A personal loan can be a helpful financial solution when you’re faced with unexpected expenses or need some extra cash to manage daily needs. But if your monthly income is ₹15,000, you might wonder whether you’re eligible for one. The good news is that even on a modest income, you can still get access to loans through the right personal loan app.
In this guide, we’ll walk you through everything you need to know about personal loan eligibility, especially if you’re earning ₹15,000 per month.
Understanding Personal Loans
A personal loan is an unsecured loan that doesn’t require collateral and can be used for multiple purposes, like medical emergencies, home repairs, education, or even travel. Since it doesn’t need any security, lenders primarily assess your eligibility based on your income, credit score, and repayment capacity.
For someone earning ₹15,000 monthly, your eligibility may be slightly limited, but many lenders, especially those operating through the best personal loan app, offer customised loan options for lower-income individuals.
Factors that Affect Eligibility on a ₹15,000 Salary
Here are some essential factors that lenders consider when evaluating your loan application:
Monthly Income
Your income is a major factor in determining the loan amount you are eligible for. If you earn ₹15,000, most lenders may offer smaller loans ranging from ₹5,000 to ₹50,000, depending on other criteria.
Employment Type and Stability
If you are a salaried employee with a stable job history, your chances of approval may increase. If you’ve been with your current employer for more than six months or a year, it improves your profile.
Credit Score
A good credit score (usually 700 and above) shows that you are disciplined with your repayments. Even if your salary is on the lower side, a good score can convince lenders of your credibility.
Existing Debts
If you’re already repaying other loans or credit card dues, your eligibility might be affected. This is because lenders consider your DTI (debt-to-income) ratio to ensure you can manage new repayments.
Location
Some lenders have location-specific policies. For instance, residents of metro or tier-1 cities might have better access to loans due to lower risk profiles.
Tips to Improve Your Eligibility
Even with a lower salary, you can improve your chances of getting a personal loan by following these simple tips:
- Maintain a Good Credit Score: Ensure to always pay your bills, EMIs, and credit card dues timely.
- Choose a Smaller Loan Amount: Applying for a reasonable amount increases the chances of approval.
- Opt for a Longer Tenure: This reduces your EMI burden and makes it easier for lenders to approve your application.
- Avoid Multiple Applications: Submitting too many loan applications can negatively impact your credit score.
- Use a Trusted Personal Loan App: The best personal loan app will help you compare offers and find one that suits your profile.
Required Documents to Loan Apply Online
To proceed with an online loan application, you need to keep a few documents ready. These include:
- Proof of Identity (Aadhaar card, PAN card, passport, or voter ID)
- Proof of Address (Utility bills, Aadhaar card, or rental agreement)
- Income Proof (Salary slips or bank statements of the last 3-6 months)
- Employment Proof (Offer letter or employment ID card)
Using an online loan apply platform makes the documentation process quicker and more streamlined.
How to Apply for a Loan Online on ₹15,000 Salary
Thanks to digital platforms, getting a loan on a lower salary is now more accessible than ever. Here’s a simple process you can follow:
1. Choose a Reliable Personal Loan App
Look for the best personal loan app that caters to low-income earners and has a good reputation.
2. Check Eligibility
Most apps offer an instant eligibility checker. Enter your salary, location, and job details to see what you’re eligible for.
3. Select Loan Amount and Tenure
Choose a suitable loan amount and a repayment period that works best for your budget.
4. Upload Required Documents
Use the app to upload necessary documents and make sure they are clear and up to date.
5. Submit and Wait for Approval
Once submitted, your application will be reviewed. If approved, the loan money will get credited directly to your bank account.
Many digital lenders complete the verification and disbursal process within 24 to 48 hours, making it ideal for urgent needs.
Choose the Right Loan Partner
Earning ₹15,000 per month does not disqualify you from accessing credit. With the right strategy and platform, you can still qualify for a personal loan that fits your needs.
If you’re looking for a reliable and user-friendly app, consider the True Balance personal loan app. It is one of the best personal loan app options for individuals with modest salaries. With interest rates starting at 2.4% per month, loan offering up to ₹2 lakh, and minimal paperwork, True Balance makes the online loan apply process quick, easy, and stress-free. You can easily apply online and even foreclose your loan if you are ready for it.
Make smart financial decisions, and you’ll find that even with a modest salary, managing your needs with the right loans is absolutely possible.
