State Bank of India offers various loan options for people with different income levels with the minimum income required being ₹15000. With a ₹15000 salary SBI offers a personal loans of up to ₹20 lakhs at competitive interest rates and flexible repayment tenures of 6 months to 6 years or remaining period of service (whichever is lower).
An SBI personal loan for ₹15000 salary offers you an amount of money that is suited to your requirements whether it is for medical emergencies, education, marriage or other expenses. The bank offers quick approval processes which makes it convenient for you to access funds when needed. In this web page, you will learn how lenders assess your loan eligibility using methods like FOIR or the Multiplier. You can also check competitive interest rates, flexible repayment options, and more.
Get an SBI personal loan of up to ₹20 lakhs with a salary of ₹15000. Enjoy attractive interest rates ranging between 11.15% – 14.30% p.a. which you can repay back in EMIs for a duration of 6 months to 6 years or until your remaining period of service (Whichever comes first).
Calculating Loan Amount on 15000 Salary
If you are getting a salary of ₹15000 per month, you may wonder how much loan amount you can get from SBI. To access your SBI personal loan eligibility based on your salary, SBI may use two methods, i.e. the multiplier method and the Fixed obligation income ratio (FOIR) method. These methods are used to measure the debt-to-income ratio and your affordability of the loan.
Multiplier method
The multiplier method is a technique used to calculate the maximum loan amount a borrower is eligible for based on their monthly income. Typically, lenders apply a multiplier to the borrower’s monthly income to determine the loan amount.
For example,
If the multiplier is 20, and the borrower’s monthly salary is ₹15,000, the maximum loan amount they could qualify for would be ₹15,000 x 20 = ₹3,00,000.
However, it’s essential to note that the actual loan amount approved may vary based on other factors such as the borrower’s credit history, existing financial obligations, and the lender’s policies.
Fixed Obligation Income Ratio (FOIR) method
The Fixed Obligation to Income Ratio (FOIR) method is a formula used by lenders to assess a borrower’s eligibility for a loan. It calculates the maximum amount a borrower can afford to repay based on their monthly income and existing financial duties/ responsibilities. . Lenders apply a FOIR multiplier to the borrower’s monthly income to determine the maximum allowable EMI (Equated Monthly Instalment) amount.
For example,
If the FOIR multiplier is 0.50 and the borrower’s monthly salary is ₹15,000, the maximum EMI they can afford would be 15,000 x 0.50 = ₹7,500.
This EMI amount is then used to determine the maximum loan amount the borrower can qualify for based on prevailing interest rates and loan tenure.
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SBI Personal Loan Interest Rates & Charges
SBI offers different interest rates and charges for salaried employees earning the minimum required amount of ₹15000 per month. The SBI personal loan for ₹15000 salary interest rates is as follows:
| Personal loan schemes | Interest rates |
|---|---|
| Xpress Credit Scheme for Defence, Armed Forces, and Coast Guard applicants | 11.15% – 12.65% p.a. |
| Xpress Credit Scheme for Central Govt, State Govt, Police, Railway, and Central Public Sector under RATNA status. | 11.30% – 13.80% p.a. |
| Xpress Credit Scheme for Other Corporate Employees | 12.30% – 14.30% p.a. |
| Xpress Elite Scheme for Applicants having a salary account with SBI | 11.15% – 11.65% p.a. |
| Xpress Elite Scheme for Applicants having a salary account with a different bank | 11.40% – 11.90% p.a. |
| Pre-approved personal loans to non-CSP customers. | 13.80% – 14.30% p.a. |
Note: The above-mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
Furthermore, for applicants through the SBI quick personal loan scheme portal: the interest rate for Xpress Credit Scheme is for all brackets & will be 0.25% higher.
Other charges applicable for an SBI personal loan are:
| Processing fee | 1.50% of loan amount. |
| Penal interest on late payment fee | 2% pm |
| Prepayment charges | 3% on prepaid amount |
Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
Various lenders offer loan schemes specifically for salaried employees. Read more on Salaried Personal Loan to know more about specific loan features.
SBI Personal Loan EMI Calculator
Knowing your Equated Monthly Instalment (EMI) is important for managing your loan repayments effectively. Before applying for a loan, it’s helpful to calculate your EMI using either the online EMI calculator.
The SBI Personal Loan EMI Calculator is easy and simple to use, all you need to do is input the loan amount, interest rate and tenure.
Your Amortization Schedule (Yearly/Monthly)
Eligibility Criteria for SBI Personal Loan on 15000 Salary
The SBI personal loan eligibility based on salary of ₹15000 are as follows:
- Must have a salary account with SBI.
- Must have a minimum salary of ₹15000.
- The EMI/NMI (Equated Monthly Income/Net Monthly Income) ratio must be 50%.
- Individuals working for
- Central, State and Quasi Government
- Central PSUS and profit making state PSUS
- Educational institutions of national repute
- Selected corporations with or without a relationship with the bank.
Bank Wise Personal Loan on 15000 Salary
Several banks and NBFCs offer personal loans on ₹15000 salary. SBI offers great loan terms for individuals earning ₹15000 salary.
It is important to compare your lenders and their offers to help suit your personal loan requirement. The table brings you Banks/ NBFCs against the interest rate offered by them.
| Banks/NBFCs | Interest rate |
|---|---|
| State Bank of India | 11.15% – 14.30% p.a. |
| Hero Fincorp | 11.00% – 35.00% p.a. |
| InCred | 21.00% p.a. onwards |
| Axis Bank | 12.00% – 21.00% p.a. |
| IIFL Finance | 11.00% – 35.00% p.a. |
| IDBI Bank | 9.50% – 14.00% p.a. |
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Note: The above mentioned rates are subject to change with the finance market and differ marginally with the respect to the individual banks.
Documents Required for SBI Personal Loan on ₹15000 Salary
There are several documents required to get an SBI personal loan for ₹15000 salary, these are:
- Application form duly filled by the borrower and Co-borrowers (if applicable) along with 2 photographs each.
- Proof of Identity: PAN/Passport/Driver’s License, Voter ID card.
- Proof of Residence: Recent Telephone Bills/ Electricity Bill/Property tax receipt/ Passport/ Voters ID card.
- 12 months Bank account statement held by the applicant/s.
- Latest Salary slips.
- Copy of Identity card issued by the employer.
- Form16 or IT Returns for the last 2 years.
Features & Benefits of SBI Personal Loan on a ₹15000 Salary
SBI offers several unique features and benefits that you can enjoy. These are:
Personal Loan Amount: Get a loan amount of up to ₹25 lakhs.
No security or guarantor: Enjoy a collateral-free loan with no need for a guarantor.
Zero Hidden Cost: Enjoy transparent personal loan terms with no hidden cost.
Minimal Documentation: Very minimal documentation required.
Low interest rate: Enjoy low interest rates of 11.15% – 14.30% p.a. onwards.
Long Repayment Tenure: Enjoy a flexible repayment tenure of 6 to 72 months.
Steps to Apply for a Personal Loan from Buddy Loan
To get a personal loan with ₹15000 salary, you can apply for it through Buddy Loan. Here are the steps to apply for a personal loan with Buddy Loan:
Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
Step 2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
Step 5: Enter your work details (Including company name, years of service and Designation)
Step 6: Enter your personal details (Including Full Name, PAN, address, DOB & Gender)
Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.
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