How Much Personal Loan Can I Get On 15,000 Salary?

personal loan for 15000 salary

Personal loans rank among the most widely used debt products in India, making up about 25% of the total amount of credit offered by the banking sector. Easy personal loans are available from banks and non-banking finance organisations to borrowers with good credit history and a minimum monthly salary of Rs 15,000

Lenders view borrowers in the low-income category as risky assets and offer them loans at high interest rates because personal loans do not require any form of collateral.

Results of predicted interest rates, terms, and EMIs for loans to borrowers with salaries of Rs 15,000 can be found by quickly scanning the websites of banks and NBFCs. Keep in mind that while one’s income is a major determinant of eligibility for personal loans, lenders also give weightage to a strong credit score.

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How Much Personal Loan Can I Get On 15,000 Salary?

In general, personal loans up to Rs 150,000 are available from banks and NBFCs to borrowers earning Rs 15,000 per month in income. However, depending on a number of variables, such as other sources of income like rent, some lenders may provide an even bigger sum.

Based on the customer’s income and ability to repay the loan, lenders determine loan eligibility. The net repayment should ideally not exceed 50% of the net monthly income. This suggests that the borrower’s total monthly debt payments, including those for the proposed loan as well as their credit card debt, should not be more than 50% of their gross monthly income. The borrower must also have a high credit score, preferably 750 or more, at the same time.

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Personal Loan For 15000 Salary: Interest Rates

Lenders may impose an interest rate ranging from 11% to 35% depending on the applicant’s background. Those who fit into the high-risk group are given personal loans at higher interest rates.

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Personal Loan For 15000 Salary: Others Fees

In addition to paying interest, a borrower must also pay a processing charge that ranges from 0.5 to 6.0% of the loan’s total amount. Banks also charge fees for the documentation and amortisation schedule. Additionally, the lenders impose monthly compounded late payment and penalty fees.

Banks may also impose a fee if a borrower wants to switch the post-dated checks for new ones or modify the manner of repayment at a later time. Additionally, the lender could not permit prepayment.

For larger banks, a monthly income of less than Rs 15,000 falls into the high-risk category, therefore they are cautious about lending to this area. NBFCs and smaller banks do make loans to this market, nevertheless.

Therefore, maintaining a high credit score is crucial for someone in this category. Before beginning the application process, a borrower in this market segment should research the lenders’ interest rates and eligibility requirements.

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Best Personal Loans for Individuals with Rs 15,000 Salary


Interest Rate

Minimum Monthly Income

Max.Loan Amount

Loan Tenure

State Bank of India

9.60% p.a.


Rs.20 lakh

Up to 72 months

Axis Bank

12% – 21% p.a.


Rs.15 lakh

12 to 60 months

HDB Financial Services

Up to 36% p.a

Rs.15,000 for all locations and Rs.20,000 for metro cities

Rs.20 lakh


12 to 60 months


9.50% p.a. – 14.00% p.a.


Rs.5 lakh

12 to 60 months


Fullerton India

11.99% – 36% p.a.

Rs.20,000 for all locations and Rs.25,000 for metro cities

Rs.25 lakh

Up to 60 months

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Eligibility Criteria of Personal Loans for Individuals with Rs 15,000 Salary

If you have a relatively modest salary, you should first confirm that you are within the lender’s minimal income requirements. Remember that banks and other lending organisations will only take your application into account if you can repay the loan in the future and earn enough money to do so. Check to see if you also meet the other requirements listed by the lender, which are as follows:

  • One can apply for a loan whether they work for a private company, the government, or an organisation in the public sector.
  • The borrower must be between the ages of 21 and 60 when submitting an application for a loan.
  • A minimum of two years of work experience is required of the applicant.
  • The candidate ought to have worked for their present employer for at least a year.

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Documents Required While Applying for a Personal Loan for 15000 Salary

  • Duly-filled application form
  • Identity proof: You can submit your passport copy, driving licence, Aadhaar card, or voter ID as proof of identity
  • Proof of age
  • Proof of residence: You can submit a copy of your passport, Aadhaar card, driving licence, or voter ID card as proof of residence
  • Latest salary slips with Form 16
  • Bank statements of the last three months
  • Recent passport-size photographs
  • Signature verification proof

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Things to Consider When Applying For a Personal Loan on a Salary of Rs 15,000

Eligibility Criteria: Before applying for a personal loan, it is especially crucial if you have a relatively modest income to research and evaluate the qualifying requirements of various lenders. By doing this, your personal loan application will be less likely to be denied.

Interest Rate: The amount of money you must pay back in interest depends on the interest rate the lender charges when you take out a loan. If you are charged a high rate of interest, your total interest expense during the loan’s lifetime will be higher, which will increase the loan’s cost. Consequently, it is strongly advised that you compare interest rates charged for before deciding which lender to apply to. The best way to compare personal loan interest rates is either by visiting the official websites of banks and financial institutions or via a third-party financial services website.

Evaluate Other Fees: In addition to the principal and interest, there may be other fees assessed by the lender that must be taken into consideration when estimating the entire cost of the loan.

Check the EMI Payable: You must pay the lender the stipulated EMIs on a monthly basis after you have obtained a personal loan from them. Even one EMI missed could negatively impact your credit score and make it more challenging for you to apply for a loan in the future. Therefore, it is imperative that you use an EMI calculator to check the payable EMI.

Examine Your Credit Report: Make careful to check your credit rating before applying for a personal loan. If you’re interested in getting a loan with a low interest rate, it is advisable to maintain a credit score over 700.

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The Money Club: A Personal Loan Alternative

The Money Club is based on the peer-to-peer model. It is a concept in which people join clubs with other verified peers. They consent to pool a specific sum and compete among themselves for that sum. The goal of Money Club is to provide a platform where 1 million people may get together to save, invest, or borrow money. By leveraging cutting-edge technology, an AI-driven chit fund platform has completely changed how chit funds are managed in India. The Money Club creates trustworthy communities throughout India using the power of technology to encourage people to save more, borrow money at competitive interest rates, and invest their money wisely.

What is the process?

In this case, you continuously pool money over the course of three days, fifteen days, or a month for a set sum. Those who want to save money do not bid, while those who urgently need money bid to receive the lump sum payment, which is subsequently paid back in instalments. It is similar to taking out a loan, with the exception that the interest rate is significantly lower than what banks and other lending apps would charge. Second, you can get the money you need right away without having to meet any prerequisites, such as having the right paperwork or a good CIBIL score.

Let's clarify with the following example:

Assume a chit fund plan has 50 participants, each of which contributes Rs 1000 monthly to start with a pot of Rs 50,000. The member with the highest chit fund bid wins the bid when the auction is announced. In the event that I urgently require Rs. 50,000, I can now easily bid on 50,000 and receive the lump sum payment. I might only receive, say, 45,000 of the 50,000 in this scenario. It wasn’t a horrible deal, it didn’t require any paperwork, and most significantly, it had a low interest rate. In this instance, the chit fund acts as a form of borrowing. Each of the other parties receives an equal share of the remaining Rs 5,000 (Rs 50,000-Rs 45,000). In this case, the chit fund serves as a savings instrument. So, you can see that it is a win-win situation.

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FAQs Related to Personal Loan for Rs 15,000 Salary

How much loan can I get on 15000 salary?

The standard definition of a low-income borrower group includes those with a salary of Rs 15,000. Therefore, a borrower with a starting salary of Rs. 15,000 can apply for a personal loan instantly with a maximum approval amount of 1.5 Lakhs.

Can I apply for a personal loan using my first month's salary?

It is challenging to get a personal loan approved with only one month's pay because lenders often want at least six months' salary slip or bank statements as a necessary document.

Which bank offers loans for those earning Rs 15,000 monthly?

A: All banks, financial institutions, and NBFCs that offer instant personal loan services also offer personal loans to salaried borrowers who earn at least Rs. 15,000 per month.

Does my ability to obtain a personal loan depend on my income?

Yes. A bigger loan amount can be obtained by people with higher incomes and vice versa. To find out how much you can borrow, it is essential to use a personal loan eligibility calculator.

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