Personal loans have become a go-to financial solution for individuals needing quick, hassle-free funding—without the need for any collateral. Whether you’re facing a medical emergency, planning a home renovation, covering education costs, or dealing with unexpected bills, a personal loan can be a real lifesaver.
But what if your income is on the lower side—say, around ₹15,000 per month? Is it still possible to get approved? In this blog, we uncover the reality of getting a personal loan for 15,000 salary, and what you need to know before applying.
Is It Possible to Get a Personal Loan on ₹15,000 Salary?
Yes, it is possible—but there are certain limitations and conditions you need to be aware of.
Most lenders have a minimum income requirement, and while many prefer applicants earning ₹20,000 or more, some Non-Banking Financial Companies (NBFCs) and smaller banks do offer personal loans to individuals earning ₹15,000 monthly. However, approval isn’t guaranteed. Your eligibility will depend on several other factors beyond your income.
Factors That Affect Loan Approval for ₹15,000 Salary
Here’s what lenders typically consider before approving a personal loan for someone with a lower income:
1. Credit Score
A good credit score (preferably above 700) increases your chances significantly. It shows lenders that you have a reliable repayment history.
2. Existing Debt
If you already have EMIs or other loans eating into your income, lenders may be hesitant to offer another loan, as your repayment capacity is considered low.
3. Employment Stability
Being employed in a permanent job for at least 6-12 months is often a minimum requirement. Government or reputed private sector jobs are preferred.
4. Location
Lenders sometimes have different eligibility criteria based on your city or region, especially in metro vs. non-metro areas.
5. Loan Amount
With a ₹15,000 salary, don’t expect a high loan amount. Most lenders might cap your personal loan limit between ₹25,000 and ₹1,00,000, depending on your profile.
Tips to Improve Your Chances
If you’re earning ₹15,000 and need a personal loan, here are some smart ways to improve your chances:
- Maintain a Good Credit Score: Pay all your existing EMIs and credit card bills on time.
- Choose NBFCs or Digital Lenders: These are often more flexible than traditional banks.
- Apply for a Lower Amount: Don’t overestimate your borrowing capacity. Smaller loan amounts are easier to approve.
- Add a Co-Applicant or Guarantor: This increases your credibility in the eyes of the lender.
- Show Additional Income Sources: Freelance work, part-time income, or spouse’s income can help.
Where to Apply?
Some lenders known to provide loans for low-income individuals include:
- Bajaj Finserv
- MoneyTap
- PaySense
- CASHe
- EarlySalary
These platforms often provide quick loan approvals, even to individuals with lower income, provided other criteria are met.
Final Thoughts
Getting a personal loan with a ₹15,000 salary is not impossible—but it requires careful planning, a good credit profile, and realistic expectations. While large banks may reject such applications due to income thresholds, smaller NBFCs and fintech lenders may offer tailored products.
Before applying, compare multiple lenders, check eligibility criteria, and make sure the EMI won’t strain your monthly budget. Borrow smart, and only take a loan when absolutely necessary.