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Looking for a loan but have a low income? There are many banks and finance companies offering payday loans in India with low-interest rates and affordable fees.

If you’re looking for a loan but have a low income, you may feel like your options are extremely limited, especially as lender’s have minimum income requirements. But PayMe India has got covered. It offers loans for low salary to suitable candidates based on proper evaluation and criteria.

Loans for low-income borrowers include short-term loans, personal loans, salary loan and more. In addition, there are many lenders, ranging from traditional financial institutions to alternative finance lenders, that offer a host of low-income loan options. Although these options may offer smaller loan amounts, they usually have lower fees and interest rates than traditional loans.

Compare the loan options

Make sure to keep the following tips into consideration when comparing the loan options:

  • Interest Rate: Check the interest rate on any loan you’re considering. Know the difference between fixed and variable interest. With variable interest rates, make sure you meet the monthly repayments if the rate happens to increase during the life of your loan.
  • Fees and charges: Mostly, all lender charge some amount which comes with a loan, so be aware of them. These include ongoing fees such as monthly or annual service charge, early repayment fees, etc. Payday loan companies such as PayMe India charge no early repayment fees.
  • Comparison rate: To better help you compare options, a comparison rate takes into account both the lender’s interest rate and other fees charged with the loan.
  • Loan Term: This refers to the length of time in which you have to pay back the loan. Personal loans usually have terms ranging anywhere from a few months to five or more years.
  • Repayments: Unless you take out the revolving loan, your loan will have regular repayments. Before taking a loan for low salary, make sure you know how much your monthly payments are, and if you are able to meet these repayments. Check if the lender offers any type of repayment flexibility.
  • Minimum loan amount: Check to see whether any loan you’re considering has a minimum loan amount. Make sure you take out a loan that fits your particular needs and funds the amount you actually require.
  • Secured Vs Unsecured: Some lenders may need collateral as security for your loan. This implies that if you are unable to repay, your lender has the right to seize any collateral you’ve given as security for that particular loan.

If you have limited funds, tackling your debt may be seen like a huge ladder to climb. But these tips by PayMe India will help you manage your bills or limit the monthly spending or think about loans for low salary.

Have more questions? PayMe India offers valuable debt-relief solutions.

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Written by

Manav Munjal