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How to Avail a Personal Loan for Salary Less than ₹15,000?

Highlights

  • Want a personal loan but earning less than 15,000? Don't worry, you can get the same at SBI, Canara Bank, OBC, etc
  • You can also get the loan against securities such as fixed deposit, national savings certificate (NSC), etc

One can apply for a personal loan for travel, marriage, home renovation, medical emergencies, etc. The loan is easily accessible as you don’t need to submit any security to avail the same. This makes lenders careful while choosing the candidates for personal loans. Not only they seek a good credit score but also keep an eye on your income so that you pay off the Equated Monthly Installment (EMI) with ease. Most banks stipulate a minimum monthly salary of ₹15,000-20,000 for individuals to get a personal loan. However, those earning less than ₹15,000 can also get the loan. In this post we will tell how and where you can get a loan with sub 15,000 salary.

Choose a Personal Loan Offer from These Commercial and Cooperative Banks

There are lenders that disburse loans to individuals earning less than ₹15,000. The list of such lenders is shown in the table below. So, compare and choose from the list.

BanksMinimum Net Monthly Income Required (In ₹)
State Bank of India (Xpress Credit Personal Loan)5000
Punjab National Bank7,500 (for teachers and defence personnel only)
Canara Bank10000
Oriental Bank of Commerce10000
The Greater Bombay Co-operative Bank Ltd.10000
The Andaman and Nicobar State Co-operative Bank Ltd.5000
The West Bengal State Co-operative Bank Ltd.2000
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Note – Some of these banks may require you to arrange a guarantor who is already their customer.

The Next Option is Loan Against Securities

Lenders often remain reluctant to provide unsecured loans to individuals not meeting the minimum income criteria. But they can easily lend when the loan is backed with securities such as bank and postal deposits. The fact that the loan is granted at about 80%-90% of the security value makes lenders feel comfortable while disbursing.

How Much Personal Loan Can You Get?

Lenders calculate the loan eligibility based on your income and repayment potential. They would ideally want the proposed EMI to be within 50%-60% of the net monthly income (NMI). For instance, SBI stipulates that the proposed EMI must not be more than 50% of the NMI.

Check Personal Loan EMI Calculator to Get an Idea of the Proposed Installment Amount

Checking the Personal Loan EMI Calculator gives you an idea of the proposed installment amount. The fact that the calculator is available online makes it easy for you to compute. All that you need to do is to enter the loan amount, tenure and rate of interest in the calculator. Afterward, the calculator computes the EMI and interest outgo over the loan course.

Documents Needed

You must submit the following documents while applying for a personal loan.

  • Identity Proof – PAN Card/Voter ID/Aadhaar Card/Driving License/Passport
  • Residence Proof – Voter ID/Aadhaar Card/Driving License/Passport/Electricity Bill/Telephone Bill
  • Income Proof – Salary slips for the last 2-3 months, Form 16, Last 3-6 months bank statement
  • Latest passport size photographs
  • Duly filled and signed application form
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How to Apply for a Personal Loan?

You can apply for a personal loan on the website or at the nearest branch of the lender. In both cases, you need to fill the application form by mentioning your personal and professional details correctly. Submit the application as soon as you are done with the details. The concerned lender would check the details thoroughly and approve the loan only upon successful verification.