Personal Loan for ₹15,000 Salary

Applying for a personal loan with a ₹15,000 salary on Bajaj Markets is simple and quick. With easy online steps, you can get affordable EMIs and flexible repayment options, even with a modest income. Check your eligibility, understand how much you can borrow, and access instant approval without hassle. Getting a personal loan with a salary of ₹15,000 has never been easier.

Here are some benefits of choosing a personal loan for a ₹15,000 salary on Bajaj Markets:

Quick Access

Receive instant funds to handle urgent financial needs, helping you easily manage both planned and unexpected expenses.

Affordable Interest Rates

Enjoy competitive interest rates from as low as 9.99% p.a., keeping your borrowing costs low on your ₹15,000 salary loan.

Flexible Repayment Terms

Choose flexible repayment terms of up to 8 years, helping you repay comfortably and without financial strain.

No Collateral Needed

Get a collateral-free personal loan for a ₹15,000 salary without risking your assets or needing a guarantor.

Convenient Online Application

Experience quick online approvals with minimal paperwork, making the entire loan application process easy from the comfort of your home.

Compare Multiple Offers

Explore and compare personal loan offers from 20+ trusted lenders, helping you select the best deal tailored to your financial profile.

Multipurpose Loan

Use your loan for various purposes like medical emergencies, weddings, education, debt consolidation, or travel.

Zero Hidden Charges

Benefit from transparent loan processing with no hidden fees, ensuring you know exactly what you’re paying for.

The personal loan amount you may qualify for with a ₹15,000 monthly salary depends on your overall financial profile and how the lender evaluates your application. Two common methods lenders use are the Multiplier Method and the Fixed Obligation to Income Ratio (FOIR) Method.

Multiplier Method

Lenders estimate your personal loan eligibility by multiplying your Net Monthly Income (NMI) by a fixed factor. For this calculation, we use a multiplier of 15.

Example Calculation:
Monthly Salary (NMI): ₹15,000
Multiplier: 15
Eligible Loan Amount: ₹15,000 × 15 = ₹2,25,000

With this approach, you could be eligible for a personal loan of up to ₹2,25,000 based on a ₹15,000 salary.

Estimated Personal Loan Eligibility (Multiplier 15)

Key Points:

• Loan eligibility is calculated as 15 times your monthly income.

• This assumes no existing loans or financial liabilities.

• Actual loan amounts may vary depending on credit score and lender policies.

Fixed Obligation to Income Ratio (FOIR) Method

This method takes into account your existing monthly financial obligations. Lenders want your total EMIs, including the new loan EMI, to be ideally under 50-55% of your net monthly income.

Example Calculation:
Monthly Salary (NMI): ₹15,000
Maximum Allowable Obligations (50% of NMI): ₹15,000 × 50% = ₹7,500
Existing Monthly Obligations: ₹2,000
Available for New Loan EMI: ₹7,500 - ₹2,000 = ₹5,500

Based on this EMI availability, lenders calculate the loan amount you qualify for, considering interest rate and tenure.

To qualify for a personal loan for ₹15,000 salary, lenders typically require a minimum CIBIL score of 650. However, maintaining a higher credit score, ideally 700 or above, significantly improves your chances of approval for a ₹15,000 salary personal loan. 

A CIBIL score of 700 or higher indicates responsible financial behaviour, reassuring lenders of your ability to repay your ₹15,000 salary loan comfortably. If your score is below 650, improving it through regular and timely repayments can increase how much personal loan you can get on a ₹15,000 salary.

Here is a clear list of eligibility criteria you must meet to apply for a personal loan for ₹15,000 salary:

• You must be an Indian citizen

• You should be a salaried employee or self-employed individual

• Your age should be at least 18 years at the time of applying

• You must have a stable source of income

• You should have at least 1 year of stable work experience

• Maintain a CIBIL score of 650 or higher to maximise the amount of your ₹15,000 salary loan (check your CIBIL score)

Here are other important factors beyond your salary and credit score affecting your personal loan eligibility:

Monthly Income and Expenses

Lenders assess your monthly income to ensure it comfortably covers your living expenses and existing debts, supporting timely repayment of your loan.

Debt-to-Income Ratio

A lower debt-to-income ratio increases your loan approval chances by showing lenders your monthly debt obligations are manageable relative to your income.

Credit Score

A higher CIBIL score, preferably 650 or above, greatly boosts your loan eligibility by demonstrating responsible management of past debts and timely repayment habits.

Age of Applicant

Typically, lenders prefer salaried individuals aged between 21-55 years, as this indicates stable employment and sufficient working years to comfortably repay the loan.

Employment Stability

Consistent employment at a reputable organisation, ideally for two or more years, significantly improves your loan approval chances by demonstrating job security and regular income.

Existing Financial Liabilities

Existing financial commitments like home or vehicle loans can influence your loan eligibility, as lenders consider your ability to manage additional debt responsibly.

Relationship with Lender

A strong existing relationship with a lender can enhance your personal loan eligibility, potentially resulting in better loan terms, lower interest rates, and quicker approvals.

Knowing exactly what documents are needed can significantly speed up the approval process for your personal loan for ₹15,000 salary. Here is the list of documents required for a ₹15,000 salary personal loan on Bajaj Markets:

Note: Document requirements for a personal loan with a ₹15,000 salary can vary across lenders. It's advisable to directly contact your preferred lender to confirm exact eligibility criteria and necessary documentation before applying.

Applying for a personal loan with a ₹15,000 salary is simple and quick when you understand the process clearly. Here is the step-by-step guide to effortlessly apply for a personal loan for ₹15,000 salary on Bajaj Markets:

1. Click here to visit the Bajaj Markets personal loan application page

2. Select your profession from the dropdown menu

3. Enter your mobile number and pin code

4. Agree to the terms and conditions

5. Click on ‘Proceed’

6. On the next application page, enter or choose the following details:

• PAN

• Name as per PAN card

• Date of birth

• Net monthly salary

• Employer category

• Employer/company name

• Email ID

• Gender

• Salary credit mode (Bank or Cash)

1. Click on ‘Submit’

2. View personal loan offers based on your eligibility

3. Select your preferred personal loan option

4. Provide any additional information requested, if necessary

5. You will be redirected to the lender’s website to complete KYC, e-mandate setup, and loan disbursal

Reference of all T&Cs necessarily refers to the terms of the Partners as regards pre-approved offers and loan processing time, amongst other conditions.