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A personal loan is being granted to individuals for various purposes. The borrowers belong to different salary slabs. The people earning a salary of ₹15,000 are also eligible to apply for a personal loan. In most banks and financial institutions, the starting range of a personal loan eligibility criteria starts at ₹15,000. This means that if you earn a salary of ₹15,000, then you can avail of a personal loan provided you match the eligibility criteria.

Here we talk about the details of the personal loan for a salary of ₹15000, its purpose, eligibility criterion, documents needed, how to apply for it, the interest rate, and much more.

Purpose of ₹15000 Personal Loan

This loan has been devised for people with a minimum salary slab, to ensure that even the low-salary income group can experience the advantages of a personal loan.

The purpose of the personal loan can be many. The same can be used for debt consolidation, making large purchases, paying for emergency expenses, travel abroad, home remodelling or renovation, paying for relocation, wedding expenses, vehicle financing, and more. Whatever your loan purpose, you get several options. Personal loans are less expensive than credit cards and offer immediate funding.

Interest Rates for ₹15000 Personal Loan

Most personal loans are offered at a fixed interest rate. So, the payment remains the same every month. Personal loans are also mostly unsecured and there is no collateral needed for the loan.

Personal loans for a salary of ₹15000 are available at an interest rate of around 10 to 15% p.a. This rate of interest varies with the bank. While some banks offer lesser interest rates than this, some may charge more. It is observed that the public sector banks offer personal loans at a lower interest rate to certain segments. The banks may also charge a processing fee of around 4%, which includes GST. In the case of delayed payment, the same may attract a penalty of 2% to 4% from the date of default to the receipt of EMI.

It is also important to note that the personal loan interest rate also depends on the:

  • Applicant’s credit score

  • Applicant’s monthly income

  • Applicant’s occupation or job profile, etc.


If you want to pick the best personal loan offer, do compare the personal loan interest rates from different lenders and make a choice.

Eligibility Criteria for ₹15000 Personal Loan

You can avail of small cash loans starting from ₹50,000 to ₹1,50,000. You need to repay the same as monthly instalments or EMIs. This loan amount depends on the lender. The eligibility criterion for personal loans for a salary less than ₹15000 also depends on the lender but most often, the common eligibility criterion includes the following:

  • You must be an Indian national

  • You must be a salaried individual

  • Your age must be between 21 years to 67 years.

  • You should be working in a private or public company, or MNC

  • You must have a CIBIL Score of 750 or higher.

How to Apply for ₹15000 Personal Loan?

Here is how you can write an application to apply for the same:

  • Click on ‘Apply online’ at Bajaj Markets

  • Open the application form

  • Fill in all the asked details

  • You will receive an OTP on the registered mobile number

  • Once you verify the OTP, you can proceed further.

  • Enter your personal and professional details.

  • You also need to enter the income details

  • Choose your partner and select the loan amount

  • Submit your application.

Documents Required to avail ₹15000 Personal Loan

There is a list of documents that are needed for a personal loan for a salary less than ₹15000. The list includes the following:

  • You will have to submit a primary ID proof. The valid documents include PAN Card, Aadhaar Card, Valid Indian Passport, Valid Voter ID, and Valid DL.

  • Anyone address proof is needed. You can choose Aadhaar Card, Valid Indian Passport, Valid Voter ID, Valid Driver’s Licence, or Utility Bills such as Electricity bills, Water bills, Gas bills, etc.

  • Income proof is one of the important documents. For salaried individuals, it includes the last 3 months’ bank statements, which must exhibit salary credits in your salary account in PDF format. For self-employed individuals, it is vital to submit the last 3 months’ bank statements (PDF format).

Frequently Asked Questions

If you want to get a personal loan without documents with a salary of ₹ 15000, then it is vital for you to have a good credit score, choose a lender that offers instant approval that needs minimum documentation, and select a bank with which you have a good reputation, use a pre-approved offer, and more. Using these tips and ways, you can get a loan easily.

One of the eligibility criteria for personal loan application approval is the credit score. Since personal loans are usually unsecured loans, the lenders check the credit score of the applicant to determine the payback ability. In the case of a salaried individual who has an income of around ₹15,000, the minimum credit score needs to be 750.

Yes, you can get a personal loan if your salary is ₹15000. This is the minimum baseline of many banks that offer personal loans. As per your eligibility, you can take a loan of up to Rs. 25 Lakhs.

The personal loan application can be approved without a collateral. Since personal loans are unsecured loans, the lenders do not mandate the inclusion of collateral.

Almost all banks, financial institutions, and NBFCs offer instant personal loans to salaried individuals who are a part of the salary slab of ₹15,000. At Bajaj Markets, you can explore different personal loans offered by various banks and choose one as per eligibility and interest rate.

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