Getting a personal loan in India is one of the easiest ways to manage sudden financial needs like medical emergencies, wedding expenses, education, or even debt consolidation. But if your monthly salary is only ₹15,000, you might be wondering whether you are eligible for a loan and which banks or financial institutions will approve your application. The good news is, yes—it is possible to get a personal loan with a low salary, but you must choose the right lender and understand the requirements clearly.
Can You Get a Personal Loan with ₹15,000 Salary?
Yes, you can. Many banks and NBFCs (Non-Banking Financial Companies) offer personal loans to people with salaries starting from ₹12,000–₹15,000 per month. However, the loan amount and interest rate may not be as favorable as those offered to higher-income applicants. Lenders usually check your repayment capacity, job stability, and credit score before approving the loan.
Minimum Eligibility for Personal Loan with ₹15,000 Salary
Age: 21–60 years
Monthly Income: At least ₹12,000–₹15,000 (varies by lender)
Employment: Salaried employee with a stable job history (minimum 6–12 months in current company)
Credit Score: Preferably above 650 (some NBFCs may approve lower scores with higher interest)
Location: Metro and urban city employees have better chances compared to rural applicants
Where to Get a Personal Loan with ₹15,000 Salary
Here are the best banks and financial institutions that consider applicants with low monthly salaries:
- State Bank of India (SBI)
Minimum income required: ₹15,000 (urban branches)
Loan amount: ₹25,000 – ₹20 Lakhs
Interest rate: Starts from 11% p.a.
Advantage: Trusted government bank with flexible repayment
- HDFC Bank Personal Loan
Minimum salary: ₹15,000 (for semi-urban/rural areas, ₹20,000 for metros)
Loan amount: Up to ₹40 Lakhs
Interest rate: 10.5% onwards
Advantage: Quick processing with existing salary account
- ICICI Bank Personal Loan
Minimum salary: ₹15,000 (varies by city)
Loan amount: ₹50,000 – ₹25 Lakhs
Interest rate: 10.99% onwards
Advantage: Instant approval for ICICI salary account holders
- Axis Bank Personal Loan
Minimum income: ₹15,000 per month
Loan amount: ₹50,000 – ₹15 Lakhs
Interest rate: 11%–20%
Advantage: Flexible tenure of 12 to 60 months
- Bajaj Finserv (NBFC)
Minimum salary: ₹12,000–₹15,000
Loan amount: ₹30,000 – ₹25 Lakhs
Interest rate: 12% onwards
Advantage: Easier approval compared to banks, minimal documentation
- EarlySalary / KreditBee / MoneyTap (Digital Lenders)
Salary requirement: ₹12,000–₹15,000
Loan amount: ₹5,000 – ₹2 Lakhs
Interest rate: 18%–30%
Advantage: Fast online approval, suitable for short-term urgent needs
Tips to Increase Loan Approval Chances
- Maintain a good credit score (above 700) – Pay your EMIs and credit card bills on time.
- Show income stability – At least 6 months in the same job is preferred.
- Keep debt-to-income ratio low – Avoid multiple loans at the same time.
- Apply with a co-applicant – Adding a family member with higher income increases approval chances.
- Start with NBFCs or digital lenders – If banks reject, try NBFCs that are more flexible.
Final Thoughts
Even with a salary of ₹15,000 per month, you can get a personal loan in India if you apply to the right bank or NBFC. While government banks like SBI and private banks like HDFC, ICICI, and Axis offer such loans, NBFCs like Bajaj Finserv and digital lenders like KreditBee or MoneyTap are also great options for quick approval.
Always compare interest rates, processing fees, and EMIs before finalizing your loan. Borrow only what you truly need and ensure timely repayments to avoid getting trapped in debt.
