A personal loan is a type of loan that you can take for any purpose, be it wedding expenses, unexpected medical bills, your dream vacation, furnishing a new home, education expenses and more. Availing a personal loan in India is not difficult, provided you have a stable income and a healthy credit score.
Personal loans offer you a lump sum amount at one go, which you have to pay back in equated monthly instalments (EMIs) with interest to the bank or the non-banking finance company (NBFC) that you have borrowed from.
Personal loans are often preferred because they offer lower interest rates than credit cards and are easy to manage. Most of the lenders offer flexible payment plans and a higher borrowing amount compared to credit cards. With the digital lending platforms and instant loan apps it has become quite convenient to avail a personal loan within a few hours. You can also explore multiple loan offers as per your need and repayment plan through quick loan apps.
For instance, Moneycontrol gives you access to a 100% digital, instant personal of up to Rs 15 lakhs in partnership with seven lenders. You can secure your loan in just three steps — enter your details, complete KYC and set up EMI repayment. Depending on your employment status, you can choose a personal loan with interest rates starting at as low as 12% per annum.
Who can get a personal loan in India?
Securing a personal loan in India these days is as easy as ever. Banks, NBFCs and other financial services providers are constantly coming up with plans to extend credit to customers across categories.
Anyone, in the age group of 21 to 60 years, with a healthy credit profile and steady income, can avail a personal loan. Those with a stable job or business are often preferred by lenders when it comes to loan approvals.
Banks and finance companies do a background check before giving out a loan to salaried individuals. You need to be in a minimum salary bracket to secure a personal loan in India.
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Can I get a Personal Loan with a salary of less than Rs 15,000 salary?
Though the banks and NBFCs often give priority to borrowers with higher salaries while approving personal loans, the minimum salary threshold may differ based on terms and conditions of a particular lender. Some banks require your monthly minimum salary for personal loan disbursement to be in the range of Rs 25,000 to Rs 30,000.
However, many banks and NBFCs nowadays offer a personal loan even if your salary is less than Rs 15,000 but above Rs 10,000. The loan amount can differ from bank to bank.
The borrower may get lower loan amounts as compared to people with a higher salary, so the bank can ensure that the borrower can repay the amount without defaults.
If a borrower with a salary less than Rs 15,000 avails a loan of a large amount, the lender may charge a higher interest rate. Therefore, it could be suitable for individuals with a salary less than Rs 15,000 to apply for a lower amount and flexible loan tenure.
Eligibility criteria for personal loan with less than Rs 15,000 salary
The terms and conditions to avail a personal loan with salary up to Rs 15,000 per month vary from bank to bank. Here are the typical requirements banks and lenders lay down in order to be eligible for personal loan with less than Rs 15,000 salary.
- You need to be an Indian citizen
- Age should be between 21 and 60
- You should be employed in the private or public service industry
- You must show your salary slips and income proof
- The borrower’s CIBIL or credit score should be high, typically above 700
Documents required for personal loan with less than Rs 15,000 salary
To get a personal loan, you are mandatorily required to give some documents to the lender. Here are the general documents you need to furnish.
- Identity proof like Aadhaar Card Passport Driving License or Voter Card to complete your KYC
- You have to provide documents that act as your address proof, such as your Aadhaar card, utility bills etc.
- Banks also want your last three to six months’ salary slips and bank statements to get an idea about your income.
How to get a personal loan with less than Rs 15,000 salary?
To get a personal loan with Rs 15,000 salary, you need to check if you fulfil the eligibility criteria. Once you meet the eligibility conditions for the loan, check the offer, interest rates and other charges. It’s always important to choose the loan tenure and amount carefully. Higher loan amounts and a longer repayment schedule may increase the overall repayment amount. The borrowers with salary less than Rs 15,000 should decide the EMI amounts which they can pay without default.
ALSO READ: What is the maximum and minimum tenure for personal loans?
After finalising the loan offer, gather your required documents and then fill out the loan application form. Submit the form online, complete the Know Your Customer (KYC) verification and set up the repayment plan. You can even get the loan amount instantly.
If you have a monthly salary of less than Rs 15,000 you can easily check your eligibility for personal loans up to Rs 15 lakhs through the Moneycontrol app and website. You can get the approved cash almost instantly in your account through a seamless digital application process.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
