Consumers can avail personal loans for loan amounts of Rs 15 lakh at interest rates starting from 10.49% p.a. for tenures of up to 5 years. Eligible applicants can also avail pre-approved instant personal loans offered by some banks/NBFCs to their select customers. The loan amount eligibility of personal loan applicants depend upon various factors such as credit score, repayment history, job profile, minimum monthly income, EMI/NMI ratio, employer’s profile, etc.

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Interest Rates offered by Different Lenders for Personal Loan of Rs 15 lakh
Banks/NBFCs | Interest Rates(p.a.) | |
HDFC Bank | 10.50% onwards | Apply Now |
SBI | 11.00%-15.00% | |
ICICI Bank | 10.50% onwards | Apply Now |
Axis Bank | 10.49% onwards | Apply Now |
Kotak Mahindra Bank | 10.99% onwards | Apply Now |
IndusInd Bank | 10.49% onwards | Apply Now |
IDFC First Bank | 10.49% onwards | Apply Now |
Bajaj Finserv | 11.00% onwards | Apply Now |
Tata Capital | 10.99% onwards | Apply Now |
Note: Rates as of 8th June 2023

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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

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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

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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%.

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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