Many people believe that a personal loan is only available to those earning a high income. The truth is, even with a monthly salary of ₹15,000, you can still get a personal loan. The loan amount may be limited, but it can be extremely helpful during emergencies such as medical expenses, education needs, or urgent family requirements.
If you are earning ₹15,000 per month and are wondering about your chances, here’s a clear guide for you.
✅ Can You Really Get a Personal Loan on ₹15,000 Salary?
Yes, it is possible. Several banks, NBFCs (Non-Banking Financial Companies), and digital lending apps provide loans to individuals with lower income levels. However, the approval depends on certain factors such as:
Your credit score
Job stability and type of employer
City of residence (metros often require slightly higher income)
Existing debts or EMIs
In most cases, the loan amount ranges between ₹25,000 to ₹2 lakh if your salary is ₹15,000.
📌 General Eligibility Criteria
Before you apply, check if you meet these basic requirements:
- Age: 21–58 years
- Monthly Salary: At least ₹15,000 (some lenders may require ₹20,000 in bigger cities)
- Employment Type: Salaried with minimum 6–12 months of job experience
- Credit Score: Preferably 650 or above
- Repayment Capacity: Your EMI should not exceed 30–40% of your monthly income
🏦 Lenders That Provide Personal Loans on ₹15,000 Salary
While every lender has different policies, here are some options generally available for individuals in this income range:
- Public Sector Banks
Government banks like SBI, PNB, and Canara Bank often provide small personal loans to salaried individuals earning ₹15,000, especially if they have a salary account with the bank.
- Private Sector Banks
Banks like HDFC Bank and ICICI Bank may consider applicants with ₹15,000 salary, but approval usually depends on job stability and credit score.
- NBFCs (Non-Banking Finance Companies)
NBFCs such as Bajaj Finserv offer small-ticket loans that are easier to get approved compared to banks.
- Digital Lending Apps & Fintechs
Platforms like Paysense, EarlySalary, and Home Credit are popular among lower-income applicants as they allow instant approval for amounts as low as ₹10,000 to ₹1 lakh.
📊 Example EMI Calculation
Suppose you earn ₹15,000 and borrow ₹1 lakh for 3 years at 12% interest:
Monthly EMI: About ₹3,321
Total Repayment: Around ₹1,19,556
This means you’ll spend nearly 22% of your income on EMI. It’s better to borrow smaller amounts so that repayment doesn’t affect your daily expenses.
💡 Tips to Improve Your Loan Approval Chances
Maintain a good credit score (above 650)
Do not apply to too many lenders at once
Provide salary slips and bank statements as proof of income
Apply with a co-applicant if possible
Show additional income sources (commissions, rent, part-time work)
📝 Final Words
If your salary is ₹15,000 per month, you can still qualify for a personal loan. The amount may be lower compared to higher earners, but it can serve your urgent needs. Start with small-ticket loans and build your repayment history, which will increase your chances of getting bigger loans in the future.
