# Personal Loan With ₹15000 Salary

“How much personal loan can I get on ₹15000 salary?” is a valid query for anyone who needs urgent cash but falls under this low income bracket. Obtaining a loan can be challenging, especially for those earning a modest salary. If you find yourself in such a situation, you’ve come to the right page! This blog will guide you through the personal loan options available for individuals earning a salary of ₹15,000.  It will also help you understand the eligibility and documents required to increase your chances of approval.

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## How Do Lenders Decide On The Loan Amount For A ₹15,000 Salary?

When lenders assess an individual’s personal loan eligibility for ₹15,000 salary, they consider several factors along with income, such as credit history, employment stability, and existing financial commitments. While a ₹15,000 salary may seem low, lenders take into account various debt-to-income ratios and other affordability measures to determine the loan amount you can qualify for. Additionally, the type of loan you apply for and the lending institution you choose can also influence the loan amount available to you. There are two types of methods that lenders use to calculate the amount of loan you can get with a ₹15,000 salary. These methods are the multiplier method and Fixed Obligation Income Ratio (FOIR).

### Multiplier Method

The multiplier method is a calculation process used by lenders to determine how much loan amount you can get based on your salary. The lenders would calculate your net monthly income with a set multiplier that ranges from 9 – 36. The formula to calculate the loan amount using the multiplier method is:

(Monthly salary x Set multiplier)

For example:

 Your Income = ₹15,000The set multiplier by the lender = 20Therefore, the maximum loan amount you can be eligible for = ₹15,000 x 20 = ₹3,00,000

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### Fixed Obligation Income Ratio (FOIR)

FOIR is another method by which lenders use to determine the loan amount you can afford based on your salary. Lenders calculate the interest amount you are capable of paying after deducting all the necessary payments from your monthly salary. The formula for calculating your FOIR is as follows:

(Salary x FOIR percentage – Existing obligations)

For example:

 For a salary of ₹15,000Let’s assume the FOIR percentage = 50% Your existing obligation = ₹5,000. The loan amount will be as follows:(Salary x FOIR percentage – Existing Obligations)(₹ 15,000 x 50%) – ₹5,000= ₹7,500 – ₹5,000=₹ 2,500

1Bank-wise Personal Loan on ₹15,000 Salary

Given below is a list of banks that offer personal loans on a salary of ₹15,000, along with the interest rates, maximum loan amount, and repayment tenure.

 Loan From Lenders Loan Amount Interest Rate Repayment Tenure SBI Loan Upto ₹20 Lakh 11% – 15% p.a. Up to 72 months Axis Bank Loan Upto ₹20 Lakh 12% – 21% p.a. 12 to 60 months IDBI Loan Upto ₹5 Lakh 9.50% – 14% p.a. 12 to 60 months

## How Much Loan Can I Get On A ₹15,000 Salary in SBI?

State Bank of India (SBI) checks the borrower’s income, credit score, and existing obligations to determine the loan eligibility. The minimum salary required for SBI personal loan is ₹15,000 per month and the maximum loan amount that one can borrow is ₹20 lakh.

However, the loan amount might be limited due to the income bracket. It is essential to note that SBI’s loan policies are subject to change, so it’s advisable to directly approach the bank or check their website for the most up-to-date information.

## How Can I Be Eligible For A Better Loan Amount With A Salary of ₹15,000?

Although a salary of ₹15,000 is sufficient to be eligible for a personal loan, the loan amount will depend on other factors as well. Here are some things you can do to increase your chances of getting a better loan amount:

• Improve your credit score. Your credit score is a measure of your creditworthiness, and it is one of the most important factors that lenders consider when approving a loan. You can improve your credit score by paying your bills on time, keeping your credit utilisation low, and avoiding applying for too many loans in a short period of time.
• Increase your income. If you can increase your income, you will be able to qualify for a larger loan amount. You can do this by getting a promotion at work, getting a second job, or starting your own business.
• Reduce your other financial obligations. If you have other debts, such as credit card debt or student loans, try to pay them down as much as possible. This will free up more of your monthly income to be used for your loan payments.
• Shop around for the best interest rate. Not all lenders offer the same interest rates, so it is important to shop around and compare rates before you choose a lender. This will help you get interest rates that fit your financial situation.You can also check your loan affordability by using an online loan calculator to estimate your monthly payments and the total cost of the loan.

## Conclusion

Getting a personal loan on ₹15,000 salary may seem difficult as most lenders are hesitant because a low salary poses a risk on repayment. How well do you meet the eligibility criteria will decide how much personal loan you can get on ₹15k salary. Remember to compare lenders’ policies and loan quantities, and look into their products. Assess your financial needs carefully and borrow only what you can comfortably repay. With the right approach and diligence, you can find suitable loan options to meet your financial requirements.

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