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Apply for 15 Lakh Personal Loan Online
HDFC Bank
Up to ₹40L
10.85% - 24%
Upto 6 Years
₹6,500
Axis Bank
Up to ₹10L
11.25% - 22%
Upto 5 Years
Upto 2%
Kotak Mahindra Bank
Up to ₹40L
10.99% - 36%
Upto 6 Years
Upto 3%
IDFC First Bank
Up to ₹10L
10.99% - 23.99%
Upto 5 Years
Upto 2%
ICICI Bank
Up to ₹50L
10.85% - 16.25%
1-6 Years
Upto 2%
*Applicable for selected customers
EMI for Rs 15 lakh Personal Loan for Tenures of 1-5 years
| Loan Amount (Rs) | Tenure (years) | Interest Rate (p.a.) | EMI (Rs) |
| 15 lakh | 1 | 11% | 1,32,572 |
| 15 lakh | 2 | 11% | 69,912 |
| 15 lakh | 3 | 11% | 49,108 |
| 15 lakh | 4 | 11% | 38,768 |
| 15 lakh | 5 | 11% | 32,614 |
EMI Calculator for Rs 15 lakh Personal Loan
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
What are the Factors Considered by the Lenders offering Personal Loan of Rs 15 lakh
Minimum Monthly Income
Banks/NBFCs usually offer personal loans to applicants having monthly income of at least Rs 15,000. Some lenders might also set higher minimum monthly income criteria for personal loan applicants.
Also Read: Others factors that influence your personal loan approval besides your salary
EMI/NMI Ratio
Lenders usually offer personal loans to applicants with EMI/NMI ratio of around 50-55%. This ratio includes the existing EMIs as well as the proposed personal loan.
Credit Score
Applicants having credit scores of 750 and above having higher chances of availing personal loans at lower interest rates However, some lenders also offer personal loans to applicants having lower credit scores or are new to credit, but at higher interest rates.
Job profile
Both salaried as well as self-employed individuals can avail personal loan of Rs 15 lakh. However, applicants working with top private sector companies/MNCs and PSUs (Central/State/Local bodies) have higher chances of loan approval due to their higher income certainty and job stability.
Age
The minimum and maximum age criteria set by the lenders for availing personal loans is around 21 years and 67 years, respectively
Features of Personal Loan
- Applicants can avail personal loans at interest rates starting from 10.49% p.a. onwards. Some PSU banks might also offer lower interest rates to its personal loan applicants.
- Most lenders offer personal loans for usually up to 5 years. However, some banks might also offer personal loans of up to 7 years.
- Lenders do not impose any end-usage restriction on personal loan proceeds, except for speculative purposes.
- No collateral or security is required
- The processing fees for is usually charged up to 2.5%.
Documents Required for Loan Application
For Salaried
- ID proof: PAN card, Aadhar card, driving license,
- Address proof
- Signature proof
- Bank statements for past 6 months
- ITR/Form 16
- Last 3 months’ salary slips
For Self-employed
- ITR for last 2 years along with P&L account, balance sheet and income computation for last 2 years
- Form 26 AS, Income Tax Challan or TDS certificate (Form 16A) for income tax declared
- Business Proof