How Much Loan Can I Get on My Salary of 15000 INR?

You can greatly benefit financially by taking out loans. If you're in an emergency or you simply want to finance an event in your life such as travel or your birthday, you can apply for a loan even if you have a standard salary in India.

You might think that applying for a loan in India has very strict guidelines and while some require you to pass an eligibility check, it is still very easy to apply for a loan even when you have a salary of 15,000 INR. It is still possible to get a modest financial loan even with a 15,000 INR wage.


There are a lot of factors that you need to consider before you can apply for a loan within that salary range. In this article, we will discuss more about how much loan you can get, what factors you need to consider, and how you can take full advantage of that loan.

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What are the Different Kinds of Loans That You Can Apply?

There are a lot of loans that you can certainly apply for with a 15,000 INR salary in India. These include home loans, personal loans, and even business loans.

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Home loans are usually taken to help you finance your home whether it is for rent or your new home or apartment. Personal loans can be used for travel or any other expenses that you need for yourself.


Business loans are commonly acquired to help you run your business by boosting your finances and investing in better equipment.

You might think that having a standard salary in India will immediately disqualify you from getting a loan but there are a lot of lending companies that do not put too much emphasis on your current salary range.

Choose a Loan Provider that Offers Flexible Terms

One of the best ways for you to get a loan with your current salary range is to choose a good loan provider. Oftentimes, loan providers have income qualifications before you get approved for the loan.


Always choose a provider that offers lower income requirements and flexible terms. This means that they can offer you different ways for you to pay off your loan in the most suitable amount of time possible. You might get an offer where you can pay a 20,000 INR loan for the next 12 months or 18 months which means that you will be paying less than 1,000 INR each month depending on your interest rates.

There are numerous loan providers that flexible terms but you need to choose one that suits your lifestyle and budget the best.

Use a Loan Eligibility Calculator

A loan eligibility calculator helps you understand how to plan the repayment accurately even before you get approved for the loan. This enables you to properly budget your finances so that you can pay accurately.

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The loan eligibility calculator also helps aspiring borrowers prevent loan rejection as it also helps determine if they are indeed qualified for the loan. As an applicant, you must submit different documents that prove your income during the application, and with the help of the calculator, you can determine your salary range as well as your capabilities to pay off your debt.

Having the loan eligibility calculator also sets the loan interest rate. Take note that lenders often do not disclose the exact interest rate as they need to review your credit rating.

Having the calculator enables you to know a definitive loan interest rate as it takes into consideration your income, credit history, repayment capacity, and many other factors.

Negotiate Your Interest Rate

It might come as a surprise for a lot of people but you can actually negotiate your interest rates. A lot of lenders allow their applicants to negotiate their interest rates even before getting approved.

You must speak with a representative during your application to do this. Ensure that your credit history is favorable so a lot of lenders will be willing to offer you a more competitive interest rate especially if you have a standard salary of 15,000 INR.

Try to negotiate your interest rates with the representative and see if you can shave off at least a few percent of the interest rate. Even with a few percent off, it is still a way to significantly reduce your spending in the long run.

Always Check the Terms and Conditions Before Applying

There are a lot of lenders that offer low-interest rates and other gimmicky features just to reel you into applying for the loan.

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In the end, they turn out to be more expensive than what you've expected and you end up paying for more than your current budget. This is particularly crucial if you have a budget of only 15,000 INR as a salary.

Many of these loan providers try to hide or mask their costs and other charges within paragraphs of their terms and conditions. Due to this, you should always check them before applying for before you send your application.

Reviewing the terms and conditions can help you identify the possible interest rates, the charges that you might incur, and additional fees associated with the loan.

Is It Worth Getting a Loan with a Salary of 15,000 INR?

The overall answer is yes. You can still get a loan even if your salary is just 15,000 INR in India. You might have to budget your finances properly and stick with it until you can fully pay off your debt but it is still very doable.

Some people might be afraid that it is not worth the hassle of paying for your loan in the next few months or years in your life but if you're in a dire situation and you need the money, you can always find a good loan provider that allows you to get the loan with your 15,000 INR salary.


When it comes to getting a loan with a salary of 15,000 INR, choosing a loan provider should be your utmost priority. There are numerous loan companies available that have low-income requirements or are not strict with their income requirements but tend to increase the cost at a moment's notice. Make sure that you review the terms and conditions properly, make a tight monthly budget, and stick to it so you can make the most out of your loan.

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