For example, if you earned a salary of INR 15000 a month and wanted financial help, a loan will be facilitated by State Bank of India (SBI) especially to low-income earners. The approval depends on certain things such as the employment status, credit score, and other existing debts. But as long as you meet the criteria set by the bank, you can avail a loan.
This refers to the amount you can borrow, eligibility requirements, interest rates, and a stepwise application process to help you make an informed decision.
Can you apply for an SBI loan with a ₹15,000 Salary?
Of course! Even at this salary amount, SBI does grant personal loans and gold loans, given you:
- Stable job- government/private (must).
- Credit in a bank account (salary).
- Have got a good credit score preferably more than 650.
- Submit required documents.
Loan Amount You Can Expect
Typically, SBI offers:
- Personal Loan: ₹50,000 to ₹2 lakhs
- Gold Loan: Up to 75-90% of gold value
Key Factors SBI Considers Before Approving Your Loan
1. Monthly Income & EMI Affordability
- On a ₹15,000 salary, your maximum EMI should be around ₹4,000 (including existing loans).
- Example: A ₹1 lakh loan for 3 years may have an EMI of ₹3,400-₹3,700.
2. Credit Score Matters
- A score above 650 improves approval chances.
- Timely repayment of past loans/credit cards helps.
3. Loan Tenure & Interest Rates
- Tenure: 1 to 5 years
- Interest Rate: 11% to 14% per annum (varies based on profile)
- Processing Fee: 1% of loan amount + GST
4. Job Stability
- Minimum 1 year of employment is preferred.
- Salaried individuals with regular bank credits have higher approval rates.
Eligibility Criteria for SBI Loan on ₹15,000 Salary
To qualify, you must:
- Be 21-58 years old
- Have a minimum salary of ₹15,000/month
- Work in a government or private company (at least 1 year)
- Receive salary in a bank account
- Have an Aadhaar-linked mobile number
- Be an Indian citizen
- Submit Aadhaar, PAN, salary slips, and bank statements
Documents Required for SBI Loan Application
- Aadhaar Card (ID & address proof)
- PAN Card (Mandatory for tax purposes)
- Latest Passport-Sized Photo
- Last 3 Months’ Salary Slips
- 6 Months’ Bank Statement
- Employment Certificate (from current employer)
- Filled Loan Application Form
Step-by-Step Process to Apply for an SBI Loan
- Visit the Nearest SBI Branch – Speak to a loan officer.
- Specify Loan Requirement – Mention your ₹15,000 salary.
- Submit Documents – Provide Aadhaar, PAN, salary slips, and bank statements.
- Credit Check – The bank will verify your credit score.
- Loan Approval – Amount & EMI will be finalized.
- Sign Agreement – Submit the form & complete KYC.
- Loan Disbursal – Funds will be credited to your account.