If you are earning a salary of ₹15,000 per month, you might be curious to know if you can obtain a personal loan. The reply is yes. Most banks and NBFCs in India are aware of the requirements of low-income people and provide small-ticket personal loans with less documentation. Let's see your options if you're looking for a personal loan on ₹15,000 salary.
Can You Take a Personal Loan on ₹15,000 Salary?
Yes, you can. Although a ₹15,000 salary does not seem high, some banks still find you eligible depending on things such as:
1. Your type of employment (salaried or self-employed)
2. Credit score
3. Current financial liabilities
Banks generally provide small loans, between ₹25,000 and ₹1 lakh, for people who have a salary of ₹15,000 per month.
Which Bank Provides Personal Loan for ₹15,000 Salary?
Here are some banks and NBFCs where you can apply:
1. IndiaLends
Loan amount: ₹25,000 to ₹2 lakhs
Eligibility: Salaried employees with ₹15,000 monthly salary
Interest rate: From 10.75%
2. Home Credit
Loan amount: ₹10,000 to ₹2 lakhs
Minimal documentation
Flexible EMI options
3. EarlySalary (Fibe)
Specializes in providing short-term personal loans for salaried low-income individuals.
No collateral required.
4. My Mudra Fincorp Ltd.
Provides instant personal loans for ₹15k salary earners.
App-based application with quick approval.
If you are curious about which bank offers a loan for ₹15,000 salary, these fintech websites and small finance banks are more accommodating than the conventional ones such as SBI or HDFC, which normally need a higher minimum salary.
Features of 15k Salary Personal Loan
Loan tenure: 3 months to 3 years
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EMI: Begins as low as ₹1,000/month based on the loan amount
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Quick approval: Numerous lenders give disbursal within 24-48 hours
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No security: Fully unsecured
Tips to Enhance Eligibility
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Keep good credit score (650+)
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Restrict existing loans/EMIs
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Offer stable job proof with salary slips
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Utilize co-applicants if possible to enhance approval possibilities
Conclusion
Getting a personal loan for ₹15,000 salary is surely possible if you know where to search. Opt for lenders that specialize in small-ticket loans and recognize your financial profile. Always compare interest rates, processing charges, and EMI features prior to applying.
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