How Much Loan Can I Get On 15,000 Salary?

Curious about how much Personal Loan you can avail on a salary of Rs 15,000? You are not alone. Most first-time borrowers begin their loan experience at this income level. In fact, Rs 15,000 is usually the lowest salary needed to apply for a Personal Loan with top lenders such as Hero FinCorp. So, if you've been wondering, "Can I get a loan on a Rs 15,000 salary?"—the answer is yes, you can.

Lenders take your salary to determine repayment ability. With a salary of Rs 15,000 per month, you can get a Personal Loan of Rs 50,000 to 5,00,000 based on the lender's policy and your financial history. The EMIs are designed to accommodate low-income borrowers so as to make repayment easy.

Loan apps such as the Hero FinCorp Instant Personal Loan app make things even simpler. You can apply online and obtain instant approval—sometimes in minutes. Just download it from the Google Play Store and apply using your basic details.
 

Personal Loan on Rs 15,000 Salary

If you are getting Rs 15,000 per month, you could still get a Personal Loan based on your financial profile. At Hero FinCorp, we assess your income level, credit score, and outstanding financial obligations before sanctioning a loan.

The highest loan amount can be as much as Rs 5 Lakh, but the amount actually provided will be based on factors such as your credit score, repayment ability, and existing commitments. If you have a good credit history and have not accumulated too many loans, your approval chances become much better.

EMI on a Personal Loan for a 15k Salary for Tenures of 36 Months

If a person drawing Rs 15,000 avails a Personal Loan of Rs 1 Lakh at a rate of interest of 19% per annum, the EMI to be paid over varying tenures (12-36 months) would differ. The following table reflects approximate EMIs over varying loan tenures.

Features & Benefits of an Instant Personal Loan With a Salary of Rs 15,000

Hero FinCorp Instant Personal Loan provides instant, paperless cash loans—perfect for individuals with a monthly income of Rs 15,000.

• Small Cash Loans: Applicants can avail small cash loans between Rs 50,000 to Rs 5 Lakh. With an annual income of Rs 15,000, these amounts are easily repayable through easy EMIs.
• Collateral Free:These instant Personal Loans do not need a guarantor or collateral. Since the loan amount is low and the starting income slab is Rs 15,000, a collateral-free Personal
• Loan provides quick access to finance in times of emergency.
• Secure Platform: The online platform ensures the security of your data, enabling you to provide your personal and income information without tension.
• Paperless Documentation: With electronic KYC and online verification of income, the process is fast and convenient. Those with an income of Rs 15,000 or more just need to submit salary slips and bank statements.
• Instant Approval: Get your loan approved in no time when you apply online through the Hero FinCorp website or loan app.
• Quick Disbursement: The loan amount is transferred to your bank account soon after approval, subject to eligibility and document verification.
• Competitive Interest Rates: You can benefit from attractive interest rates starting from 1.58% per month that helps to keep your EMIs manageable.
• Flexible Repayment Options: You can choose from flexible loan tenures, ranging from 12 to 36 months, as per your repayment capacity.
• Transparent Fees: There are no hidden charges on the loan, ensuring you get the exact amount you need.
• Versatile Use: You can use the loan amount for various purposes like travelling, medical bills, vehicle repairs, or home renovations.
• Transparent Process: You can experience a clear and straightforward loan application process, making borrowing hassle-free.
• Flexible Eligibility: The eligibility requirements are simple to meet, which makes it easier to apply for a loan.
• Supportive Service: You can expect excellent customer support before, during and after the loan is sanctioned.

What are the Eligibility Criteria for a Personal Loan?

Besides the minimal monthly income of Rs 15,000, there are a few other requirements that you should fulfil to get a Personal Loan from Hero FinCorp.

• Age: You should be between 21 and 58 years of age.
• Citizenship: You should be a citizen of India to be eligible.
• Work Experience: The minimum work experience for salaried individuals is six months, while for self-employed individuals, it's 2 years.
• Credit Score: You should have a credit score of 750 or above.

How to Improve Your Eligibility for a Rs 15,000 Salary Personal Loan?

Here are a few steps you can take to improve your eligibility for a Personal Loan with a Rs 15,000 salary:

• Enhance Your Credit Score: You should regularly monitor your credit report and take steps to improve your credit score by paying off existing debts and avoiding missed payments.
• Increase Your Income: If possible, you should consider additional sources of income or look for opportunities to increase your salary.
• Reduce Existing Liabilities: You should try to reduce your existing debts to improve your debt-to-income (DTI) ratio, which can increase your loan eligibility.

Documents Required for a Rs 15,000 Salary Personal Loan

You can improve your loan approval chances by having some important documents at hand. As the Hero FinCorp instant loan app follows a paperless process, keep the following documents ready while applying:

Fees and Charges - Personal Loans on Rs 15,000 Salary

Before applying, you should have an understanding of fees and charges for Personal Loans. At Hero FinCorp, the interest rates are competitive and other charges are reasonable. Let's check out the loan charges and fees.

How to Apply for an Instant Personal Loan with 15,000 Salary Online?

Following is a step-by-step process to apply for an unsecured Personal Loan online with Hero FinCorp.

• Visit the Hero FinCorp website or install the Personal Loan ap
• Go to the Personal Loan page and click 'Apply Now'
• Put in your mobile number and authenticate with the received OTP
• Select the loan amount you wish to borrow
• Authenticate your KYC information to confirm income eligibility
• Select 'Submit' to finish your application

Prior to applying, use the Personal Loan EMI Calculator to determine your loan EMIs based on the loan amount, interest rate and repayment period.

Conclusion

Even with a salary of a mere Rs 15,000, you can get an instant Personal Loan online. You can get amounts of up to Rs 5 Lakh at a competitive interest rate and flexible loan repayment tenures with Hero FinCorp. Just maintain a good credit score, review terms carefully, and ensure timely EMI payments. The Hero FinCorp loan app is the perfect way to apply for a loan quickly without physical paperwork or collateral.

FAQs

Can I get a higher loan amount if my credit score is good?

Yes, a good credit score increases your chances of securing a higher loan amount.

How much Personal Loan can I get on a Rs 15,000 salary?

The amount you can get will depend on your credit profile and lender’s criteria. At Hero FinCorp, you can get a Personal Loan between Rs 50,000 and 5,00,000.

How long does it take for a Personal Loan to be disbursed?

At Hero FinCorp, Personal Loans are disbursed quickly after approval when you apply online.

What should I do if I am not eligible for a loan on a Rs 15,000 salary?

You can consider improving your credit score, reducing existing debts, or increasing your income. You may also consider adding a co-applicant with a higher income and good credit score to your application.

What is the minimum salary to get a Personal Loan? 

The minimum income eligibility criteria vary from lender to lender. At Hero FinCorp, the minimum salary required for a Personal Loan is Rs 15,000.

Can I get a Personal Loan on the first month’s salary?

It may be difficult to get a Personal Loan approval with a first month’s salary as lenders require at least 3 months’ salary slips and six months of experience in the same company.

What is the lowest Personal Loan amount? 

The Personal Loan amount can vary from lender to lender. At Hero FinCorp, the lowest Personal Loan amount is Rs 50,000.