To get a personal loan for low salary with RING, simply download the RING app from the app store, complete the registration process, and submit your KYC documents online. You can check your eligibility instantly, and upon approval, the loan amount will be credited to your account in minutes.
Don’t worry about a low salary
supplement your income with a quick, personal loan
Zero Pre-payment charges
Flexible Repayment
Instant Bank Transfer
About Our Low Salary Loan
RING is India's trusted credit app, tailored for the ambitious and the hardworking. We provide a simple and efficient solution for those seeking a low salary personal loan. Our digital-first approach ensures you can access credit up to Rs. 5 lakhs with just a few taps on your phone. With a quick, paperless KYC process, we make borrowing effortless for everyone.
Benefits of Low Salary loans
Easy Application: Our streamlined, digital application process means you can apply for a loan anywhere, anytime.
Instant Approval: Get approval in minutes, and have the funds disbursed directly into your bank account.
Flexible Repayment Options: Choose a repayment plan that suits your financial situation, ranging from 3 to 24 months.
No Hidden Fees: Transparent terms with no hidden costs—what you see is what you get.
Features of Personal Loans for Low Salary
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
We've made it easy and convenient to apply for an Low Salary personal loan with us.
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Personal Loan For Low Salary EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Low Salary Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a low salary loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Rajesh K.
Mumbai
I never thought it would be this easy to get a personal loan with my salary. The process with RING was smooth and completely digital, which saved me a lot of time and effort. The best part was the quick approval—I had the funds in my account in just a few hours! RING has truly made my life easier, and I would recommend it to anyone who needs financial support, no matter their income.
Anjali S.
Bangalore
I was always hesitant about applying for a loan because of my low income, but RING changed everything. The application was straightforward, and I didn’t need any physical documents. I got a low salary personal loan without any hassle, and the repayment options are super flexible. Thanks to RING, I can now manage my finances better and without stress.
Rohit P.
Delhi
Getting a personal loan for low salary earners like me used to be a nightmare until I found RING. They understand that sometimes, life throws unexpected expenses at us. The fact that they don’t ask for any collateral or security made it so much easier for me to get the loan. I’m so grateful to RING for their excellent service.
Priya M.
Hyderabad
As a freelance designer, my income isn’t always steady. I needed a quick personal loan for an emergency, and RING came to my rescue. The process was entirely online, and I received the money in my account within hours. I also love the transparency in their fees and interest rates. Thank you, RING, for supporting me when I needed it the most.
Arjun N.
Kolkata
RING's customer service is top-notch. They really care about their customers and are always ready to help. I applied for a low salary personal loan when my mother needed medical treatment, and RING made the whole process so easy. I didn’t have to worry about submitting loads of paperwork or waiting for weeks. RING is truly a lifesaver!
Sneha T.
Pune
I have been using RING for a while now, and I’m impressed with how seamless their services are. I recently needed a personal loan to upgrade my home office setup, and despite my modest income, I got approved quickly. The repayment terms are very flexible, which is perfect for someone like me who needs a bit of financial breathing room. Highly recommend RING for anyone in need of a quick loan!
Find the Right Personal Loan For You
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Personal Loan for Home Renovation
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Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
How to get a personal loan for a low salary?
Do I need to submit any security for a low-income personal loan?
No, RING does not require any security or collateral for our low salary personal loans. We believe in making credit accessible to everyone, without the burden of providing assets as security.
Is a CIBIL Score compulsory for a low-salary instant personal loan?
While having a good CIBIL score can enhance your eligibility for a loan, RING considers multiple factors when evaluating applications. Even if your score isn’t perfect, you can still qualify for a low-salary personal loan based on other aspects of your profile.
Will I get a low-income personal loan with a cash salary?
Yes, you can still apply for a personal loan for low salary even if you receive your salary in cash. During the application process, you will need to provide evidence of your income, which can include your bank statement or other financial documents that reflect your earnings.
More Questions
