A big plan demands a big expense, and let the financial gap not stop you from your needs. A personal loan of ₹15 lakhs could help you handle those emergencies. A 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 the loan to achieve your dreams.
₹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 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: 9.99% 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.
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 finalizing a lender. Here’s a comparison of interest rates offered by some of the leading banks for a ₹15 lakh personal loan in 2023:
- HDFC Bank: 9.99% onwards
- ICICI Bank: 9.99% onwards
- IDFC First Bank: 9.99% onwards
- Axis Bank: 9.99% onwards
- Kotak Mahindra Bank: 10.99% onwards
- IndusInd Bank: 10.49% onwards
- AU Small Finance Bank: 11% onwards
- Unity Small Finance Bank: 16% onwards
- Bank of Maharashtra: 9.75% onwards
- Indian Bank: 9.75% onwards
- Central Bank of India: 9.85% onwards
- Bajaj Finance: 10% onwards
- Tata Capital: 10.99% onwards
- L&T Finance: 10.5% onwards
- Poonawala FinCorp: 9.99% onwards
- IIFL Finance: 12% onwards
- Credit Saison: 9.99% onwards
- Kissht: 12% onwards
*Remember, these rates are subject to change, and it’s crucial to check with the respective banks for the most updated information.
Eligibility Criteria
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 a healthy credit score and improves your chances of loan approval.
- Existing Debts: Banks may consider existing debts while evaluating your loan application.
Not sure of your credit score? Check it now!
Documents Required
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.
Calculate EMI for ₹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 a ₹15 lakh personal loan.
Your Amortization Schedule (Yearly/Monthly)
Sample EMI 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 years | ₹68,756 |
| 10% | 3 years | ₹46,861 |
| 10% | 4 years | ₹36,643 |
| 10% | 5 years | ₹30,765 |
Features & Benefits
A personal loan of 15 lakh is a good amount that can serve various purposes and has become popular due to its 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 and 5 years, allowing borrowers to choose a suitable repayment period.
₹15 lakh instant loan on Buddy Loan
Buddy Loan provides an easy way for you to apply for a personal loan. Here is 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. Next, choose the Personal Loan option
- Step 4: Choose the employment type (salaried or self-employed) 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.
Multi-Purpose of 15 Lakh Instant Loan
There are no restrictions on how the borrower 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 loans.
- 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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