How to Get a Personal Loan If You Have Low Salary/Income?

Dec 13, 2023
 |  1 min read

Getting a personal loan due to any urgent matter is difficult due to the traditional loan system in India. And if you have a low salary/income, getting qualified for these loans is one of the significant challenges.

Lenders often scrutinize the borrower's income as a critical factor in determining creditworthiness. A lower salary may raise concerns about the borrower's ability to meet repayment obligations, leading to increased risk from the lender's perspective. 

Additionally, limited-income individuals may face more stringent eligibility criteria and higher interest rates, challenging the loan acquisition journey. Despite the genuine financial needs, this hurdle can significantly hinder the approval process for instant personal loans for salaried people.

But all hope is not lost as you can get an instant loan for a low salary. Let’s discover how.

How Can You Qualify for an Instant Loan With a Low Salary?

Several factors can positively influence your portfolio. But how can low-salary individuals qualify for instant loans? These are some of the basic requirements to qualify for instant loans.

  • Regular Source of Income:

Having a regular source of income is crucial, even if it is a low salary. Lenders may require proof of stable employment, such as bank statements or salary slips, to assess the repayment capacity.

  • Employment Stability:

Lenders usually prefer applicants with a stable employment history. Some may require a minimum period of employment, such as six months to a year, with the current employer.

  • Credit Score:

While instant loans may be available for individuals with varying credit scores, a higher credit score generally improves the chances of loan approval. A good credit history indicates financial responsibility.

  • PAN Card:

A Permanent Account Number (PAN) card is a mandatory document for loan applications in India. It serves as proof of identity for tax purposes.

  • Residential Proof:

Applicants must provide proof of residence, such as a utility bill, Aadhaar card, or rental agreement, to establish their current address.

  • Bank Statements:

Lenders may request recent bank statements to assess the individual's financial transactions and stability. It provides insight into the income and spending patterns.

Why Can Choosing Instant Loans Over Traditional Loans be Beneficial for Low-Salary Individuals?

There are several distinctions between traditional loans and instant loans. Instant loans are easy to avail, have limited requirements, and can be availed by a few simple steps. But why choose instant loans over traditional lending for low-salary individuals? Let's find out.

  • Speedy Access to Funds:

Instant loans live up to their name by providing rapid access to funds. Traditional lending processes are marked by extensive paperwork and lengthy approval timelines. They can be impractical for those in urgent need. Instant loans, facilitated through online platforms, offer swift approval and disbursal. They ensure timely financial assistance.

  • Streamlined Application Process:

Traditional lenders often require a plethora of documentation, making the application process time-consuming. On the other hand, instant loans typically involve a streamlined online application that requires minimal documentation. This simplicity facilitates a quicker and more straightforward application experience.

  • Flexibility in Loan Amount:

Instant loans often cater to varying financial needs, allowing borrowers to choose smaller loan amounts that align with their modest incomes. Traditional lenders may have stricter criteria for loan amounts. This makes it challenging for low-salary individuals to secure the required funds.

  • Inclusive Eligibility Criteria:

Traditional lenders may have stringent eligibility criteria, including high credit score requirements and substantial income thresholds. Instant loans, especially those provided by online lenders, often have more inclusive criteria. They consider factors beyond just income and credit score. This inclusivity increases the accessibility of loans for individuals with lower incomes.

  • Online Convenience:

The digital nature of instant loans brings unparalleled convenience. You can complete the loan application process from the comfort of your home, eliminating the need for in-person visits to a bank or financial institution. This online convenience is especially beneficial for those with busy schedules or limited mobility.

When is the Ideal Time to Choose an Instant Loan on a Low Income?

For individuals with modest incomes, strategic timing can significantly impact the benefits of opting for instant loans. So, when is the right time to consider an instant loan on a low income? It is dependent on the following factors.

  • Emergency Expenses:

Instant loans provide a swift and reliable solution in unexpected financial emergencies, such as medical bills, cars, or urgent home repairs. The speed of approval and disbursement ensures you can address pressing financial needs immediately.

  • Temporary Cash Flow Gaps:

Low-income individuals may experience temporary cash flow gaps due to irregular income or unexpected expenses. Opting for an instant loan during such periods can bridge the financial shortfall and prevent disruptions in daily life or essential payments.

  • Opportunistic Deals or Discounts:

If there's an opportunity to secure a deal or discount with time-sensitive benefits, an instant loan can empower low-income individuals to seize the opportunity. This could include discounted travel packages, limited-time sales, or special offers on essential purchases.

  • Avoiding Late Payment Fees:

When facing imminent due dates for bills or payments, especially those associated with high late fees or penalties, an instant loan can be a proactive financial tool. Timely repayment with the loan amount helps avoid additional financial burdens.

  • Investing in Skill Development:

Low-income individuals seeking to enhance their skills or pursue educational opportunities may find instant loans valuable. Investing in education or skill development can open doors to better employment prospects, potentially improving future income levels.


Online instant loans are the perfect answer for individuals with a low salary/income. Fewer criteria can quickly help access instant personal loans for salaried people. And if you are looking for a trustworthy Indian instant loan application, then Pokket can be your ideal choice. No matter where you are in India, you can access instant cash loans in Bangalore, Mumbai, or other metropolitan cities. Download the application now and reap the benefits of this platform.

Gaurav Jalan

Gaurav Jalan is the Founder and CEO of mPokket, a digital lending platform serving underserved Indian youth. He leverages technology and experience to deliver cost-effective credit to marginalized populations. In his role, he provides strategic direction and oversees execution to fulfill mPokket's mission.