan online. But before getting a loan you need to ascertain whether you really need it and want to take all your choices.
Loan with Fixed Deposits
You can get a loan based on your fixed deposit account. But for that, you must keep the fixed deposit as collateral security with the bank. In such a case, the banks do not give immense significance to your low income for the loan. But if you want to get the loan, the amount would only be 80-85% of your fixed deposit. You will also be charged interest, which will be over the interest charged for your fixed deposit.
You can also get a loan by pledging your gold coins or ornaments. Many established lenders in the country specifically provide you with a loan in return for your ornaments. Some benefit of gold loans are :
- First and foremost, that your income is not considered with taking a personal loan.
- You can decide on your repayment period, which is suitable for short-term loan requirements.
- You can determine what you need the loan for, and in the long term, getting a gold loan also increases your credit score.
However, if you find gold loans challenging, you can also get an instant personal loan online.
Personal Loans from Companies
Often, fintech companies in the financial industry also lend loans using technology. Depending on your credit score, these fintech companies can provide you with your loan. These companies offer instant personal loan online. They provide loans efficiently, which can be up to a specific limit. The approval is given in real-time, and generally, the loan is transferred to you within 24 hours.
Some of the significant advantages of taking an instant personal loan online from fintech companies are:
- The entire process is quick and gives you many options for different types of personal loans.
- Many of these companies directly have their application, on which you can register yourself and see whether you meet the eligibility criteria.
- If you do, you can go ahead with the application, and once the documentation is submitted, within 24 hours, the loan will be sent to you. It is as simple as that!
Personal Loans from Non-Banking Financial Companies
Financial institutions such as Non-Banking Financial Companies (NBFC) are not a part of the banking industry. But since they are not a part of the banking sector, they have less strict rules and regulations on an individual’s income. They can lend you a loan depending on a case-to-case basis. Even though the most accessible option for taking a loan is getting an instant personal loan online, there are long-term benefits to taking loans from NBFCs.
Some of the processes of taking a loan are simple, whereas some are time-consuming. You can still take a loan in several ways, even if you have a low income with a low or no credit score. If you want your loan instantly, then you can apply personal loan online. With minimum documentation and real-time operations, you will have your loan with you before you know it.