How Much Personal Loan Can I Get on 15000 Rs. Salary?

Posted on Thursday, February 13th, 2025 | By IndusInd Bank

Personal loans have become a vital financial tool to meet unexpected expenses, consolidate debt, or fund major life events. If you earn a monthly salary of ₹15,000, you must have wondered at least once that how much you can borrow as a personal loan. Understanding your loan eligibility is crucial before making any financial commitments. This article explores how much personal loan you can get on a ₹15,000 salary.

Understanding Personal Loan Eligibility

Before delving into specific figures, it is important to understand the factors that influence personal loan eligibility. Lenders usually assess the following factors:

1. Income Level: Your monthly income plays a pivotal role in determining the loan amount. It directly affects your repayment capacity.
2. Credit Score: A good credit score enhances your chances of securing a loan with favourable terms. It reflects your creditworthiness and repayment history.
3. Employment Stability: Consistent employment with a reputable organisation adds to your credibility as a borrower.
4. Existing Liabilities: Lenders consider your current financial obligations to assess your repayment capacity.

Personal Loan Options for a ₹15,000 Salary

While a ₹15,000 salary may seem modest, certain lenders provide personal loans for such income levels. Typically, banks and financial institutions offer loans that range just a little over your net monthly income, depending on their policies and your credit profile. Therefore, with a ₹15,000 salary, you might be eligible for a loan amount ranging from ₹50,000 to ₹1.5 lakh.

However, it’s important to remember that these figures are indicative. The actual amount will depend on the lender’s specific criteria, your credit history, and other factors.

Does IndusInd Bank Offer Personal Loan at ₹15,000 Salary?

IndusInd Bank is a renowned financial institution offering a variety of personal loans to cater to diverse needs. However, it is crucial to note that IndusInd Bank requires a minimum monthly income of ₹25,000 for personal loan eligibility. Therefore, if your salary is ₹15,000, you would not qualify for a personal loan with IndusInd Bank under the current criteria. However, it is advisable to be aware of our offering for any future borrowing you might have when your income increase. Our Personal Loan features include:

1. Loan Amount Options:

Begin with a minimum loan of ₹30,000 and customise your desired amount, whether it’s ₹50,000 or more, up to a cap of ₹5 lakh.

2. Competitive Interest Rates:

IndusInd Bank offers competitive interest rates starting at 10.49%, enabling you to manage your finances efficiently.

3. Flexible Repayment Options:

Select a repayment period that suits your financial situation, from 1 to 4 years, with the flexible plans provided by the bank.

4. No Collateral Required:

IndusInd Bank allows you to secure a personal loan with zero collateral. This means you do not have to pledge your assets as collateral.

5. Completely Online Application Process:

IndusInd Bank provides a fully digital method for applying for a personal loan, letting you complete the application and upload your documents online.

Exploring Alternatives

If your income does not meet the minimum requirement for IndusInd Bank, consider these alternatives:

1. Co-applicant: Applying for a loan with a co-applicant who meets the bank’s income criteria can enhance your loan eligibility. The combined income increases the likelihood of approval and might lead to you receiving better loan terms.
2. Secured Loans: Consider opting for secured loans where you pledge an asset as collateral. This reduces the lender’s risk and might increase your chances of approval despite a lower income.
3. NBFCs and FinTech Companies: Non-Banking Financial Companies (NBFCs) and FinTech lenders often have more flexible criteria than traditional banks. They may offer personal loans to those earning a ₹15,000 salary.

Steps to Improve Your Eligibility

1. Enhance Your Credit Score: Regularly check your credit report for accuracy and take steps to improve your score, such as timely bill payments and reducing outstanding debts.
2. Increase Your Income: Consider secondary sources of income or seek opportunities for career advancement to boost your monthly earnings.
3. Reduce Existing Debts: Aim to pay off existing debts to improve your debt-to-income ratio, making you a more attractive borrower.

Also Read: What is the Minimum Income Requirement for Applying for a Personal Loan?

Conclusion

Securing a personal loan with a ₹15,000 salary is possible, albeit with certain limitations. While IndusInd Bank may not currently offer personal loans for this income bracket, understanding your eligibility and exploring other options can open doors to getting the financial support you need. Always ensure that any loan you take fits within your repayment capacity to maintain financial health. By using resources like a personal loan monthly EMI calculator, you can effectively plan your finances and make informed decisions about borrowing.

Apply now for a Personal Loan with IndusInd Bank!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.