Getting a personal loan on ₹15,000 salary may appear to be a difficult task, but it is not impossible. Several banks and financial institutions provide loans to low-income group people, but only if some conditions are fulfilled. In this guide, we will tell you how to get a ₹15,000 salary loan and which banks you can contact.
Eligibility for Personal Loan on ₹15,000 Salary
The majority of banks take a minimum monthly salary of ₹15,000 as the minimum eligibility for a personal loan. But your credit score, employment stability, and current financial commitments also significantly influence approval. If you are employed with a well-known company or have an extended tenure of employment, your prospects become better.
Which NBFCs Offers Personal Loan for ₹15,000 Salary?
Here are some NBFCs and banks that can provide personal loan for ₹15,000 salary:
- Fullerton India: Provides personal loans from ₹15,000 monthly income with flexible repayment tenures.
- MoneyTap: A suitable choice for salaried people with a minimum income of ₹15,000, offering instant approval on small loans.
- My Mudra Fincorp Ltd.: Offers tailored personal loan options for low-income earners, with easy application processes and quick disbursement.
- KreditBee: Best for young professionals or first-time borrowers with average salaries.
Please be aware that public sector banks such as SBI and Bank of Baroda might need a marginally higher income, typically in the region of ₹20,000 per month.
Tips to Improve Loan Approvals
- Keep a good credit score (over 700).
- Keep existing EMIs minimal to maintain a low debt-to-income ratio.
- Select a co-applicant to enhance your chances.
- Apply for lower amounts of loans (say ₹50,000 to ₹1 lakh) to begin with.
Conclusion
Although getting a personal loan on a ₹15,000 salary might be somewhat challenging, it definitely is not impossible. With the proper lender and decent financial history, you can avail of a small personal loan to fulfill your requirements. Always compare interest rates and terms before applying to make the best choice.
