Searching for an Rs.15,000 instant cash loan to cover college tuition or hospital bills? Even though the sum is lower than for larger loans, you should have a clear understanding of exactly how an instant cash loan application works. Prior to actually approving your credit application, lenders will take into account a variety of factors, such as your credit score, repayment capacity, and many other things. Thanks to the digitalization and new approach of financial institutions, you can secure a personal loan for an Rs. 15,000 salary with ease. Of course, you need to meet the eligibility criteria. In this article, we are going to show you everything you need to know to secure an Rs. 15,000 cash loan. Let’s dig in.
Features of an Rs. 15,000 Personal Loan
Before we dive deep into it, let’s take a look at some of the essential features of an Rs. 15,000 personal loan plan.
- Instant Approval: Obtaining an Rs.15,000 loan should not be hard if you fulfil the lender’s eligibility standards. Because the sum is relatively small and far less risky to lend than larger loans, your application and disbursement are likely to occur almost immediately.
- Collateral-Free: Instant cash loans don’t really need a guarantor or collateral. A collateral-free loan is an excellent choice for getting instant funds in times of crisis because the amount of the loan is relatively low, and the borrower’s earnings slab begins from Rs.15,000.
- Minimal Documents: Financial institutions no longer ask borrowers to submit loads of paperwork for Rs. 15,000 instant loans. Some online finance companies, for example, take into account only PAN and Aadhaar numbers to be significant components for lending money.
- Flexibility: Personal loans can be used for just about anything, from medical expenses to rental payments.
- Flexible EMI Options: Personal loans typically have repayment terms of a maximum of seven years. However, because the loan amount is small, the term can be as little as six months for Rs.15,000. However, you can still repay the loan amount the way you want.
15,000 Personal Loan Interest Rates
The majority of personal loans have a fixed rate of interest. As a result, the payment stays the same each month. These loans are also typically unsecured and require no collateral.
Personal urgent loans of Rs.15,000 are obtainable at interest rates ranging from 10% to 15% per year. The rate of interest varies depending on the bank or the financial institution lending you the money. Although some banks offer lower interest rates, others may charge higher rates.
Please note that public banking institutions provide personal loans with lower interest rates to specific segments. Banks could also charge a processing fee of about 4% of the loan amount, which contains GST. Delays in instalments may lead to a penalty of 2% to 4% from the date the EMI defaulted.
The interest rate generally depends on these factors:
- Your credit score
- Your Job profile
- Your monthly salary or average annual income (In case you are a self-employed professional)
Eligibility Criteria
If you want to get an Rs. 15,000 loan (Personal loan), you need to fulfil some essential eligibility criteria. They are:
| Age | 21 – 65 years. However, some banks restrict the maximum age limit to 58 years. |
| Monthly Income | It varies depending on the lender. |
| Job Profile | The applicant must be either a salaried individual or a self-employed professional. |
| Credit Score | At least 650. Again, it depends on the lender. |
| Residence | Indian or Non-Resident Indian. |
What Documents Do You Require?
Do you want to apply for Rs. 15,000 loans online? If yes, you need to submit the following along with the online application form:
- You must provide primary identity proof. PAN Card, Passport, Aadhaar Card, Voter ID, and Driving license are all acceptable documents.
- Address proof is required. Aadhaar Card, Passport, Driver’s License, or any utility Bills such as electricity bills, water bills, and so on are all acceptable.
- Finally, you need to provide proper proof of income. For salaried employees, it will include the last three months’ bank account statements, which must show the history of received salary in your salary account. Self-employed applicants must provide their current account bank statements for the previous three months.
How to Apply for an Rs. 15,000 Personal Loan Online
If you want to apply for an Rs. 15,000 personal loans, you need to go through the following process:
- Investigate the Eligibility Conditions: Look into the lender’s eligibility requirements. You will then know which banks can provide you with the best deals.
- Calculate the Rate Of Interest and Other Fees: The interest rates on loans will be determined by their income, the loan amount you are looking to borrow, loan tenure, credit score, and other factors. In order to get the Rs. 15,000 loan, they must also pay a registration fee.
- Collect the Necessary Documents: Customers must submit all appropriate documentation to the bank to get the loan approved.
- Fill Out the Application Form: To complete the loan application form, individuals are required to visit the lender’s website. The individual has to provide personal details like their name, email id, contact details, loan amount, and so on in order to fill out the loan request form.
Conclusion
Loan eligibility is determined by a borrower’s income and the capacity to repay the loan via regular monthly instalments. Browser want the suggested EMI to be between 50% and 60% of their net monthly income. SBI, for instance, mandates that the EMI for the personal loan payment must not exceed 50% of the gross monthly income of an individual. However, with the proper methods, you can still secure a personal loan for Rs. 15,000 salary. Follow the steps mentioned above, collect all documents, and apply for an instant cash loan without leaving out any details. This way, you can quickly secure an Rs. 15,000 instant cash loan.
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