₹15 Lakh Personal Loan


Handle financial emergencies with personal loan of up to ₹15 lakhs. Personal loan can cover all kinds of personal expenses, be it medical bills, travel expenses, funding a wedding, or renovating your home.

Many banks and NBFCs offer personal loans of 15 lakh at low interest rates to help you reach your financial aspirations. Get started now to check your eligibility, interest rates and other fees and charges and avail ₹15 lakh loan to achieve your dreams.

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₹15 Lakh Personal Loan Interest Rates & Charges

Interest rates play a vital role in determining the cost of borrowing. As of 2023, interest rates for a personal loans of 15 lakhs are highly competitive among various banks. Personal loan interest rates vary based on factors such as the borrower's credit history, income, and relationship with the bank. Additionally, banks may levy processing fees, prepayment charges, and late payment fees.

15 Lakh Personal Loan Interest Rate 11.99% p.a. onwards
Repayment Tenure Up to 5 years
Note: The interest rates are dynamic and subject to change based on your credit history and creditworthiness.

Eligibility for ₹15 lakh Personal Loan

Different banks have varying eligibility criteria for a personal loan of 15 lakhs. However, here are some of the common factors of eligibility that the lenders might have:

  • Age: Most banks require the borrower to be between 21 and 65 years old.
  • Income: A regular source of income with a minimum income of ₹15,000 per month is usually required.
  • Employment: Stability in employment and work experience of at least 1-2 years.
  • Credit Score: A credit score of 750 and above is considered healthy credit score and improves your chances of loan approval.
  • Existing Debts: Banks may consider existing debts while evaluating your loan application.

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Documents Required for Rs 15 lakh Personal Loan

The documentation process for a ₹15 lakh personal loan may vary based on the lender. The required documents generally include:

  • Identity Proof: Aadhar card, passport, or driving license.
  • Address Proof: Utility bills, passport, or rental agreement.
  • Income Proof: Salary slips, bank statements, and Income Tax Returns (ITRs).
  • Employment Proof: Offer letter, appointment letter, or employment certificate.
  • Bank Statements: Last 6 months' bank statements.
  • Others: Passport-sized photographs.

Comparison of Interest Rates for Rs.15 Lakh Personal Loan

It is wise to compare the personal loan interest rate of all the banks before finalising a lender. Here's a comparison of interest rates offered by some of the leading banks for a ₹15 lakh personal loan in 2023:

Bank Name Interest Rate (p.a.)
HDFC 10.50% onwards
ICICI Bank 10.50% onwards
Axis Bank 10.49% onwards

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*Remember, these rates are subject to change, and it's crucial to check with the respective banks for the most updated information.

Calculate EMI for Rs 15 lakh Personal Loan

Before taking a loan, it's essential to know the Equated Monthly Installment (EMI) you'll be paying. Several online EMI calculators are available that can help you determine the monthly outflow based on the loan amount, tenure, and interest rate. You can use the EMI calculator given here to calculate your EMI for ₹15 lakh personal loan.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

EMI for 15 lakh Personal Loan for Tenures of 1 to 5 years

The EMI for a ₹15 lakh personal loan varies based on the loan tenure. Here's an approximate EMI calculation for different tenures at an interest rate of 10%:

Interest Rate Tenure EMI
10% 1 year ₹1,32,770
10% 2 year ₹68,756
10% 3 year ₹46,861
10% 4 year ₹36,643
10% 5 year ₹30,765

Features & Benefits of Rs 15 Lakh Personal Loan

A Personal loan of 15 lakh is a good amount that can serve various purposes and has become popular due to their flexibility and quick processing. Some common features and benefits of a 15 lakh personal loan include:

  • No Collateral: Personal loans are unsecured, meaning you don't need to pledge any asset as security.
  • Quick Approval: Banks offer instant approvals and disbursals for eligible applicants.
  • Flexible Use: Borrowers can use the loan amount for various purposes, such as home renovation, medical emergencies, debt consolidation, etc.
  • Repayment Tenure: The repayment tenure is usually between 1 to 5 years, allowing borrowers to choose a suitable repayment period.

Apply Rs 15 lakh instant loan on Buddy Loan

Buddy Loan provides an easy way for you to apply for a personal loan. Here are the step-by-step process to apply for a ₹15 lakh personal loan on Buddy Loan:

  • Step 1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Take the next step!

Multi-Purpose of 15 Lakh Instant Loan

A There are no restrictions on how the borrow uses the personal loan amount. A ₹15 lakh personal loan can serve a variety of purposes. Given below is a list of a few purposes of instant personal loan.

  • Home Renovation: Upgrade your existing home to enhance comfort and aesthetics.
  • Medical Emergencies: Cover unforeseen medical expenses for yourself or your family.
  • Debt Consolidation: Pay off high-interest debts and manage your finances efficiently.
  • Wedding Expenses: Plan your dream wedding without financial stress.
  • Education Expenses: Fund higher education for yourself or your children.
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Frequently Asked Questions on 15 lakh personal loan

You can get a loan of Rs 1 lakh without income proof by applying with a bank or NBFC that offers loans based on your credit score, or by looking for a lender that offers a "no-income-verification" loan.

You can apply for a personal loan of 15 lakhs online through Buddy loan or you can also connect with the lender directly.

The EMI for a personal loan of 15 lakhs depends on the interest rate and the loan tenure you choose. Refer to the table give in this article to find out the the EMI for a loan tenure of 1 to 5 years at an interest rate of 11.99% p.a.

The minimum credit score required for a Rs 15 lakh personal loan is 750. However, some lenders may accept borrowers with lower credit scores, but they will likely have to pay a higher interest rate.

It is not possible to get a Rs 15 lakh loan without documents. Lenders need to verify your identity, income, and employment status before they can approve you for a loan. This is to protect themselves from lending money to people who are unable to repay it.

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