In case your monthly income hovers around ₹15,000, it is reassuring to know that a personal loan is, in fact, a possibility. Your income may serve to limit the amount and/or term of the loan, but there are various lenders here in India who extend loans for salaries as low as ₹15,000, especially if the concerned applicant has been occupying the position for a reasonable period of time and possesses a good credit history.
Is It Still Possible to Apply for Personal Loans?
Yes: the loan can be applied for with a ₹15,000 salary. However, the amount disbursed may be relatively low, perhaps only ₹25,000 to ₹1,50,000, based on the repayment capacity, existing EMIs, and the credit score of the borrower.
Factors for Consideration by Lenders
1. Income Stability - The steady and verifiable income forms the crux of any transaction, with salaried jobs being the best for personal loans and employment history lying within the 6-12 months' time frame preferred.
2. Credit Score - Lenders offer the benefit of approval and interest rates as one advances above the 700 mark.
3. Employer Type - Employment with a reputed company is always a plus, as is a government job.
4. Debt-to-Income Ratio - The less EMIs you have in your current obligations, the more positive it is for your approval chances.
Best Ways to Increase Your Chances of Approval
-
Keep a good credit score
-
Don't apply for multiple loans at the same time
-
Submit full income documents (salary slips, bank statements)
-
Think of applying with the co-applicant or guarantor
Top Lenders Who Offer Personal Loans on a Salary of ₹15,000:
-
NBFCs (Non-Banking Financial Companies) – More flexible than banks in terms of eligibility criteria
-
Small Finance Banks – Targeting the lower-income section
-
Online Lending Platforms – Very fast turnaround with minimum paperwork
Tips Before You Apply
Use an online EMI calculator to find out how much of an EMI you could afford
Compare interest rates and processing fees charged by each lender
Read everything in the fine print like about foreclosure charges or charges for late payment, etc.
Conclusion
For a small income, it can be said that ₹15,000 salary personal loans are available for application. Apply for the loan only if you think you have met the eligibility criteria, your credit history is unimpeachable, and you can fully repay the amount borrowed. The personal loan on 15000 salary, planned well, can help in a financial crisis, in making a small purchase, or in debt consolidation.
Comments
0 comment