Key Takeaways
- Low-salary personal loans bridge the banking gap. Traditional banks often reject low-income applicants, but digital loan apps assess broader factors like bank activity, income stability, and repayment behaviour to improve access to credit.
- Salary slips are not always mandatory. Many personal loan apps for low-salaried earners rely on alternate proofs such as bank statements, PAN, Aadhaar, and digital transaction patterns instead of formal salary documentation.
- Loan amounts and interest rates vary widely. Loan sizes range from small-ticket emergency loans to amounts as high as ₹10 lakh, with interest rates and tenures depending heavily on individual credit profiles and app-specific products.
- Different apps suit different borrower needs. Apps like mPokket and PayRupik are ideal for short-term, small loans, while platforms like Freo, KreditBee, and MoneyView cater to salaried professionals seeking higher flexibility and larger amounts.
- Responsible borrowing is essential. Before applying, you should compare eligibility criteria, repayment terms, and interest costs to avoid over-borrowing and ensure the loan fits your income and repayment capacity.
Traditional banks often require a high minimum income and a long employment history before approving a personal loan. This creates a gap for entry-level employees and individuals earning modest salaries. So, what do you do if you need funds for emergencies, such as medical expenses, relocation, or education? Don’t worry, there’s a solution!
Several personal loan apps for low-salaried earners now offer faster approvals, flexible eligibility checks, and simplified documentation. This article explores some of the best personal loan apps for low-salaried earners in India and explains how they work. It also highlights what you should check before applying so you can borrow responsibly.
What is a Personal Loan for a Low Salary?
A personal loan for low salary is a type of unsecured loan designed for individuals who earn less than what traditional banks typically require. Instead of rejecting applicants based solely on income, these loan apps assess affordability using broader financial indicators.
Many personal loan apps for low-salaried earners look at factors such as:
- Regular bank account activity
- Stability of income, even if modest
- Past repayment behaviour (if any)
- Digital footprints and transaction patterns
The goal is to offer access to credit for people who may otherwise be excluded, while still managing risk for the lender.
10 Best Personal Loan Apps for Low-Salaried Earners
The list below highlights the 10 best personal loan apps that are popular for their speed, accessibility, and borrower-friendly features. It helps you compare options that fit your financial needs accurately.
| App | Min. Income/Salary Guidance | Docs / Salary-Slip Policy (Summary) | Typical Interest/Loan Range (Example) |
|---|---|---|---|
| Freo | Targets low-salary applicants; often positioned around ₹15,000-₹20,000 take-home | Accepts alternate proofs; salary slips are not mandatory in all cases | Loans up to ₹5 lakh; interest varies by profile |
| KreditBee | Minimum income of around ₹10,000 for select products | Minimal documentation; PAN, selfie, bank data used | ₹6,000-₹10 L; ~12%-28.5% p.a. |
| CASHe | Marketed for young professionals and low-salary users | Digital documents, such as bank statements, are often accepted | Short-term loans; rates vary |
| mPokket | Students and entry-level earners | Minimal paperwork; no salary slip | Small ticket loans; short tenures |
| NIRA | Around ₹12,000 from several sources | Alternate income proofs accepted | Small to mid-size loans |
| Kissht | No fixed published minimum | Alternate documents supported | Flexible loan sizes |
| MoneyView | Income guidance varies by offer | Bank statements are commonly used | Loans up to ₹10 L |
| LoanTap | Product-specific; some higher thresholds | Digital KYC and bank checks | EMI-based loans |
| Fibe | Often ₹15k-₹25k depending on product | Alternate scoring, bank data required | Loans up to ₹5 L |
| PayRupik | Requires a steady income | Minimal KYC | Small instant loans |
Note: Interest rates and tenures are indicative and depend on credit profile, city, and lender discretion.
-
Freo
Freo is a digital credit platform designed to help individuals with low or modest monthly incomes access personal loans without heavy documentation. It works with RBI-registered NBFC partners and focuses on fast approvals, flexible repayment, and a fully online experience.
Freo positions itself as suitable for users who may not meet traditional bank income thresholds. No wonder it comes first in the list of best apps for personal loans for low-salaried individuals.
Key Details:
- Name & Lender/Partner NBFC: Freo (formerly MoneyTap), partnered with RBI-registered NBFC lending partners.
- Loan Amount Range: Personal loan amounts generally range from ₹5,000 up to ₹5,00,000, depending on eligibility and credit profile.
- Tenure/Interest Rate: Repayment tenures usually range between 3 and 36 months. Interest rates vary by borrower profile and risk assessment.
- Minimum Income/Salary Guidance: Freo is positioned for low-salary earners, with eligibility often starting around ₹15,000-₹20,000 per month, depending on banking history, employer type, and location.
- Documents & Salary-Slip Policy: Salary slips may not be mandatory in all cases. Freo may assess eligibility using bank statements, PAN, Aadhaar, and digital income patterns instead of strict salary documentation.
- Who Freo is Best Suited for: Low-salaried professionals, first-time borrowers, and users looking for a digital personal loan without rigid salary slip requirements.
-
KreditBee
KreditBee is one of the most commonly used instant personal loan apps in India and is often mentioned when discussing loans for low-salary earners. The platform partners with multiple RBI-registered NBFCs and offers a wide range of loan products with minimal paperwork.
Key Details:
- Name & Lender/Partner NBFC: KreditBee, working with multiple NBFC partners, including KrazyBee and other regulated lenders.
- Loan Amount Range: Loan amounts typically start from around ₹6,000 and can go up to ₹10,00,000, depending on the product and borrower profile.
- Tenure/Interest Rate: Tenures generally range from 3 to 24 months. Interest rates are commonly cited between 12% and 28.5% per annum, depending on credit history and loan type.
- Minimum Income/Salary Guidance: KreditBee shows minimum income guidance of around ₹10,000 per month for certain low-salary loan products.
- Documents & Salary-Slip Policy: Salary slips are not always mandatory. KreditBee typically accepts PAN, address proof, selfie verification, and bank statement analysis as part of its eligibility checks.
- Who KreditBee is Best Suited for: Best personal loan app for low-salaried and self-employed individuals who need quick access to personal loans.
-
CASHe
CASHe is a digital lending app known for offering short-term personal loans to young professionals and low-salaried earners. It focuses on quick approvals and a paperless application journey, making it popular among first-time borrowers.
Key Details:
- Name & Lender/Partner NBFC: CASHe, operated by Bhanix Finance & Investment Ltd., an RBI-registered NBFC.
- Loan Amount Range: Loan amounts generally range from small-ticket loans to mid-sized personal loans, depending on eligibility.
- Tenure/Interest Rate: Repayment tenures are usually short, often between 3 and 12 months. Interest rates vary by profile and tenure.
- Minimum Income/Salary Guidance: CASHe is marketed towards young professionals and low-salary earners, though exact income thresholds may differ by offer.
- Documents & Salary-Slip Policy: Salary slips may not be required in all cases. CASHe often relies on bank statements, digital KYC, and income patterns instead of physical salary documentation.
- Who CASHe is Best Suited for: Young professionals or first-time borrowers who need short-term personal loans and prefer a fast, digital process.
-
mPokket
mPokket is primarily designed for students, entry-level professionals, and individuals with lower monthly incomes. The app focuses on very small loan amounts and quick disbursals, often for urgent expenses.
Key Details:
- Name & Lender/Partner NBFC: mPokket, operated by Maybright Ventures Pvt. Ltd.
- Loan Amount Range: Loan amounts are usually small, starting from a few hundred rupees and going up to around ₹30,000.
- Tenure/Interest Rate: Repayment tenures are short, typically between 1 and 6 months. Interest rates vary depending on the loan amount and tenure.
- Minimum Income/Salary Guidance: mPokket targets students and low-salary earners, including those at the start of their careers.
- Documents & Salary-Slip Policy: Salary slips are not required. This is one of the best apps for personal loans for low-salaried individuals, which generally relies on identity proof, basic employment or education details, and banking history.
- Who mPokket is Best Suited for: Students and young professionals who need very small, short-term loans and have limited income documentation.
-
NIRA
NIRA positions itself as a lending platform for individuals who may have low or irregular income and limited access to traditional bank loans. It focuses on financial inclusion and digital credit assessment.
Key Details:
- Name & Lender/Partner NBFC: NIRA, partnered with RBI-registered lending institutions.
- Loan Amount Range: Loan amounts are usually small to medium-sized, depending on eligibility.
- Tenure/Interest Rate: Repayment tenures and interest rates vary based on borrower profile and risk assessment.
- Minimum Income/Salary guidance: Generally, minimum monthly income guidance is around ₹12,000 for NIRA’s loan products.
- Documents & Salary-Slip Policy: Salary slips may not be mandatory. NIRA typically uses bank statements and alternative income proofs for eligibility checks.
- Who NIRA is Best Suited for: Low-income earners or individuals with irregular income who are looking for formal credit options.
-
Kissht
Kissht is a digital lending platform that offers personal loans and credit products with minimal paperwork. It is designed for users who may not have conventional salary slips or standard employment structures.
Key Details:
- Name & Lender/Partner NBFC: Kissht Finance Pvt. Ltd., operating with RBI-registered NBFC partners.
- Loan Amount Range: Loan amounts vary depending on the product and borrower profile.
- Tenure/Interest Rate: Repayment tenures are flexible, and interest rates depend on credit assessment and loan type.
- Minimum Income/Salary Guidance: Kissht does not always publish fixed income thresholds and may assess eligibility based on overall financial behaviour.
- Documents & Salary-Slip Policy: Salary slips are not always required. Kissht supports alternate documentation such as bank statements, ITR, and digital checks.
- Who Kissht is Best Suited for: Best personal loan app for low-salaried borrowers who prefer a fully digital loan process and may not have traditional salary documentation.
-
MoneyView
MoneyView offers personal loans through a structured digital process. While some products are designed for higher-income users, certain offers cater to low-salary earners based on bank statement analysis.
Key Details:
- Name & Lender/Partner NBFC: MoneyView, partnered with RBI-registered NBFCs.
- Loan Amount Range: Loan amounts can go up to ₹10,00,000, depending on eligibility and offer type.
- Tenure/Interest Rate: Repayment tenures and interest rates vary by product and borrower profile.
- Minimum Income/Salary Guidance: Income requirements vary by loan offer, with some products designed for lower-income applicants.
- Documents & Salary-Slip Policy: Bank statements and salary credits are often used instead of physical salary slips.
- Who MoneyView is Best Suited for: Borrowers who have regular bank account activity and are open to offer-based eligibility checks.
-
LoanTap
LoanTap is certainly one of the best personal loan apps for low-income individuals. It provides digital personal loans and EMI-based products. Income requirements vary significantly across its product range.
Key Details:
- Name & Lender/Partner NBFC: LoanTap Financial Technologies Pvt. Ltd., with RBI-registered partners.
- Loan Amount Range: Loan amounts vary depending on the selected product.
- Tenure/Interest Rate: Tenures and interest rates differ by loan type and repayment structure.
- Minimum Income/Salary Guidance: Some LoanTap products show higher income thresholds, while others are more flexible.
- Documents & Salary-Slip Policy: Digital KYC and bank statement checks are commonly used.
- Who LoanTap is Best Suited for: Borrowers seeking structured EMI products and digital loan management.
-
Fibe (EarlySalary/Fibe)
Fibe is known for offering short-term and mid-term personal loans through a digital-first approach. It markets an alternate credit scoring system but still relies heavily on banking data.
Key Details:
- Name & Lender/Partner NBFC: Fibe (formerly EarlySalary), partnered with RBI-registered NBFCs.
- Loan Amount Range: Loan amounts typically go up to ₹5,00,000.
- Tenure/Interest Rate: Repayment tenures range from a few months up to two years. Interest rates vary widely.
- Minimum Income/Salary Guidance: Many Fibe products show minimum salary guidance between ₹15,000 and ₹25,000, depending on the offer.
- Documents & Salary-Slip Policy: Salary slips may not be mandatory in all cases, but bank statements and income history are commonly required.
- Who Fibe is Best Suited for: Salaried professionals who can demonstrate income through banking data rather than formal salary slips.
-
PayRupik
PayRupik focuses on quick, small-ticket personal loans with minimal documentation. It is often positioned for urgent cash needs.
Key Details:
- Name & Lender/Partner NBFC: PayRupik, operated by Sayyam Investments Pvt. Ltd.
- Loan Amount Range: Loan amounts are generally small, often between ₹4,000 and ₹20,000.
- Tenure/Interest Rate: Repayment tenures are short, and interest rates vary by loan size and duration.
- Minimum Income/Salary Guidance: Requires a steady monthly income, though thresholds may be lower than traditional banks.
- Documents & Salary-Slip Policy: Minimal KYC, such as PAN and Aadhaar, is commonly used. Salary slips are not mandatory.
- Who PayRupik is Best suited for: Users who need very quick, small loans and can repay within a short timeframe.
Eligibility and Documents
While requirements vary by app, most best apps for personal loans for low-salaried earners ask for the following basic information:
- PAN card
- Aadhaar card
- Active bank account
- Bank statements
- Proof of income (alternate forms where applicable)
Click here to explore your options and check eligibility on Freo’s Personal Loan for Low Salary page:
Frequently Asked Questions
-
What are the advantages of obtaining a low-salary loan?
They provide access to credit, faster approvals, and flexible documentation for borrowers with modest incomes.
-
How to apply for Freo’s low-salary loan?
You can apply online through Freo’s official website or app by completing digital KYC and eligibility checks.
-
Is there any precondition for applying for a low-salary loan on Freo?
Applicants must meet basic age, residency, and banking criteria.
-
Apart from my KYC documents, what employment details are required?
Some apps may request bank statements or employer details to assess income stability.
-
What are some of the disclaimers & important conditions?
Approval, interest rates, and loan amounts depend on individual credit assessment related to the best personal loan apps for low-salaried individuals.
