Personal loans have surged in popularity, particularly among individuals seeking swift financial relief for various obligations. These loans tantalize borrowers with their uncomplicated nature—most strikingly, the absence of collateral requirements—coupled with the promise of rapid disbursement. However, the path to securing such funding is fraught with prerequisites that potential borrowers must navigate.
Personal Loans for a ₹15,000 Salary: A Viable Option?
The immediate response to whether a personal loan is attainable for those earning ₹15,000 a month is a resounding yes! Many banks and Non-Banking Financial Companies (NBFCs) extend their services to individuals with this income level. That said, a stable salary and a commendable credit history remain highly desirable traits among lenders.
Nevertheless, it’s imperative to grasp the implications: these loans often come with elevated interest rates, and the principal sum may not match your expectations. To bolster your chances, maintaining a stalwart credit score and securing stable employment emerges as a crucial strategy. Let’s delve into some of the lenders willing to consider your application based on this salary threshold.
Noteworthy Lenders and Their Criteria
| Bank/NBFC | Minimum Income Required |
|---|---|
| KreditBee | ₹10,000 |
| PaySense | ₹12,000 |
| Moneyview | ₹13,500 |
| SBI | ₹15,000 |
| Axis Bank | ₹15,000 |
| Tata Capital | ₹15,000 |
| CASHe | ₹15,000 |
| Stashfin | ₹15,000 |
| Fibe (EarlySalary) | ₹15,000 |
Lender Details and Offerings
-
KreditBee
- Interest Rates: Starting at 16%
- Maximum Loan Amount: Up to ₹5 lakh
- Loan Tenure: Up to 3 years
-
PaySense
- Interest Rates: Starting at 1.4%
- Maximum Loan Amount: Up to ₹5 lakh
- Loan Tenure: Varies per profile
-
Moneyview
- Interest Rates: Starting at 14%
- Maximum Loan Amount: Up to ₹10 lakh
- Loan Tenure: Up to 5 years
-
SBI
- Interest Rates: Starting at 11.45%
- Maximum Loan Amount: Up to ₹30 lakh
- Loan Tenure: Up to 6 years
-
Axis Bank
- Interest Rates: Starting at 11.25%
- Maximum Loan Amount: Up to ₹10 lakh
- Loan Tenure: Up to 5 years
-
Tata Capital
- Interest Rates: Starting at 11.99%
- Maximum Loan Amount: Up to ₹35 lakh
- Loan Tenure: Up to 6 years
-
CASHe
- Interest Rates: Starting at 2.25%
- Maximum Loan Amount: Up to ₹4 lakh
- Loan Tenure: Up to 1.5 years
-
Stashfin
- Interest Rates: Starting at 11.99%
- Maximum Loan Amount: Up to ₹5 lakh
- Loan Tenure: Up to 4 years
- Fibe (EarlySalary)
- Interest Rates: Starting at 16%
- Maximum Loan Amount: Up to ₹5 lakh
- Loan Tenure: Up to 3 years
Crafting a Strong Personal Loan Application
To amplify your chances of success when applying for a personal loan, consider these impactful strategies:
- Uphold a robust credit score, as it can lead to lower interest rates and an increased likelihood of approval.
- If feasible, approach with a co-applicant who boasts a higher income, bolstering your application’s strength.
- Opt for a longer tenure; while this may extend your repayment period, it could diminish monthly EMI burdens, enhancing your approval prospects.
- Assemble relevant documentation—like bank statements and proof of additional income sources—that can fortify your financial profile.
A Cautionary Conclusion
As you contemplate venturing into the realm of personal loans, introspection is vital. It’s essential to ascertain whether this financial tool is genuinely necessary, given that personal loans typically bear heftier interest rates compared to alternative financing options. Exploration of other, potentially more suitable, financial avenues before committing is a wise strategy in navigating your fiscal landscape.
