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Personal Loan for Salary Less than 15000
Reviewed by: Fibe Research Team
- Updated on: 27 Nov 2024
- Published on: 9 Oct 2023
Reviewed by: Fibe Research Team
You can secure a personal loan on a salary of ₹15,000, but the key is to find the right lender. Many financial institutions offer personal loans to individuals with a salary of ₹15,000 or less. However, the loan amount may vary based on lender to lender.
To make an informed decision, you will need to select the right lender who has easy-to-meet simple eligibility terms and offers competitive interest rates. Read on to know how much personal loan you can get on ₹15,000 salary and the factors that may affect the loan amount.
Many factors determine the maximum loan amount you can get from your loan provider. Lenders usually use the multiply and the FOIR method to determine the loan eligibility of a borrower. These methods calculate your loan amount based on your net salary and monthly dues.
Read on for a brief explanation of each.
This is a very straightforward method to calculate your personal loan amount. In this method, lenders offer a loan amount after multiplying your net monthly salary by 27. Here, your repayment duration is usually considered as 5 years.
To better understand this process, consider this example. With a salary of ₹15,000 per month, let us apply a multiplier of 27. In that case, the maximum loan amount you’re eligible for is ₹15,000 X 27 = ₹4,05,000.
The next option is the FOIR method. The word FOIR stands for Fixed Obligation Income Ratio. This is essential in determining your loan amount by considering your monthly financial obligations. In this method, lenders compute your existing EMIs, credit card debts and other financial responsibilities, such as rent.
Remember, lenders prefer FOIR of 50% or less, including the EMIs of the new personal loan you will take. Based on your FOIR, lenders decide what to offer you as a personal loan on a salary of ₹15,000 a month. Usually, with this salary amount, you may be able to get anywhere from ₹50,000 to ₹1.5 lakhs.
You must submit the following documents to apply for a personal loan.
The eligibility measures may vary depending on the lender. But here are some generic eligibility criteria for applying for a loan.
To apply for a personal loan, you need to follow some simple steps, such as:
Lenders consider other factors besides your salary when computing your loan amount. Take a look at these below:
Your age helps lenders decide how many years of employment you have left. If you are around 21 years of age, you have many more working years left. This assures the lender that you can repay the loan as you grow in your career.
However, lenders assume that repayment can become a struggle if you are closer to retirement age. Therefore, lenders hesitate to offer you a longer tenure or large loan if you are close to 55.
This is the first thing lenders check when reviewing your application for a personal loan. This score between 300 and 900 indicates your creditworthiness and repayment capacity. The closer your score is to 900, the better the offer you can get.
Most lenders have 750 as the minimum eligibility criteria for a personal loan. With this score, you can get the maximum loan amount as per your income.
Personal loans are unsecured loans, i.e., no security or collateral is required. Therefore, financial institutions assess your financial stability based on your employment type and status. Generally, lenders prefer salaried employees who work with reputed public or private organisations for at least 1 year.
This is similar to FOIR and is calculated by dividing all your existing monthly debt payments by your net monthly income. A higher debt-to-income ratio reduces your chances of getting a higher loan amount.
Now that you know what to expect about getting a personal loan on ₹15,000 salary, be sure to apply carefully. Check your eligibility with different lenders and compare different offers to choose the best deal.
With a digital lender like Fibe, you can get the best offer for a small cash loan with flexible tenure. With easy-to-meet eligibility terms and quick disbursement, getting a Fibe Instant Personal Loan is easy.
With Fibe, you can get up to ₹5 lakhs as a salaried individual earning at least ₹15,000 and living in a non-metro city. You also get competitive interest rates and enjoy a simplified digital application process. Download our Personal Loan App or register on the website.
You can find many lenders, such as Fibe, to apply for a loan from ₹5,000 up to ₹5 lakhs if your salary is ₹15,000 and you are a salaried individual residing in India.
Yes, you can apply for a personal loan if you have been employed for at least 6 months with a monthly salary of ₹15,000.
A contractual employee with a ₹15,000 salary can apply and get a loan. But submitting bank statements and maintaining a good credit score are two important factors for approval.
If you miss a payment for your personal loan, you will get a notification from your lender. You may need to pay a late fee or face other consequences. Apart from that, this miss will hamper your credit score.
