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Rs 15 Lakh Personal Loan

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Looking for a higher personal loan? This guide covers everything you need to know about getting Rs 15 lakh personal loan - from features and interest rates to pre-approved offers, eligibility, and required documents. Easily compare top personal loan offers from top banks and NBFCs through Paisabazaar.

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Updated: 16-04-2025 13:10:29 PM

Introduction

Whether you’re planning a major home renovation, funding higher education abroad or managing medical emergencies, Rs 15 lakh personal loan can cover your big-ticket expenses. Most banks and NBFCs usually offer personal loans at interest rates starting from 10.50% p.a., depending on factors such as your credit score, repayment capacity, income profile, and the lender’s risk assessment policies.

How You Can Get Rs 15 Lakh Personal Loan Instantly

Many lenders provide pre-approved or instant personal loan offers to eligible customers – especially those with a strong credit history. These loans are often disbursed within a few hours to 1-2 working days, making them ideal for urgent high-ticket needs.

What you can do is –

  • Check with your existing bank or NBFC – where you hold accounts or loans – for exclusive pre-approved offers or preferential rates.
  • Compare pre-approved loan offers on Paisabazaar – from top lenders like Axis Bank, Hero Fincorp, Aditya Birla Capital, IndusInd Bank, and Moneyview.

Pre-Approved Personal Loan Offers on Paisabazaar

LendersInterest Rates (p.a.)
Aditya Birla Capital12.99% onwards
Federal Bank12.00% onwards
Axis Bank14.00% onwards
SMFG India Credit14.00% onwards
IndusInd Bank15.00% onwards
Piramal Finance16.00% onwards
Tata Capital18.00% onwards
Hero Fincorp20.00% onwards

EMI & Interest Breakdown for Rs 15 lakh Personal Loan (1–5 Year Tenures)

Have a look at the EMI for a Rs 15 lakh loan at 11.50% p.a. interest from 1 year to 5 years tenures:-

Tenure Interest Rates (p.a.) Loan Amount EMI Total Interest Total Payable
1 year 11.50% Rs 15 lakh Rs 1,32,923 Rs 95,071 Rs 15,95,071
2 years 11.50% Rs 15 lakh Rs 70,260 Rs 1,86,251 Rs 16,86,251
3 years 11.50% Rs 15 lakh Rs 49,464 Rs 2,80,704 Rs 17,80,704
4 years 11.50% Rs 15 lakh Rs 39,134 Rs 3,78,409 Rs 18,78,409
5 years 11.50% Rs 15 lakh Rs 32,989 Rs 4,79,335 Rs 19,79,335

Key Features of a Personal Loan

  • Interest Rates: Personal loans interest rates usually start from 10.50% p.a., with some public sector banks offering even lower rates to eligible borrowers.
  • Loan Tenure: Repayment tenures usually range from 6 months to 5 years
  • Unsecured Loan: No collateral required to avail a personal loan.
  • Quick Approval & Disbursal: Most lenders offer instant pre-approved personal loans, with disbursal on the same day for eligible customers.
  • No End Usage Restriction: Use funds for any personal needs (except speculative purposes).

Important Fees and Charges to Know

  • Processing Fees: Usually 0.5% to 4% of the loan amount
  • Prepayment and Foreclosure Charges:
    • For Floating Rate: Nil
    • For Fixed Rate: Usually around 2% – 5% on the principal outstanding
  • Stamp Duty Charges: As applicable by state
  • Loan Cancellation Charges: Usually Rs 3,000

Charges on Missed Personal Loan EMIs

Lenders charge late payment fees for missing personal loan EMIs by their due date. Here are the general charges levied by most banks and NBFCs-

  • Penal Charges for Late EMI payment: Usually @ 2% per month; 24% p.a.
  • Cheque Bouncing or Failed SI Charges: Up to Rs 500 – Rs 750 per instance
  • EMI Dishonor Charges per instance: Usually up to Rs 750

Eligibility Criteria for Rs 15 Lakh Personal Loan

  • Age: 18 to 60 years
  • Income:
    • Salaried: Minimum net monthly income Rs 15,000 per month
    • Self-Employed: Minimum annual income Rs 3 to 5 lakh
  • Work Stability: Atleast 1 year in current job for salaried and minimum 3 years of business vintage for self employed
  • Credit Score: 750+ is usually preferred

Documents Required

  • Identity Proof: PAN, Passport, Aadhaar Card, Voter ID
  • Address Proof: Aadhaar Card, Utility Bill, Passport
  • Income Proof:
    • Salaried: Last 3 month’s salary slips
    • Self-Employed: ITR (last 1–2 years)
  • Last 6 months bank statements
  • Passport Size Photographs

 

 

FAQs on 15 Lakh Personal Loan

How can I get a Rs 15 lakh personal loan?

You can apply for a Rs 15 lakh personal loan through a bank, NBFC, or at Paisabazaar. These platforms allow users to compare interest rates, loan features, and eligibility criteria from multiple lenders, helping them choose the most suitable option based on their credit score, income, and employment profile.

How much salary is required for a Rs 15 lakh personal loan?

Most lenders require a minimum monthly salary of Rs 15,000 per month for any personal loan scheme. For higher loan amounts,  lenders may set higher minimum income eligibility criteria.

What is the EMI for a Rs 15 lakh personal loan for 5 years?

At an interest rate of 11.50% p.a., the EMI for a Rs 15 lakh loan over 5 years (60 months) would be approximately Rs 32,989 per month.

Can I get a personal loan without income proof?

Most lenders require income proof (salary slips, ITR, or bank statements) to assess repayment capacity. However, some NBFCs may consider minimum or no documentation on pre-approved offers.

Which bank offers the lowest interest rate on a Rs 15 lakh personal loan?

Interest rates of personal loans usually start from 10.50% p.a., but some public sector banks may offer lower rates to eligible borrowers. The interest rates vary based on your credit profile, so it’s best to compare multiple personal loan offers on platforms like Paisabazaar.

Can I get a Rs 15 lakh loan with a 650 CIBIL score?

Lenders generally prefer applicants with a credit score of 750 or above, as it reflects strong financial discipline and lower risk of default. If your credit score is low, getting a Rs 15 lakh personal loan may be difficult. While some NBFCs might still offer you a loan, it’s likely to come with a higher interest rate.

How long does it take to get a Rs 15 lakh personal loan?

The disbursement time for a personal loan usually depends on the lender, loan amount, and documentation process. In the case of pre-approved or instant loans, funds can be disbursed within a few hours to 1–2 business days, as the lender already holds the applicant’s KYC details and has completed the initial assessment.

Are there any prepayment charges for personal loans?

Most lenders charge 2% to 5% of the outstanding principal for foreclosure or part-prepayment on fixed-rate loans. However, floating-rate loans have no prepayment charges, as per RBI guidelines.

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