How Much Loan Can I Get On 15000 Salary?
- Know the Relevant Features of an Instant Personal Loan With a Salary of Rs.15,000
- Apply for Instant Loan with 15000 Salary on Hero FinCorp Instant Personal Loan
- What are the Eligibility Criteria for Personal Loan with 15000 Salary?
- Documents Required for Low Salary Personal Loan
- Fees and Charges - Personal Loans for 15000 Salary
- Benefits of Applying for Personal Loan for 15000 Salary with Hero FinCorp
- What Factors Lower CIBIL Score?
- Wrapping Up
- FAQ:
Personal loans have been commonly accepted by borrowers belonging to different salary slabs. Those earning a salary of Rs 15,000 belong to the starting range of a personal loan eligibility criteria. It means a minimum of 15,000 salary is mandatory to avail of a personal loan. The eligibility criteria are made simple with a minimum salary slab so that even the low-salary income group can avail the benefit of a personal loan.
Verification of monthly income is mainly done to probe the repayment ability of the applicant. With 15,000 salary, borrowers can easily avail small cash loans ranging from 50,000 to 5,00,000. This is easy to repay when broken down into EMIs. However, the loan amount can vary from lender to lender.
Hero FinCorp Instant Personal Loan is one of the latest personal loan apps helping with instant loans within 24 hours. Get the Hero FinCorp Instant Personal Loan app on your phone. Download from Google Play Store. Individuals applying for personal loans with minimum salary can also apply for an instant loan on the Hero FinCorp Instant Personal loan app.
Know the Relevant Features of an Instant Personal Loan With a Salary of Rs.15,000
Small Cash Loans: Small cash loans between Rs.50,000 to 5 Lakhs can be easily approved via instant loan apps, even if the borrower is new in the business. With a salary of Rs.15,000, it is easy to repay small cash loans in easy EMIs.
Collateral Free: Instant personal loans do not require a guarantor or an asset against the loan. As the loan amount is limited and the borrower’s income slab starts from Rs.15,000, a collateral-free personal loan is a good catch for getting speedy finance in times of emergency.
Security: It is a secured digital platform that you can trust to give away the personal details and income proof of minimum salary.
Paperless Documentation: A considerable amount of time is saved due to the digital KYC verification and income check-in in a paperless format. Borrowers with a salary of Rs.15,000 or more are required to submit their salary slip/bank statement.
Apply for Instant Loan with 15000 Salary on Hero FinCorp Instant Personal Loan
Follow few simple steps to complete the loan application process
- Register with basic details – mobile number, email address and pin code
- Set the desired EMI using the loan EMI calculator
- Paperless verification of KYC details using a security code
- Bank account verification through net banking; the credentials are never stored
- Instant loan approved in minutes and transferred to the bank account
Both salaried and self-employed individuals with a minimum monthly income of INR 15,000 can apply for an instant loan at Hero FinCorp Instant Personal Loan. No collateral is required as instant loans are unsecured loans and require no guarantee.
What are the Eligibility Criteria for Personal Loan with 15000 Salary?
The monthly income of a person is significant when it comes to personal loan eligibility. Different lenders have different criteria for personal loans. For a personal loan application with 15,000 salary, fulfil the below eligibility criteria:
- Proof of Indian citizenship
- Six months bank statement and salary slip as income proofs
- Age eligibility criteria of an applicant ranges between 21-58 years
- You should be either salaried or self-employed individual/ businessman
- You should be working in/with either private or public sector
- Your credit history should meet the criteria set by the lender. Credit score may vary as different lenders set different bars as per their standards.
Documents Required for Low Salary Personal Loan
Even though your salary is Rs.15,000 but the need for taking a personal loan is unavoidable. In such circumstances, increase your loan approval chances with the right set of mandatory documents. As the instant loan apps follow a paperless verification procedure, keep handy the below while submitting a loan application:
- You need to submit KYC details for personal identity and address proof verification (Aadhar card/Passport/Smart Card Driving License)
- Financial documents may include the last 6 months salary slip/bank statements or recent bank transaction slip to check the stability of your current income and ability to repay.
- Take a risk-free loan up to 1,50,000 via Hero FinCorp Instant Personal Loan and pay at your convenience in a flexible tenure of 1 to 5 years.
Fees and Charges - Personal Loans for 15000 Salary
At your 15000 salary, it is important for you to have clarity on fees and charges for personal loans. That's why your main targets are affordable rates, this way you can access the funds you need without straining your budget. You'll benefit from competitive interest rates, minimal processing fees, and absolutely no hidden costs. The goal here is to empower you financially and help you achieve your dreams without adding unnecessary burden. Let's check out the charges below:
| Fees and Charges | Amount Chargeable |
|---|---|
| Interest Rate | Upto 21% |
| Processing Fees | 2.5% - 3.5% |
| Bounce Charges | 350/- |
| Foreclosure Charges | 5% + GST |
Benefits of Applying for Personal Loan for 15000 Salary with Hero FinCorp
Hero FinCorp Instant Personal Loan provides quick, paperless cash solutions, ideal for those earning ₹15,000 monthly.
Pointers:
- Quick Cash Solutions: Instant funds to meet urgent financial needs.
- Paperless Application: Streamlined process with minimal documentation required.
- Income Flexibility: Suitable for individuals earning ₹15,000 per month.
- Versatile Use: Cover expenses like rent, medical bills, vehicle repairs, or home renovations.
- Transparent Process: Clear and straightforward loan application for those with ₹15,000 monthly salary.
- Flexible Eligibility: Broad criteria for easy loan qualification.
- Rapid Disbursement: Loans provided within 24 hours, subject to eligibility and document verification.
- Supportive Service: Excellent customer support throughout the loan process.
Hero FinCorp ensures accessibility and convenience for personal loans.
What Factors Lower CIBIL Score?
Given that your CIBIL score holds significant importance during the loan application process, it's crucial for you to familiarise yourself with the elements that impact your credit score.
Credit Score: Your credit score plays a pivotal role in loan approval. Maintaining a good score is vital for favourable loan terms and interest rates.
Income and Employment Stability: Lenders assess your income stability and employment history to gauge repayment capacity and determine loan eligibility.
Debt-to-Income Ratio: Lenders evaluate your debt-to-income ratio to ensure you can manage additional loan payments alongside existing debts responsibly.
Loan Amount and Repayment Term: The loan amount and repayment term should align with your financial capabilities to ensure manageable monthly payments.
Existing Financial Obligations: Lenders consider your existing financial obligations, such as ongoing loans or credit card debts, to assess your overall repayment capacity.
Wrapping Up
For larger banks, a monthly income below Rs 15,000 is considered high-risk, making them hesitant to lend. However, NBFCs cater to this segment. Maintaining a strong credit score is crucial. Check interest rates and eligibility criteria before applying. Look for flexible payment options and foreclosure costs. Besides automatic monthly debits, repayments can be made online, through the app, or via a payment wallet. Multiple repayment methods ensure timely EMI payment. At Hero FinCorp, personal loans up to Rs 5 lakh are available at an interest rate of upto 21% per annum.
FAQ:
Q.1. Can I get a higher loan amount if my credit score is good?
A: Yes, a good credit score can increase your chances of getting a higher loan amount even with a ₹15,000 salary. Lenders consider a high credit score as a sign of responsible credit management.
Q.2. What should I do if I am not eligible for a loan on a ₹15,000 salary?
A: If you're not eligible, consider improving your credit score, reducing existing debts, or increasing your income. You may also explore co-applying with someone who has a higher income to boost eligibility.
Q.3. What is the minimum salary to get a personal loan?
A: The minimum income eligibility criteria vary from lender to lender. With the Hero FinCorp Instant Personal Loan app, the minimum salary for a personal loan is Rs.15,000.
Q.4. Can I get a personal loan on the first month’s salary?
A: It is difficult to get a personal loan approval with a first month’s salary as lenders to require at least 6 months of salary slip or bank statement as a mandatory document.
Q.5. What is the lowest personal loan amount?
A: Even this is a subjective choice that varies across lender groups. Depending upon their eligibility criteria and starting loan amount, borrowers set minimum borrowing limits. Hero FinCorp Instant Personal Loan offers a loan amount anywhere between Rs.50,000 to 5 Lakh.
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Disbursement
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.