Personal loan For 15000 Salary – Step By Step Guide

personal loan for 15000 salary

Are you looking to take out a personal loan but unsure of your eligibility with a monthly salary of 15000 rupees? You’re not alone. Many people in India wonder if they qualify for a personal loan with their salary. In this blog, we’ll explore the features of an instant personal loan, eligibility criteria, documents required, fees and charges, and the steps to apply for a personal loan in India with a salary of 15000 rupees.

A personal loan can be a great way to meet your financial needs, whether it’s to pay off debt, fund a wedding, or handle an emergency expense. Personal loans can be availed through banks, nonbanking financial institutions (NBFCs), or online lending platforms. Instant personal loans are becoming increasingly popular in India as they offer quick access to funds without the need for collateral.

personal loan

Features of an Instant Personal Loan with a Salary of Rs.15,000

1. Quick Loans: Forget lengthy paperwork and bank visits. Instant personal loans offer approval within minutes and disbursement within 24 hours, making them perfect for urgent needs.

2. Flexible Repayment: Spread your repayment over convenient EMIs (Equated Monthly Installments) that fit your budget, typically ranging from 12 to 60 months.

3. Minimal Documentation: Say goodbye to piles of paperwork! With a 15,000 salary loan, basic documents like PAN card, Aadhaar card, and salary slips often suffice.

4. Unsecured Loans: These loans don’t require any collateral, meaning you don’t risk losing your assets if you’re unable to repay.

Eligibility Criteria for Personal Loan with 15000 Salary

1. Evidence of Indian nationality

2. Bank statement for the last six months and recent salary slip for income verification

3. Applicants must be aged between 21 to 60 years

4. Eligibility extends to both salaried employees and self employed individuals or entrepreneurs

5. Applicants can be employed in either the private sector or the public sector

6. The applicant’s credit history must align with the lender’s requirements. The acceptable credit score can differ since lenders have varying benchmarks based on their individual policies.

Also, Read: I Need a 3000 Rupees Loan Urgently

Documents Required for Personal Loan with 15000 Salary

To apply for a personal loan with a salary of 15000 rupees, you will need to submit the following documents:

1. Identity and Address Verification: Submit your KYC documents, which can be:

  • Aadhar Card
  • Passport
  • Smart Card Driving License

2. Financial Documentation: Provide evidence of a stable income, which can include:

  • The most recent 6 months’ salary slips.
  • Bank statements from the past 6 months.
  • The latest bank transaction slip.

EMI On Personal Loan For 15,000 Salary:

EMI, or Equated Monthly Installment, is the regular payment you make to settle a loan. It includes both the principal amount borrowed and the accrued interest. For a straightforward method to compute your EMI, you can use Credmudra’s free online EMI calculator.

To clarify, here is how EMI works, particularly useful if you’re considering a small loan on a budget, like if you earn Rs. 15,000 a month:

EMI = (P x R x (1 + R) ^ N) / ((1 + R) ^ N – 1)

For a principal loan amount of, let us say, Rs. 8,000 and an interest rate of 17% annually, the monthly EMI would be approximately:

Rs. 1,400.22 for a 6-month period.

Rs. 729.64 for a 12-month period.

Fees and Charges of Personal Loans for 15000 Salary

Understanding the costs associated with personal loans is crucial when you’re earning a ₹15,000 salary. Your goal should be to find loans that are easy on your wallet, allowing you to get the money you need without overextending your finances. Look for loans with lowinterest rates, small processing fees, and no hidden charges. Our aim is to support your financial growth and help you realize your aspirations without imposing undue financial strain. Below are the detailed expenses:

Costs and Fees

  • Interest Rate: 11% to 35%
  • Loan Processing Charge: 2.5% to 3.5%
  • Penalty for Returned Payment: ₹350
  • Loan Prepayment Fee: 5% plus Goods and Services Tax (GST)

Also, Read: Get a Personal Loan for Salary of Rs. 12000

Steps to Apply for a Personal Loan for 15000 Salary in India

Here are some steps to follow when applying for a personal loan with a salary of 15000 rupees:

1. Research Lenders: Research different lenders and compare their interest rates, fees, and eligibility criteria.

2. Check your Credit Score: Check your credit score and ensure that it is good enough to qualify for a personal loan.

3. Gather Documents: Gather all the necessary documents, including identity proof, address proof, income proof, and employment proof.

4. Apply Online: Once you’ve chosen a lender, visit their website and apply for a personal loan online.

5. Wait for Approval: Wait for the lender to approve your loan application. This can take anywhere from a few hours to a few days.

6. Receive Funds: Once your loan is approved, the lender will disburse the funds to your bank account.

To save you from all these lengthy processes, you can simply visit Credmudra.

As a loan aggregator, we’re here to pair you up with the perfect lender and guarantee a seamless process from start to finish.
With the right lender and documentation, you can get a personal loan quickly and easily, and meet your financial needs.

Did anything in the blog surprise you? Challenge your assumptions, or leave you with more questions? Share your reactions in the comments!

Also, Read: How Much Personal Loan Can I Get On Rs 25,000 Salary?

FAQs:

1. Even if I Don’t Live in a Large City, can I Still Get a Personal Loan?

Yes, you can obtain loans even if you don’t reside in a major urban area, unless the lender specifies otherwise. Lenders frequently set lower income requirements for those residing in semi-urban and rural parts of the country.

2. What will Happen to My Credit if I miss Personal Loan EMIs?

If you default on your scheduled personal loan installment payments, your credit score will be affected. You may also face legal action from the bank. Additionally, any co-signer or guarantor’s credit score could be impacted as well.

3. Does my Earnings Impact my Ability to Get a Personal Loan?

Yes. Individuals with higher incomes will qualify for larger loan amounts, and vice versa. It’s advisable to use a personal loan eligibility calculator to determine how much you are eligible to borrow based on your income.

Apply Now
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Join The Leading Voices Of Fintech On Credmudra

Credmudra is a digital platform designed for financial services leaders in India to share their insights and perspectives beyond the limits of social media. It is a purpose-built platform for experts from banking, NBFCs, fintech and others to reach the right audiences and transform finance. With Credmudra, finance professionals can establish themselves as thought leaders and engage meaningfully with India's top money minds and those shaping the future of lending. Unlike social media, this platform offers a space for compelling discussions and community building within the industry. Credmudra can elevate the quality of discussions and collaboration among influential authors in Indian finance.

Connect with us Terms and Conditions*
Path199

Our Latest Blog Posts

See All Blog Posts

How to Apply for New Aadhar Card Online

What is an Aadhar Card? The Aadhar card is a unique identification document issued by the Unique Identification Authority of…

NBFC Loans Without CIBIL Score: Your Complete Guide

A non-banking financial institution (NBFC) is like your cool aunt – easy to deal with, has fewer restrictions, and offers…

Join 5,00,000+ Subscribers

Be a part of our ever growing community.

Apply Now