A personal loan is an unsecured debt that you can get without pledging any collateral. It can be granted to individuals for various purposes. One can apply for a personal loan even if he earns an income of Rs 15,000. The starting range of eligibility for personal loans starts from Rs 15,000 in most financial institutions and banks. The purpose of a Rs 15,000 personal loan has been devised for people with a minimum earning slab. It is given so that the advantages of a personal loan can be experienced even by low-salaried income. Therefore, you can avail of that personal loan that matches your eligibility criteria. 

There are various purposes for which you can apply for Rs 15000 loan. You can use the same for vehicle financing, wedding expenses, paying for relocation, home renovation or remodeling, traveling abroad, payment of emergency expenses, making large purchases, debt consolidation, and many more. You get several options depending on the purpose of the loan. Personal loans will become less expensive if you offer immediate funding and credit cards. 

Interest rates for Rs 15000 personal loan:

Many banks or financial institutions offer you loans at fixed interest rates. This means that you can make payments of the same amount every year. You do not need any collateral, as personal loans are generally unsecured. Generally, the interest rates offered against a personal loan for Rs 15000 salary are around 10% p.a. to 15% p.a. However, this is not fixed, some banks may charge you more, or some may charge you less. As per the observation, the public sector banks charge low-interest rates for personal loans. However, they may charge you around a 4% processing fee, including GST. If you default in paying EMI as per the date, you may have to pay a penalty of 2% to 4%. 

The interest rates for a personal loan also depend on the following factors:

• The credit score of the applicant
• Monthly income of the applicant
• Job profile or the occupation of the applicant

To get an urgent loan of Rs 15000 instantly, you can apply for an online loan. However, before doing that, check the authenticity of that financial institution. If you want to have the best personal loan of Rs 15000, then before making a choice, you need to compare the interest rates offered by different lenders. 

Documents Required to be maintained to avail of a personal loan of Rs 15000

The following documents maintain before applying for a Rs 15000 instant loan. The list includes the following:

• You need to maintain a primary ID proof and ensure that all these documents are valid at the time of application. The primary ID proofs include a valid driving license, voter ID card, Indian passport, Aadhaar Card, and PAN card. 
• You also need to submit any address proof. To provide address proof, you can give gas, water, electricity, utility, a valid driving license, Voter ID card, Indian passport, and Aadhaar Card. 
• The income proofs are the most important of all these documents. If you are a salaried employee, you must submit the bank account statements of the last three months, exhibiting your salary credits in PDF format. You must submit bank statements for the last two months if you are self-employed. Again, it must be in PDF format. 

You will need all these documents to make Rs 15000 loan application online and offline. 

Want a personal loan with a low salary- Things to look out for:

• Eligibility criteria: If you are a low-salaried individual, check and compare the eligibility criteria of different lenders before taking a personal loan. With this, you can reduce the chances of getting your loan application rejected. 
• Credit score: If you want to take a loan with a low-interest rate, then you need to maintain a credit score equal to or above 750. A credit score is a sign of your payback ability. 
• Interest rate: Before taking it alone, you must look at the interest rate offered by the lender because it determines the cost of your loan. Check the interest rates of different financial institutions and banks and choose the right lender.  
• Check the EMI: You need to pay specified EMIs every month after you take a loan. If you miss one EMI payment, it will affect your credit score. Therefore, before taking, check whether the cost of EMI is payable by you every month. 

Frequently Asked Questions:

1) My salary is Rs 15,000, and I do not have documents. Can I get a personal loan?

You need a good credit score if you want a personal loan without documents and a salary of Rs 15000. You need to choose a lender with a good reputation which needs you to provide minimum documentation and instant approvals. 

2) My salary is Rs 15000. Can I get a personal loan?

Yes, you can get a personal loan even if your salary is Rs 15000. The minimum baseline of offering personal loans in various banks starts only from Rs 15000. You can take a loan up to Rs 25 Lacs if you fulfill the eligibility criteria. 

3) Do I need any collateral for a Rs 15000 loan?

You don’t need any collateral because most banks offer and approve a personal loan application without any collateral because they are unsecured. 

4) How much credit score do I need to maintain to get a personal loan with a salary of Rs 15,000?

You need to maintain a good credit score because personal loans are unsecured. Credit score signifies the payback ability of the applicant. That’s why it is among the eligibility criteria for getting personal loans. If you have a salary of Rs 15000, your credit score must be around or above 750 to get a 15000 Loan. 

Conclusion: 

Many banks and financial institutions feel that Rs 15000 personal loan is under the high-risk category. Therefore, they may charge high-interest rates from you. So, before applying, check all the details related to the lender, like the interest rate, foreclosure costs, and payment mechanism. If applying under this category, an individual must have to keep his credit score high.