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Tata Capital > Blog > Personal Use Loan > How Much Personal Loan Can I Get on Rs. 15000 Salary

Personal Use Loan

How Much Personal Loan Can I Get on Rs. 15000 Salary

How Much Personal Loan Can I Get on Rs. 15000 Salary

Personal Loan on ₹15000 Salary

Borrowers from various salary brackets have routinely accepted personal loans. The qualifying conditions are simplified with a minimum wage slab so that all those with modest incomes can benefit from personal loans.

The confirmation of monthly salary is done primarily to assess the applicant’s ability to repay. Borrowers with a salary of Rs. 15,000 can readily obtain modest cash loans starting from Rs. 50,000 – Rs. 1,50,000, depending on the vendor. When split down into EMIs, this is simple to repay. The loan amount, however, might differ from bank to bank.

Calculate your personal loan EMI here.

How to Get a Personal Loan on a Rs. 15000 Salary

To request a personal loan for a minimum salary of 15000, customers must first complete the following steps:

  • Examine the Eligibility Conditions: Check the lender’s eligibility conditions and utilize the personal loan on Rs 15000 salary eligibility tools.
  • Determine the Interest Rate & Other Charges: Customers will be charged interest on their loan based on their wage, loan amount, loan period, credit history, and other criteria. They must additionally pay a registration fee in order to acquire the loan.
  • Gather the Required Documents: Customers must provide all of the bank’s required paperwork for the loan to be approved.
  • Complete the Application Form: Users must go to the lender’s webpage to finish the loan request form. To complete the loan request form, users must provide personal information such as their name, email address, contact information, loan amount, and so on.

Features and Benefits of an Instant Personal Loan for Rs. 15000 Salary

1. No collateral or security

At Tata Capital, instant personal loans are unsecured. This means they do not require any collateral or security.

2. Zero charges on part pre-payment

Up to 25% of the principal amount can be repaid 12 months after availing of the Instant Personal Loan without paying any additional fees or charges.

Characteristics of Personal Loan on Rs. 15,000 Salary

  • Small Cash Loans: Despite the client being new to the company, small cash loans ranging from Rs. 50,000 to Rs 1.5 Lakhs may be readily authorized using rapid loan applications. With an income of Rs. 15,000, it becomes simple to repay modest cash loans in low-interest installments.
  • Collateral-Free: Immediate personal loans don’t demand a guarantor or collateral. A collateral-free private loan is an excellent option for acquiring quick funding in times of urgency because the loan sum is limited and the borrower’s income bracket starts at Rs. 15,000.
  • Security: It is a secure online platform where users may put their personal information and evidence of minimum wage.
  • Paperless Documentation: Online KYC identification and earnings check-in in a digital format saves significant time. Borrowers must present their wage slip/bank report.

Fees and Charges of Personal Loans for a 15000 Salary

Interest Rate: Typically ranges from 11% to 35%

Processing Fees: Generally, 2.5% to 3.5% of the total loan amount.

Bounce Charges: A set amount for late payments, usually in the range of ₹350.

Personal Loan Options for Salaried Individuals Below ₹15000

To apply for a personal loan from Tata Capital, a person should have a minimum monthly salary of Rs. 15,000. As such, if your salary is below Rs. 15,000, you may find it challenging to qualify for a standard personal loan. However, you can explore some NBFCs and lenders that offer small-ticket personal loans below 15,000 salary with flexible income criteria. These loans often come with higher interest rates or shorter tenures. Alternatively, you can apply for a secured loan by pledging assets like gold.

Personal Loan EMI Calculation for ₹15000 Salary

Understanding the personal loan EMI calculation for individuals earning Rs. 15,000 a month can help you secure the right loan amount and manage repayments comfortably. The personal loan EMI depends on three key factors:

  • The principal
  • Interest rate
  • Loan tenure

Let’s understand the calculation with an example.

Suppose you borrow Rs. 1 lakh at 15% interest for 12 months. Using the standard EMI formula, your monthly EMI will come to around Rs. 9,100. You can also use online EMI calculators to experiment with different loan amounts and tenures till you arrive at an EMI you are comfortable with.

Factors Determining Personal Loan Amount for ₹15000 Salary

With a salary of Rs. 15,000, borrowers typically qualify for small cash loans ranging from Rs. 50,000 to Rs. 1,50,000. However, the exact amount depends on factors like credit score, job stability, and debt-to-income ratio. Submitting proper documentation and exploring options with different lenders can lead to higher loan eligibility. The confirmation of the monthly salary is done primarily to assess the applicant’s ability to repay.

Eligibility Criteria to Get a Personal Loan on a Rs. 15000 Salary

A person’s monthly income is quite important when it concerns their personal loan eligibility for a Rs. 15000 salary. Personal loans on a 15000 salary conditions also vary depending on the lender. With a monthly salary of Rs. 15,000, the following qualifying conditions must be fulfilled:

– Evidence of Indian nationality.

– Income documentation includes a six-month bank statement and a salary slip.

– An applicant’s age qualifying criterion spans from 21 to 58 years.

– Individuals must be paid or self-employed persons or business people.

– One should be employed in the private or public service industry.

– One’s credit record should fulfill the lender’s requirements. Credit scores may vary because various lenders establish different requirements.

Documents Required for a Personal Loan on a ₹15000 Salary

A suitable collection of required documents may assist consumers in improving their loan approval possibilities. Since rapid lending apps use a paperless verification system, keep the following information on hand before completing a loan application:

– Customers must provide KYC data for personal identification and address evidence confirmation (Aadhar Card/Passport/ Driving License).

– Financial documentation may involve the previous six months’ pay stubs/bank records or the latest bank transfer slip to verify the security of their current income & capacity to repay.

– Tata Capital offers a risk-free loan of up to Rs. 150,000 that customers can pay back over a flexible period of 1 to 2 years.

Tips to Improve Personal Loan Eligibility with a ₹15000 Salary

Here are some tips that can help you improve your personal loan eligibility with a Rs. 15,000 salary:

1. Improve your credit score: One of the most important tips to improve your personal loan eligibility is to maintain a high credit score of over 700. You can do this by paying EMIs and credit card bills on time, keeping credit utilisation low, and avoiding multiple loan applications at once.

2. Maintain a stable bank balance: Your bank statements show your financial discipline. Make sure your salary is credited consistently and avoid frequent or large cash withdrawals.

3. Choose a longer tenure: A longer loan tenure reduces your monthly EMI. This can make it easier to qualify for a loan as it signals lower risk for lenders.

4. Apply with a co-applicant: If your income or credit score is limited, you can consider applying for a personal loan with a co-borrower. This can increase your eligibility and may even help you get better interest rates.

What to Consider Before Applying for a Personal Loan on a ₹15000 Salary

Before you apply for a personal loan with a Rs. 15,000 salary, consider the following factors:

1. Loan eligibility: First and foremost, make sure you meet all the requirements to apply for a personal loan. This will lower the chances of your application being rejected.

2. EMI affordability: Before applying for the loan, calculate your potential monthly EMIs to ensure you can repay the amount without straining your monthly budget. You can use an online EMI calculator to experiment with different amounts and tenures to arrive at an estimate you’re comfortable with.

3. Other charges: You should also consider other fees and charges before applying for a personal loan with a salary of Rs. 15,000. These include the processing fees, stamp duty charges, pre-payment charges, etc.

4. Credit score: To increase your chances of approval and secure favourable terms and interest rates, make sure you have a good credit score of 700 or more.

Wrapping Up

Lenders determine personal loan eligibility depending on someone’s income and repayment capacity. They would like the recommended EMI to be between 50% and 60% of their net monthly income. For example, SBI requires that the planned EMI not exceed 50% of the net monthly income. Check out this blog from Tata Capital if users are confused about getting a personal loan on a 15000 salary.

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FAQs

Can I get a personal loan if my salary is Rs. 15,000?

To be eligible for a personal loan from Tata Capital, borrowers must have a minimum monthly income of Rs. 15,000.

What is the minimum salary to get a personal loan?

The minimum monthly salary to get an instant personal loan from Tata Capital should be at least Rs. 15,000.

How much loan can I get on a Rs. 15,000 salary?

The amount of loan you can get depends on many factors other than salary. This includes your credit score, past repayment history, credit utilisation ratio, and more.

How can I get Rs. 15,000 instant loan urgently?

To obtain an urgent loan, visit the Tata Capital website and apply for an online personal loan by filling out a personal loan application form.

What is the minimum credit score required for a Rs. 15,000 salary personal loan?

The minimum credit score required for a personal loan is between 650 and 750. A higher credit score increases the chances of approval.

What documents are required to apply for a personal loan on a ₹15000 salary?

To apply for a personal loan on a Rs. 15,000 salary, you need to produce an ID and address proof like the Aadhar card, passport, or driving license. You'll also need to submit relevant financial documents like bank statements for the last 6 months and income proof.

 

What is the typical interest rate for personal loans for a ₹15000 salary?

The personal loan interest rate for a Rs. 15,000 salary typically ranges from 11% to 35%. You will also have to bear additional charges like the processing fee, which is 2.5% to 3.5% of the loan amount, and stamp duty charges.

Is a co-applicant necessary for a personal loan with a ₹15000 salary?

No, a co-applicant isn't necessary for a personal loan with a Rs. 15,000 salary. However, if your credit score and repayment capacity are low, a co-applicant can increase the chances of loan approval.

Can I get a personal loan if my salary is less than ₹15000?

No, to get a personal loan from Tata Capital, you should have a minimum monthly salary of Rs. 15,000.

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