We can create custom permission levels and assign to site users.
How to create new custom permission level?
1. Goto Site Setting
2. Select Advance Permission
3. Goto Setting and click on Permission level
4. It will open new page, then click on Add a Permission level
5. Give Name, description for this new permission level select permissions from list as per your need.
6. Click on Create, It will display on permission level page.
How to assign this new permission to users?
1. Goto Site Setting
2. Select People and groups
3. Click on New Menu and select Add user
4. enter user name on people picker box, and select "" radio button
5. Find newly created permission level click on check box to assign user under this permission
6. Click on OK
