Low income? Here’s how to secure a personal loan on ₹15,000 salary


Personal loans are a popular choice for people who are in need of quick cash to cover their expenses for a while. These loans do not require any collateral and offer quick loan disbursement which makes them quite accessible.

However, lenders follow a specific eligibility criteria which you are required to meet in order to get your application approved. One of the key aspects of this criteria is your monthly salary.

Personal loans for 15,000 salary: Are you eligible?

A simple answer to this question is Yes. You can get a personal loan with a monthly salary of Rs. 15,000. Although banks and NBFCs prefer a stable salary with a high credit score, there are many banks who provide personal loans to individuals with low salaries.

Although you must understand that these personal loans attract higher interest rates and the principal amount offered to you as loan might be lesser than what you may expect. Hence, it is crucial that you maintain a healthy credit score and have a stable employment in order to build a strong profile. Let us have a look at some of the top lenders which offer personal loans at a salary of Rs. 15,000

Also Read | How is technology simplifying the personal loan application process?
Bank/NBFCs  Minimum salary required 
KreditBee Rs. 10,000
PaySense Rs. 12,000 
Moneyview Rs. 13,500
SBI  Rs. 15,000
Axis Bank  Rs. 15,000
Tata Capital  Rs. 15,000
CASHe Rs. 15,000
Stashfin  Rs. 15,000
Fibe(EarlySalary)  Rs. 15,000

1. KreditBee

Interest rates: 16% onwards

Maximum loan amount: Up to Rs. 5 lakh

Loan tenure: up to 3 years

2. PaySense

Interest rates:1.4% onwards

Maximum loan amount: Up to Rs. 5 lakh

Loan tenure: Depends as per application profile

3. Moneyview

Interest rates: 14% onwards

Maximum loan amount: Up to Rs. 10 lakh

Loan tenure: Up to 5 years

4. SBI

Interest rates: 11.45% onwards

Maximum loan amount: Up to Rs. 30 lakh

Loan tenure: Up to 6 years

Also Read | Can you get a loan with a 666 credit score? Find out now

5. Axis Bank

Interest rates: 11.25% onwards

Maximum loan amount: Up to Rs. 10 lakh

Loan tenure: Up to 5 years

6. Tata Capital

Interest rates: 11.99% onwards

Maximum loan amount: Up to Rs. 35 lakh

Loan tenure: Up to 6 years

7. CASHe

Interest rates: 2.25% onwards

Maximum loan amount: Up to Rs. 4 lakh

Loan tenure: Up to 1.5 years

8. Stashfin

Interest rates: 11.99% onwards
Maximum loan amount: Up to Rs. 5 lakh

Loan tenure: Up to 4 years

9. Fibe (EarlySalary)

Interest rates: 16% onwards

Maximum loan amount: Up to Rs. 5 lakh

Loan tenure: Up to 3 years

Tips to make a strong application for a personal loan

  • Maintain a healthy credit score to increase approval chances and get lower interest rates on your loan.
  • If possible apply with a co-applicant with better income to boost your application.
  • Select longer tenure to reduce EMI burden which may increase your chances of loan approval.
  • Gather bank statements and documents such as rental income and investments if any which can help you build a strong income background and a better profile.
Also Read | Personal Loan: 5 key strategies to lock interest rate before it spikes

In conclusion, before you get started with the application process, it is important to evaluate whether you really require a personal loan as these loans have a higher interest rate as compared to other loans in the market. Hence, before you sign up for one, you must also explore other options which may suit your budget better.

(Note: Raising a personal loan has its own risks)

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