Personal loans have become a convenient solution for addressing urgent financial needs, whether it's for medical expenses, home renovation, education, or even a dream vacation. However, securing a personal loan can be tricky, especially if you earn a modest salary. 

If your monthly salary is around ₹15,000, you may wonder if getting a loan is even possible. The good news is that it is, but you must approach it strategically.

Here are five tips to help you secure a personal loan with a salary of ₹15,000:

1. Check Your Credit Score

Before applying for a personal loan, it’s crucial to check your credit score. Lenders typically look at your credit score to assess your creditworthiness. 

A higher score indicates that you have a history of managing debt responsibly, which can make it easier for you to secure a loan. 

If your score is below 650, consider taking steps to improve it before applying, like paying off outstanding bills or reducing your existing debt.

Most lenders require a minimum score of around 650-700, but some may offer loans to individuals with lower scores, though at higher interest rates. 

You can check your credit score for free with many online financial services to get an idea of where you stand.

2. Choose the Right Lender

Different lenders have different eligibility criteria, interest rates, and terms, so it's essential to shop around before committing to one. 

Banks, non-banking financial companies (NBFCs), and online lending platforms all offer personal loans, but they may have varying conditions.

Some lenders may be more lenient with lower income thresholds, while others may prioritize high-income earners. 

Consider approaching lenders that specialize in offering loans to individuals with lower salaries. 

Online lending platforms often provide quick loan approvals and flexible terms, making them a good option for borrowers with modest incomes.

3. Select for a Smaller Loan Amount

While you may need a larger loan, consider opting for a smaller loan amount, which is more likely to be approved on a ₹15,000 salary. 

Loan approval depends on factors such as your income, expenses, and the amount of loan you request. If you ask for too much, your application might be rejected due to your inability to repay.

By opting for a smaller loan amount, you'll improve your chances of approval, and the lender will be more likely to consider your application favorably. Remember, you can always apply for another loan later if you need additional funds.

4. Maintain a Stable Employment Record

Lenders want to know that you have a stable source of income before they lend you money. If you’ve been employed at your current job for a year or more, it shows lenders that you have job stability and can meet your repayment obligations. If you are a freelancer or self-employed, you’ll need to provide a history of steady earnings and supporting documents like bank statements or tax returns.

Lenders prefer borrowers with a consistent income stream, as it assures them that you’ll be able to repay the loan. A steady job history, even with a ₹15,000 salary, can significantly improve your chances of loan approval.

5. Consider a Co-Applicant or Guarantor

If your salary is relatively low, one way to increase your chances of securing a loan is by adding a co-applicant or a guarantor. A co-applicant with a higher income can help improve your loan application. 

This provides the lender with additional assurance that the loan will be repaid, even if your income is not sufficient to meet the monthly installments.

Co-applicants typically include family members like spouses, parents, or siblings. A guarantor, on the other hand, assures the lender that someone will take responsibility for the loan repayment in case you default.

Conclusion

Securing a personal loan on 15,000 salary is certainly possible, but it requires careful planning and the right approach. 

By maintaining a good credit score, selecting the right lender, requesting a manageable loan amount, demonstrating job stability, and considering a co-applicant, you can significantly improve your chances of approval.